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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/31764

    Title: 股票流動性對公司投資支出的影響-兩岸三地比較
    Other Titles: The impact of stock liquidity on corporate investment expenditure-a comparison of listed companies in Taiwan, mainland China and Hong Kong
    Authors: 張慧盈;Chang, Hui-ying
    Contributors: 淡江大學財務金融學系碩士班
    林蒼祥;Lin, William T.
    Keywords: 股票流動性;總資產成長率;研發支出率;資本支出率;Stock liquidity;Growth of assets;Research and development expense;Capital expenditure
    Date: 2008
    Issue Date: 2010-01-11 01:13:36 (UTC+8)
    Abstract: 本研究是參考Bhagat and Welch(1995)所作之研究,來探討台灣上市櫃公司、中國A股與香港上市公司之股票流動性對公司投資支出的影響。與過去文獻不同的是,在投資支出變數方面,除了針對資本支出與研發支出率作探討外,尚還包括了衡量公司資產收購活動的總資產成長率。
    The paper explores the impact of stock liquidity on corporate investment expenditure for listed companies in Taiwan, Mainland China and Hong Kong based on Bhagat et al.’s model. We not only explore the variable of capital expenditure and R&D, and most important than that we also study the growth of assets of asset acquisition activities distincted from the previous study.
    We find a positive relation between stock liquidity and corporate investment expenditure except for the growth of assets and capital expenditure of Mainland China,indicating that stock liquidity influences corporate investment expenditures. The increase of liquidity effectively expands the positive NPV(Net Present Value)investment projects because it reduces the cost of capital and benefit shareholder. The study of this literature tell us that the frictions in a firm’s trading environment can constrain its corporate investment expenditure.
    Appears in Collections:[財務金融學系暨研究所] 學位論文

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