台灣投資與現金流量敏感度趨勢研究

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Title:	台灣投資與現金流量敏感度趨勢研究
Other Titles:	The trend of investment and cash flow sensitivity in Taiwan
Authors:	陳雁羚;Chen, Yen-Ling
Contributors:	淡江大學財務金融學系碩士班邱忠榮;Chiou, Jong-Rong
Keywords:	投資與現金流量敏感度;財務受限;投資與現金流量敏感度趨勢;Investment and cash flow sensitivity;Financially Constrained;the trend of investment and cash flow sensitivity
Date:	2015
Issue Date:	2016-01-22 14:46:38 (UTC+8)
Abstract:	公司價值來自於投資，而進行投資活動之基本前提為要有足夠的資金，公司資金來源分為內部資金及外部融資，一般而言，在公司內部資金充足的情況下，公司投資活動應不受影響；但在內部資金不足以應付投資活動所需時，公司則需要向外融資，例如發行新股或向銀行借款等進行融資。但有些正在成長的公司可能會因信用或資訊不對稱的問題需付出較高的外部成本來取得資金，因此投資活動會受到財務限制的影響。　　公司財務受限議題自Fazzari, Hubbard and Petersen(FHP, 1988)後迄今一直受到公司理財學者熱烈討論，就研究方法而言，大部分論述循FHP(1988)事前(ex ante)的方法，先將樣本公司依某一代理變數劃分為財務受限公司與財務未受限公司，再來討論投資與現金流量敏感度的高低；到2009年，Hovakimian(2009)以事後(ex post)的方式，先計算個別公司事後的投資與現金流量敏感度，並分類成高、低、負敏感度群組，再來討論公司的財務受限程度。基本上，兩種方法都是假設樣本公司在整個研究期間中，公司皆為財務受限的情況或是皆財務不受限的情形。直覺上，這樣的假設似乎有進一步修訂的空間。本研究的目的是找出樣本公司每年的投資與現金流量敏感度，並對研究期間內公司財務受限與財務不受限以隨機性檢定對變化的趨勢做一個基本了解。本研究發現僅有部分公司於研究期間內財務狀況無變化外，部分公司呈趨勢變化，大部分公司呈隨機性變化。 In order to make the company continued to grow, as the main way to carry out investment activities. The basic premise of the company''s investment activities are sufficient funds. The company''s sources of funds are divided into internal funds and external financing. Generally, in the case of sufficient internal funds, the company''s investment activities should not be affected. However, when internal funds are insufficient to meet the required investment activities, the company will need external financing such as issuing new shares or borrowing from banks. But some growing companies need to pay higher costs to obtain external funding due to credit problems or asymmetric information. Therefore, the investment activities will be affected by financial constraints. This study to investigate the relationship between the internal cash flow and investment activities with the investment and cash flow sensitivity. 　　All samples are classified into high-sensitivity group (PCF), low-sensitivity group (INCF), and negative-sensitivity group (NCF). Found the dividend payout, credit rating, asset tangibility, firm size and other factors in the high-sensitivity group are less than the low-sensitivity group. And the dividend payout, credit rating, asset tangibility, firm size and other factors in the negative-sensitivity group are the least of all groups. 　　However, the previous literature mainly for calculating each company''s investments and cash flow sensitivity, they did not discuss the trend of investment and cash flow sensitivity during the period. Whether to change over time? Therefore, this study will discuss the trend of investment and cash flow sensitivity.
Appears in Collections:	[Graduate Institute & Department of Banking and Finance] Thesis

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