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題名 不同的經營環境下，現金政策如何影響企業價值？ 作者 陳彥安 貢獻者 李志宏
陳彥安關鍵詞 現金持有
股價異常報酬率
金融海嘯日期 2009 上傳時間 9-May-2016 14:43:01 (UTC+8) 摘要 本論文以2004年至2009年共582家台灣企業為範圍，分析在金融海嘯發生前後，超額現金持有比率對於股價異常報酬是否有所影響。本論文所採用的分析方法分為兩階段，在第一階段以複迴歸分析來評估企業在一般情況下之正常現金持有比率。第二階段，將企業分為低超額現金持有比率企業及高超額現金持有比率企業兩組，分別以複迴歸分析及獨立樣本T檢定來檢視超額現金持有比率對於股價異常報酬率的影響為何。本研究發現，在金融海嘯發生前，低超額現金持有比率企業在股價異常報酬率之表現較高超額現金持有比率企業佳。金融海嘯發生後，低超額現金持有比率企業之股價異常報酬率呈現下降趨勢，但高超額現金持有比率企業之股價異常報酬率則呈現上升趨勢。此發現有別於過去文獻所認為的，高現金持有政策能夠使企業之績效表現較佳。 參考文獻 Acharya, V. V., Almeida, H., & Campello, M. (2007). Is cash negative debt? A hedging perspective on corporate financial policies, Journal of Financial Intermediation.Almeida, H., Campello, M., & Weisbach, M. S. (2004). The cash flow sensitivity of cash, Journal of Finance.Bates, T. W., Kahle, K. M., & Stulz, R. M. (2008). Why do U.S. firms hold so much more cash than they used to? SSRN eLibrary.Bover, O., & Watson, N. (2005). Are there economies of scale in the demand for money by firms? Some panel data estimates, Journal of Monetary Economics.Denis, D. J., & Sibilkov, V. (2007). Financial constraints, investment, and the value of cash holdings. SSRN eLibrary.Dittmar, A., Mahrt-Smith, J., & Servaes, H. (2003). International corporate governance and corporate cash holdings, Journal of Financial & Quantitative Analysis: Journal of Financial & Quantitative Analysis.Faulkender, M., & Rong, W. (2006). Corporate financial policy and the value of cash, Journal of Finance: Blackwell Publishing Limited.Fritz Foley, C., Hartzell, J. C., Titman, S., & Twite, G. (2007). Why do firms hold so much cash? A tax-based explanation, Journal of Financial Economics.Harford, J., W. Mikkelson, and M. Partch, (2003), The effect of cash reserves on corporate investments and performance in industry downturn, Working Paper, University of Oregan.Harford, J., Mansi, S. A., & Maxwell, W. F. (2008). Corporate governance and firm cash holdings in the US, Journal of Financial Economics.Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 323.Keynes, J. M. (1934). The general theory of employment, interest and money. In D. Moggridge (Ed.), Collected Writings of John Maynard Keynes (Vol. 7). London: Macmillan for the Royal Economic Society.Li, K. K. (2008). Expected holding of cash, future performance and stock return. SSRN eLibrary.Mikkelson, W. H., & Partch, M. M. (2003). Do persistent large cash reserves hinder performance? Journal of Financial & Quantitative AnalysisMulligan, C. B. (1997). Scale economies, the value of time, and the demand for money: longitudinal evidence from firms, Journal of Political Economy: University of Chicago Press.Shepherd, S. D. (2007). Corporate cash holdings and the cross-sectional variation in asset returns. SSRN eLibrary. 描述 碩士
國立政治大學
企業管理學系
96355050資料來源 http://thesis.lib.nccu.edu.tw/record/#G0096355050 資料類型 thesis dc.contributor.advisor 李志宏 zh_TW dc.contributor.author (Authors) 陳彥安 zh_TW dc.creator (作者) 陳彥安 zh_TW dc.date (日期) 2009 en_US dc.date.accessioned 9-May-2016 14:43:01 (UTC+8) - dc.date.available 9-May-2016 14:43:01 (UTC+8) - dc.date.issued (上傳時間) 9-May-2016 14:43:01 (UTC+8) - dc.identifier (Other Identifiers) G0096355050 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/95035 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 企業管理學系 zh_TW dc.description (描述) 96355050 zh_TW dc.description.abstract (摘要) 本論文以2004年至2009年共582家台灣企業為範圍，分析在金融海嘯發生前後，超額現金持有比率對於股價異常報酬是否有所影響。本論文所採用的分析方法分為兩階段，在第一階段以複迴歸分析來評估企業在一般情況下之正常現金持有比率。第二階段，將企業分為低超額現金持有比率企業及高超額現金持有比率企業兩組，分別以複迴歸分析及獨立樣本T檢定來檢視超額現金持有比率對於股價異常報酬率的影響為何。本研究發現，在金融海嘯發生前，低超額現金持有比率企業在股價異常報酬率之表現較高超額現金持有比率企業佳。金融海嘯發生後，低超額現金持有比率企業之股價異常報酬率呈現下降趨勢，但高超額現金持有比率企業之股價異常報酬率則呈現上升趨勢。此發現有別於過去文獻所認為的，高現金持有政策能夠使企業之績效表現較佳。 zh_TW dc.description.tableofcontents 第一章 導論 2第二章 相關文獻回顧 6第三章 研究方法與研究設計 10第一節 現金持有比率與公司特徵之關係 10一、 研究假設 10二、 研究範圍與資料來源 11三、 研究變數與定義 11四、 實證方法 13第二節 超額現金持有比率與異常報酬率之關係 14一、 研究假設 14二、 研究範圍與資料來源 15三、 研究變數與定義 16四、 實證方法 17第四章 實證結果 20第一節 現金持有比率與公司特徵之實證結果 20一、 基本統計分析 20二、 複迴歸模型分析 27第二節 超額現金持有比率與異常報酬率之實證結果 32一、 複迴歸模型分析 32二、 獨立樣本T檢定 39第五章 結論 43參考文獻 45 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0096355050 en_US dc.subject (關鍵詞) 現金持有 zh_TW dc.subject (關鍵詞) 股價異常報酬率 zh_TW dc.subject (關鍵詞) 金融海嘯 zh_TW dc.title (題名) 不同的經營環境下，現金政策如何影響企業價值？ zh_TW dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Acharya, V. V., Almeida, H., & Campello, M. (2007). Is cash negative debt? A hedging perspective on corporate financial policies, Journal of Financial Intermediation.Almeida, H., Campello, M., & Weisbach, M. S. (2004). The cash flow sensitivity of cash, Journal of Finance.Bates, T. W., Kahle, K. M., & Stulz, R. M. (2008). Why do U.S. firms hold so much more cash than they used to? SSRN eLibrary.Bover, O., & Watson, N. (2005). Are there economies of scale in the demand for money by firms? Some panel data estimates, Journal of Monetary Economics.Denis, D. J., & Sibilkov, V. (2007). Financial constraints, investment, and the value of cash holdings. SSRN eLibrary.Dittmar, A., Mahrt-Smith, J., & Servaes, H. (2003). International corporate governance and corporate cash holdings, Journal of Financial & Quantitative Analysis: Journal of Financial & Quantitative Analysis.Faulkender, M., & Rong, W. (2006). Corporate financial policy and the value of cash, Journal of Finance: Blackwell Publishing Limited.Fritz Foley, C., Hartzell, J. C., Titman, S., & Twite, G. (2007). Why do firms hold so much cash? A tax-based explanation, Journal of Financial Economics.Harford, J., W. Mikkelson, and M. Partch, (2003), The effect of cash reserves on corporate investments and performance in industry downturn, Working Paper, University of Oregan.Harford, J., Mansi, S. A., & Maxwell, W. F. (2008). Corporate governance and firm cash holdings in the US, Journal of Financial Economics.Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 323.Keynes, J. M. (1934). The general theory of employment, interest and money. In D. Moggridge (Ed.), Collected Writings of John Maynard Keynes (Vol. 7). London: Macmillan for the Royal Economic Society.Li, K. K. (2008). Expected holding of cash, future performance and stock return. SSRN eLibrary.Mikkelson, W. H., & Partch, M. M. (2003). Do persistent large cash reserves hinder performance? Journal of Financial & Quantitative AnalysisMulligan, C. B. (1997). Scale economies, the value of time, and the demand for money: longitudinal evidence from firms, Journal of Political Economy: University of Chicago Press.Shepherd, S. D. (2007). Corporate cash holdings and the cross-sectional variation in asset returns. SSRN eLibrary. zh_TW
