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題名 可支配現金流量假說與產業投資行為關係之研究－以國營事業為例
Free Cash Flow Hypothesis and Investment Behavior
作者 陳崇欽
Chen, Chung Ching
貢獻者 陳隆麒<br>楊子江
Chen,Loun chi<br>Yun,Ju Jung
陳崇欽
Chen,Chung Ching
關鍵詞 可支配現金流量
代理理論
投資行為
free Cash Flow
Agency Theory
Investment Behavior
日期 1993
上傳時間 29-四月-2016 16:41:33 (UTC+8)
摘要 本論文乃針對國營事業可支配現金流量的代理問題及可支配現金流量高低
參考文獻 參考文獻
一、中文部份
玉秉鈞，〝產常特色對企業精效影響之分析－台灣大型企業之實証研
究〞，民國72年，政大企研所碩士論文。
玉銘宏，〝企業生命週期與經營策略關係之研究〞，民國76年，政
大企研所碩士論文。
中油公司編製，〝四十年來之中國石油公司〞，民國75年。
中油公司編製，〝中國石油公司未來經營策略，八十一年至八十六年
年度〞，民國79年6月。
台糖公司編製，〝台糖四十年〞，民國75年。
台糖公司編製，〝台灣糖業公司未來經營策略，八十一年至八十六年
年度〞，民國79年6月。
司徒達賢譯，〝企常政策與策略規劃〞，東華書局。
邱毅著，〝管理經濟學的新境界〞，文笙書局。
邱毅，〝企業代理問題與制約機能〞，民國78年，經濟前瞻15號
，中華經濟研究所出版。
林基煌，〝代理成本與融資決策〞，民國81年6月，國立政治大學
資本市場理論與實務研計會。
洪明洲，〝國際化行銷競爭的優勢來源與策略擬定〞，民國78年，
中華民國管理科學學會「因應台由化國際化之競爭策」學
術研計會論文。
康富藏著，〝投資計畫評估〞，華泰書局。
陳隆麒，〝現代財務管理〞第四版，華泰書局。
陳隆麒，〝財務規劃一理論、實際與應用〞，華泰書局。
陳美延，〝投資方索評估行為之研究〞，民囡80年，台大商研所碩
士論文。
陳振森，〝台灣地區集團企常經營績效之研究〞，民國79年，東吳
管理研究所碩士論文。
陳月珠，〝多角化策略影響因素之探討－以上市令公司為例〞，民國7
9年，台大商研所碩士論文。
張明峰，〝股權結構對公司績效影響之研究〞，民國80年，政大企
研所碩士論文。
曾正權，〝論風險態度的資本投資之影響〞，民國76年，管理科學
學報，第四卷第一期，PP.35-51
許是祥譯，〝企紫策略管理〞，中華企業管理發展叢書。
郭慧娟，〝資本結構的決定因素於其對期望報酬之影響〞，民國78
年，成功大學工業管理研究所碩士論文。
黃俊英，〝多變量分析〞，第四版，中國經濟企業研究所。
黃俊英，〝國營事常重大投資之可行性評估－一個就範性的觀念架構
〞，民國80年12月，管理科學報。
黃英陶，〝代涅問題對資本結構影響之研究〞，成功大學工業管理研
究所碩士論文。
黃德舜，〝負債契約與代理問題之研究〞，民國82年，政大企研所
博士論文。
楊朝成，〝台灣上市公司現金增資決策下其投資、股利與舉債決策之
交互影響〞，民國81年5月，台大管理論叢。
榮泰生著，〝策略管理學〞，華泰書局。
經濟部國營事業主編，〝經濟部所屬事業年度固定資產投資專案計劃
編審要點〞，民國81年。
謝劍平，〝資本支出宣告對股東財富之影響－Jensen閒餘資金與
Tobin`s Q兩臆說之驗証〞，1993，本文尚求發表，將刊
登中國財務學會期刊。
羅理平，〝關係企葉的企業策略與組織結構開係之研究〞，民國68
年，政大企研所碩士論文。
二、英文部份
Amihud , Yakov and Baruch Lev , " Corporate control and the
choice of investment financing: The case of corporate acqu-
isition, “ Journal of Finance Vol45 , pp. 603-617 .
Andrews, K. R. " The Concept of Corporate Strategy` II (Homewood
, Ill : Irwin` 1977)
Ansoff , H. " managing Strategic Surprise by Response to Weak
Signals, “ Californial Management Review, (Winter 1976 )
Badi H. Baltagi; Griffin` M. James," Alternative Models
of Managerial Behavior Empirical Tests for the Petroleum
Industry, II Review of Economics & Statistics, Vo171 , 1989 ,
PP. 579-585.
Bradley M. , A. Desai, and E.H. Kim, " Synergistic Gains From
Corporate Acquisitions and Their Division Between the Stockholders
of Target and Acquiring Firms, “ Journal of Financial
Economics (May 1988), pp.3-40.
Brent W. Ambrose and Drew B. Winters," Does an Industry
effects for Leveraged Buyouts? “ Financil Management, spring
, 1992.
Copeland, Thomas, E., and J. Fred Weston, Financial Theory
and Corporate Policy( Reading, Mass: Addison Wesley, 1983)
DeAngelo H. , L. DeAngelo, and E. Rice, " Going Private: Minority
Freezeouts and Stockholder Welath, “ Journal of Law
and Economics (October 1984), pp. 367-402.
DeAngelo H. and L. DeAngelo," Management Buyouts of Publicly
Traded Corporations, “ Financial Analyst I s Journal
(May-June 1987), pp. 38-49.
Denis D.J. , "Defensive Changes in Corporate Payout Policy
: Share Repurchases and Special Dividends, “ Journal of Finance
(December 1990), pp. 1433-1456.
Denis D.J. and D. K. Denis, "Managerial Discretion, Orga-
nizational Structure, and Corporate Performance: A Study of
Leveraged Recapitalizations, “ Journal of Accounting and
Economics.
Donald A. Hay and Derek J. Morris, Industrial Economics and
Organization, Theory and Evidence, Oxford University Press
, Second edition , 1991.
Eugene F. Fama, " The Effects of a Firm`s Investment and Financing
Decisions on the WeIfare of its Security Holders, II
American Economic Review, Vol. 68. No.3 1978, pp. 27-43.
Frank, H. Easterbrook, ~ Two agency-Cost Explanation of Dividends
“ Journal of Financial Economics (1983) Vol. 12 pp.
221-230.
Gerald T. Garvey, ~ Leveraging The Underinvestment Problem
: How High Debt and Management Shareholding solve The Agency
Costs of Free Cash Flow, “ The journal of Financial Research,
Vol. XV, 1992 `PP. 149-166.
Griffin` M. James ,~ A Test of the Free Cash Flow Hypothesis
: Results from the Petroleum Industry “ , Review of Econ-
omics & Statistics, Vol: 70, 1988 , PP. 76-82.
Gupta, Atul; Rosenthal, Leonard, " Ownership Structure ,Leverage,
and Firm Value: The Case of Leveraged II, Financial
Management, Vol 20 , 1991 , PP. 69-83.
Jensen M. C. , and W. H. Mecking, " Theroy of the Firm : Managerial
Behavior , Agency Costs and Ownership Structure, “
Journal of Financial Economics (October 1976) , pp. 305-360.
Jensen, Michael C. ," Agency Costs of Free Cash Flow, Corporate
Finance, and Takeovers “ , American Economic Review
, Vol : 76 , 1986 , PP. 323-329.
Jensen, Michael C. , " The Takeover Controversy” , Executive
Speeches, Vol. 2, 1988 `PP. 14-19.
Jensen, Michael C. , " Eclipse of the Public Corporation II
Harvard Business Review, Vol. 67, 1989 , PP. 61-74.
Kaplan S. , " The Effects of Management Buyouts on Operating
Performance and Value, N Journal of Financial Economics
(October 1989) ,pp. 217-254 .
Lang` Larry H. P. ," Dividend Announcements: Cash Flow Sig-
nalling vs. Free Cash Flow Hypothesis?” , Journal of Financ-
ial Economics, 1989 `PP. 181- 191.
Lang , Larry H. P. , " A Test of the Free Cash Flow Hypothesis
: The Case of Bidder Returns II , Journal of Financial Economics
,Vol 29 , 1991 , pp. 315-335.
Lang L. H. P. , R. M. Stulz , and R. A. Walking` "Managerial Performance,
Tobin`s q` and the Gains from Successful Tender
Offers, II Journal of Financial Economics, pp. 137-154.
(September 1989).
Lawrence Loh , " Financial characteristics of Leveraged Buyouts,
“Journal of Business research, Vol 24 , 1992, pp. 241
-252.
Lehn , Kenneth; Poulsen, Annette," Free Cash Flow and Stockholder
Gains in Going Private Transactions, “ The Journal
of Finance Vol . 44, 1989 `PP. 771-787.
Palepu , Krishna, G. " Predicting Takeover Targets, “ Journal
of Accounting and Economics, Vol. 8, 1986, PP. 3-35.
Mann, Steven V. , " The Agency Costs of Free Cash Flow: Acquisition
Activity and Equity “ , Jrnl of Business, VOL. 64,
1991 , PP. 213-227.
McConnell J. J. and C. J. Muscrells, " Corporate Capital Expenditure
Decisions and the Market Value of the Firm II
,Journal of Financial Economics (September 1985), pp.
399-422.
McConnell J. J. and H. Servaes, "Additional Evidence of
Equi ty Ownership and Corporate Value, II Journal of Financial
Economics (September 1990), pp. 595-612.
Myers, Stewart C. and N.S. Majluf, ”Corporate Financing and
investment decision when firms have information that investors
do not have, “Journal of Financial Economics ,Vol.
13 , PP. 187-222.
Reed , R. and G, A. Luffman, " Diversification: The Growing
Confusion, II Strategic Management Journal, No, 7, 1986 ,
pp. 29-35,
Richard E. CAVES, ~ Lessons From Privatization in Britain,
“Journal of Economics Behavior and Organization, Vol. 13
, 1990 , PP, 145-169,
Rumelt, R. P. , " Diversification Strategy and Profitability
,”Strategic Management Journal, No.3, 1982 , PP. 359-370.
Shleifer A. and R.W. Vishny, ”Managerial Entrenchment:
The Case of Manager-Specific Investments, “ Journal Of Fi-inancial
Economics (September, 1990), pp. 123-140.
Stulz , Rene M. ~ Managerial discretion and optional financing
Policing, ” Journal of Financing Economics, Vol 26 ,
1990, pp. 3-27.
Teece , D. J. , " Towards an Economics Theory of the Multiproduct
Firm, “Journal of Economics Behavior and Organization
, No.3, 1982 , PP. 39-63.
Varadarajan , P. R. and V. Ramanujam, "Diversification and
Performance: A Reexamination using a New Two Dimensions
Conceptualization of Diversity in Firms, “Academy of Management
Journal, No. 30, 1987 , PP. 369-380.
Wesley M. Cohen, " Incomplete market Intre-industry Firms Heterogeneity
and investment, ~ Journal of Economic Behavior
and Organization, Vol. 14, 1990, pp. 223-248.
描述 碩士
國立政治大學
企業管理學系
G80355041
資料來源 http://thesis.lib.nccu.edu.tw/record/#B2002004080
資料類型 thesis
dc.contributor.advisor 陳隆麒<br>楊子江zh_TW
dc.contributor.advisor Chen,Loun chi<br>Yun,Ju Jungen_US
dc.contributor.author (作者) 陳崇欽zh_TW
dc.contributor.author (作者) Chen,Chung Chingen_US
dc.creator (作者) 陳崇欽zh_TW
dc.creator (作者) Chen, Chung Chingen_US
dc.date (日期) 1993en_US
dc.date.accessioned 29-四月-2016 16:41:33 (UTC+8)-
dc.date.available 29-四月-2016 16:41:33 (UTC+8)-
dc.date.issued (上傳時間) 29-四月-2016 16:41:33 (UTC+8)-
dc.identifier (其他 識別碼) B2002004080en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/88964-
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) G80355041zh_TW
dc.description.abstract (摘要) 本論文乃針對國營事業可支配現金流量的代理問題及可支配現金流量高低zh_TW
dc.description.tableofcontents 第壹章緒論
第一節研究動機與目的．．．．．．．．．．1
第二節研究範圍．．．．．．．．．．4
第三節研究架構．．．．．．．．．．5
第四節研究限制．．．．．．．．．．7
第貳章文獻探討
第一節理論部份．．．．．．．．．．10
第二節國外實証文獻．．．．．．．．．．27
第三節國內實証文獻．．．．．．．．．．36
第參章研究設計
第一節研究方法．．．．．．．．．．41
第二節個案公司選擇標準及說明．．．．．．．．．．43
第三節研究變數的操作性定義．．．．．．．．．．44
第肆章研究結果分析
第一節國營事業分群．．．．．．．．．．47
第二節可支配現金流量與投資．．．．．．．．．．53
第三節可支配現金流量與企業特質．．．．．．．．．．61
第伍章個案分析及人員訪談
第一節個案分析．．．．．．．．．．70
第二節人員訪談．．．．．．．．．．81
第陸章結論與建議
第一節結論．．．．．．．．．．85
第二節建議．．．．．．．．．．90
參考文獻
一、中文部份．．．．．．．．．．96
二、英文部份．．．．．．．．．．99		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#B2002004080en_US
dc.subject (關鍵詞) 可支配現金流量zh_TW
dc.subject (關鍵詞) 代理理論zh_TW
dc.subject (關鍵詞) 投資行為zh_TW
dc.subject (關鍵詞) free Cash Flowen_US
dc.subject (關鍵詞) Agency Theoryen_US
dc.subject (關鍵詞) Investment Behavioren_US
dc.title (題名) 可支配現金流量假說與產業投資行為關係之研究－以國營事業為例zh_TW
dc.title (題名) Free Cash Flow Hypothesis and Investment Behavioren_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 參考文獻
一、中文部份
玉秉鈞，〝產常特色對企業精效影響之分析－台灣大型企業之實証研
究〞，民國72年，政大企研所碩士論文。
玉銘宏，〝企業生命週期與經營策略關係之研究〞，民國76年，政
大企研所碩士論文。
中油公司編製，〝四十年來之中國石油公司〞，民國75年。
中油公司編製，〝中國石油公司未來經營策略，八十一年至八十六年
年度〞，民國79年6月。
台糖公司編製，〝台糖四十年〞，民國75年。
台糖公司編製，〝台灣糖業公司未來經營策略，八十一年至八十六年
年度〞，民國79年6月。
司徒達賢譯，〝企常政策與策略規劃〞，東華書局。
邱毅著，〝管理經濟學的新境界〞，文笙書局。
邱毅，〝企業代理問題與制約機能〞，民國78年，經濟前瞻15號
，中華經濟研究所出版。
林基煌，〝代理成本與融資決策〞，民國81年6月，國立政治大學
資本市場理論與實務研計會。
洪明洲，〝國際化行銷競爭的優勢來源與策略擬定〞，民國78年，
中華民國管理科學學會「因應台由化國際化之競爭策」學
術研計會論文。
康富藏著，〝投資計畫評估〞，華泰書局。
陳隆麒，〝現代財務管理〞第四版，華泰書局。
陳隆麒，〝財務規劃一理論、實際與應用〞，華泰書局。
陳美延，〝投資方索評估行為之研究〞，民囡80年，台大商研所碩
士論文。
陳振森，〝台灣地區集團企常經營績效之研究〞，民國79年，東吳
管理研究所碩士論文。
陳月珠，〝多角化策略影響因素之探討－以上市令公司為例〞，民國7
9年，台大商研所碩士論文。
張明峰，〝股權結構對公司績效影響之研究〞，民國80年，政大企
研所碩士論文。
曾正權，〝論風險態度的資本投資之影響〞，民國76年，管理科學
學報，第四卷第一期，PP.35-51
許是祥譯，〝企紫策略管理〞，中華企業管理發展叢書。
郭慧娟，〝資本結構的決定因素於其對期望報酬之影響〞，民國78
年，成功大學工業管理研究所碩士論文。
黃俊英，〝多變量分析〞，第四版，中國經濟企業研究所。
黃俊英，〝國營事常重大投資之可行性評估－一個就範性的觀念架構
〞，民國80年12月，管理科學報。
黃英陶，〝代涅問題對資本結構影響之研究〞，成功大學工業管理研
究所碩士論文。
黃德舜，〝負債契約與代理問題之研究〞，民國82年，政大企研所
博士論文。
楊朝成，〝台灣上市公司現金增資決策下其投資、股利與舉債決策之
交互影響〞，民國81年5月，台大管理論叢。
榮泰生著，〝策略管理學〞，華泰書局。
經濟部國營事業主編，〝經濟部所屬事業年度固定資產投資專案計劃
編審要點〞，民國81年。
謝劍平，〝資本支出宣告對股東財富之影響－Jensen閒餘資金與
Tobin`s Q兩臆說之驗証〞，1993，本文尚求發表，將刊
登中國財務學會期刊。
羅理平，〝關係企葉的企業策略與組織結構開係之研究〞，民國68
年，政大企研所碩士論文。
二、英文部份
Amihud , Yakov and Baruch Lev , " Corporate control and the
choice of investment financing: The case of corporate acqu-
isition, “ Journal of Finance Vol45 , pp. 603-617 .
Andrews, K. R. " The Concept of Corporate Strategy` II (Homewood
, Ill : Irwin` 1977)
Ansoff , H. " managing Strategic Surprise by Response to Weak
Signals, “ Californial Management Review, (Winter 1976 )
Badi H. Baltagi; Griffin` M. James," Alternative Models
of Managerial Behavior Empirical Tests for the Petroleum
Industry, II Review of Economics & Statistics, Vo171 , 1989 ,
PP. 579-585.
Bradley M. , A. Desai, and E.H. Kim, " Synergistic Gains From
Corporate Acquisitions and Their Division Between the Stockholders
of Target and Acquiring Firms, “ Journal of Financial
Economics (May 1988), pp.3-40.
Brent W. Ambrose and Drew B. Winters," Does an Industry
effects for Leveraged Buyouts? “ Financil Management, spring
, 1992.
Copeland, Thomas, E., and J. Fred Weston, Financial Theory
and Corporate Policy( Reading, Mass: Addison Wesley, 1983)
DeAngelo H. , L. DeAngelo, and E. Rice, " Going Private: Minority
Freezeouts and Stockholder Welath, “ Journal of Law
and Economics (October 1984), pp. 367-402.
DeAngelo H. and L. DeAngelo," Management Buyouts of Publicly
Traded Corporations, “ Financial Analyst I s Journal
(May-June 1987), pp. 38-49.
Denis D.J. , "Defensive Changes in Corporate Payout Policy
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