1. NCCU Academic Hub
  2. 學術產出
  3. College of Commerce
  4. Theses
  5. Item

Publications-Theses

Article View/Open

Publication Export

Google ScholarTM

NCCU Library

Citation Infomation

Related Publications in TAIR

題名 家族企業接班與現金持有政策
Family Succession and Cash Holding Policy
作者 王湘綺
Wang, Hsiang Chi
貢獻者 陳嬿如
Chen, Yenn Ru
王湘綺
Wang, Hsiang Chi
關鍵詞 家族企業接班
現金持有
現金價值
Family succession
Cash
Cash holding
Value of cash
日期 2016
上傳時間 20-Jul-2016 17:12:21 (UTC+8)
摘要 本研究旨在探討家族企業接班與接班人類型對於公司現金來源及現金價值的影響。本研究使用於1992年至2015年被列於S&P 1500指數的公司為樣本進行實證研究。實證結果顯示家族企業接班後將減少使用發行股票為公司現金的來源。此外，當接班人為家族成員時，企業接班後的邊際現金價值會較低；然而於財務限制的家族企業，企業接班將使當年度的邊際現金價值提高。本研究結果顯示資本市場對於家族企業接班投以較高的關注，尤其當接班人為家族成員時程度更為顯著。
This study examines the effect of succession on the cash saving behavior and the value of cash holdings for family firms. By examining the Standard and Poor 1500 indexed firms from 1992 to 2015, we find that cash savings from equity issuance decrease around successions, and the decreasing effect lasts longer with family related successors. In addition, the marginal value of cash holdings will be lower after succession if the successor is associated with the family. But if family firms are financial constrained, the marginal value of cash holdings will be higher with family firms with succession at the year of succession but not after. These findings indicate that the capital markets are concerned with the succession implication for family firms more than non-family firms, especially when the successors are family members.
參考文獻 Almeida, H., Campello, M., & Weisbach, M. S. (2004). The cash flow sensitivity of cash. The Journal of Finance, 59(4), 1777-1804.
     Amore, M. D., Minichilli, A., & Corbetta, G. (2011). How do managerial successions shape corporate financial policies in family firms? Journal of corporate finance, 17(4), 1016-1027.
     Anderson, R. C., Mansi, S. A., & Reeb, D. M. (2003). Founding family ownership and the agency cost of debt. Journal of financial Economics, 68(2), 263-285.
     Anderson, R. C., & Reeb, D. M. (2003). Founding‐family ownership and firm performance: evidence from the S&P 500. The Journal of Finance, 58(3), 1301-1328.
     Andres, C. (2008). Large shareholders and firm performance—An empirical examination of founding-family ownership. Journal of corporate finance, 14(4), 431-445.
     Bennedsen, M., Nielsen, K. M., Pérez-González, F., and Wolfenzon, D. (2006). Inside the family firm: The role of families in succession decisions and performance. Quarterly Journal of Economics, 122(2), 647-691.
     Bertrand, M., Johnson, S., Samphantharak, K., & Schoar, A. (2008). Mixing family with business: A study of Thai business groups and the families behind them. Journal of financial Economics, 88(3), 466-498.
     Caselli, F., & Gennaioli, N. (2005). Credit constraints, competition, and meritocracy. Journal of the European Economic Association, 3(2‐3), 679-689.
     Cromie, S., Stephenson, B., & Monteith, D. (1995). The management of family firms: an empirical investigation. International Small Business Journal, 13(4), 11-34.
     Cucculelli, M., & Micucci, G. (2008). Family succession and firm performance: Evidence from Italian family firms. Journal of corporate finance, 14(1), 17-31.
     Davis, P. S., & Harveston, P. D. (1998). The influence of family on the family business succession process: A multi-generational perspective. Entrepreneurship theory and practice, 22, 31-54.
     Davis, P. S., & Harveston, P. D. (1999). In the founder`s shadow: Conflict in the family firm. Family business review, 12(4), 311-323.
     Denis, D. J., & Sibilkov, V. (2010). Financial constraints, investment, and the value of cash holdings. Review of Financial Studies, 23(1), 247-269.
     Dittmar, A., & Mahrt-Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of financial Economics, 83(3), 599-634.
     Faulkender, M., & Wang, R. (2006). Corporate financial policy and the value of cash. The Journal of Finance, 61(4), 1957-1990.
     Fernández, Z., & Nieto, M. J. (2005). Internationalization strategy of small and medium‐sized family businesses: Some influential factors. Family business review, 18(1), 77-89.
     Gallo, M. Á., Tàpies, J., & Cappuyns, K. (2004). Comparison of family and nonfamily business: Financial logic and personal preferences. Family business review, 17(4), 303-318.
     Harvey, M., & Evans, R. E. (1994). Family business and multiple levels of conflict. Family business review, 7(4), 331-348.
     Haynes, G. W., Walker, R., Rowe, B. R., & Hong, G.-S. (1999). The intermingling of business and family finances in family-owned businesses. Family business review, 12(3), 225-239.
     Hertzel, M. G., & Li, Z. (2010). Behavioral and rational explanations of stock price performance around SEOs: Evidence from a decomposition of market-to-book ratios.
     Kim, W., & Weisbach, M. S. (2008). Motivations for public equity offers: An international perspective. Journal of financial Economics, 87(2), 281-307.
     López‐Gracia, J., & Sánchez‐Andújar, S. (2007). Financial structure of the family business: Evidence from a group of small Spanish firms. Family business review, 20(4), 269-287.
     Mahérault, L. (2004). Is there Any Specific Equity Route for Small and Medium‐Sized Family Businesses? The French Experience. Family business review, 17(3), 221-235.
     McConaughy, D. L., & Phillips, G. M. (1999). Founders versus descendants: The profitability, efficiency, growth characteristics and financing in large, public, founding-family-controlled firms. Family business review, 12(2), 123-131.
     Miller, D., & Breton‐Miller, L. (2006). Family governance and firm performance: Agency, stewardship, and capabilities. Family business review, 19(1), 73-87.
     Mishra, C. S., Randøy, T., & Jenssen, J. I. (2001). The effect of founding family influence on firm value and corporate governance. Journal of International Financial Management & Accounting, 12(3), 235-259.
     Molly, V., Laveren, E., & Deloof, M. (2010). Family business succession and its impact on financial structure and performance. Family business review, 23(2), 131-147.
     Mullins, W., & Schoar, A. (2016). How do CEOs see their roles? Management philosophies and styles in family and non-family firms. Journal of financial Economics, 119(1), 24-43.
     Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of financial Economics, 52(1), 3-46.
     Pérez-González, F. (2006). Inherited control and firm performance. The American economic review, 1559-1588.
     Pinkowitz, L., Stulz, R., & Williamson, R. (2006). Does the contribution of corporate cash holdings and dividends to firm value depend on governance? A cross‐country analysis. The Journal of Finance, 61(6), 2725-2751.
     Poutziouris, P. Z. (2001). The Views of Family Companies on Venture Capital: Empirical Evidence from the UK Small to Medium‐Size Enterprising Economy. Family business review, 14(3), 277-291.
     Schulze, W. S., Lubatkin, M. H., & Dino, R. N. (2003). Exploring the agency consequences of ownership dispersion among the directors of private family firms. Academy of Management Journal, 46(2), 179-194.
     Schulze, W. S., Lubatkin, M. H., Dino, R. N., & Buchholtz, A. K. (2001). Agency relationships in family firms: Theory and evidence. Organization science, 12(2), 99-116.
     Sirmon, D. G., & Hitt, M. A. (2003). Managing resources: Linking unique resources, management, and wealth creation in family firms. Entrepreneurship theory and practice, 27(4), 339-358.
     Smith, B. F., & Amoako-Adu, B. (1999). Management succession and financial performance of family controlled firms. Journal of corporate finance, 5(4), 341-368.
     Steijvers, T., & Niskanen, M. (2013). The determinants of cash holdings in private family firms. Accounting & Finance, 53(2), 537-560.
     Villalonga, B., & Amit, R. (2006). How do family ownership, control and management affect firm value? Journal of financial Economics, 80(2), 385-417.
     Wu, Z., Chua, J. H., & Chrisman, J. J. (2007). Effects of family ownership and management on small business equity financing. Journal of Business Venturing, 22(6), 875-895.
     Yilmazer, T., & Schrank, H. (2006). Financial intermingling in small family businesses. Journal of Business Venturing, 21(5), 726-751.
     Zahra, S. A. (2005). Entrepreneurial risk taking in family firms. Family business review, 18(1), 23-40.
描述 碩士
國立政治大學
財務管理研究所
103357011
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103357011
資料類型 thesis
dc.contributor.advisor 陳嬿如zh_TW
dc.contributor.advisor Chen, Yenn Ruen_US
dc.contributor.author (Authors) 王湘綺zh_TW
dc.contributor.author (Authors) Wang, Hsiang Chien_US
dc.creator (作者) 王湘綺zh_TW
dc.creator (作者) Wang, Hsiang Chien_US
dc.date (日期) 2016en_US
dc.date.accessioned 20-Jul-2016 17:12:21 (UTC+8)-
dc.date.available 20-Jul-2016 17:12:21 (UTC+8)-
dc.date.issued (上傳時間) 20-Jul-2016 17:12:21 (UTC+8)-
dc.identifier (Other Identifiers) G0103357011en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/99326-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 103357011zh_TW
dc.description.abstract (摘要) 本研究旨在探討家族企業接班與接班人類型對於公司現金來源及現金價值的影響。本研究使用於1992年至2015年被列於S&P 1500指數的公司為樣本進行實證研究。實證結果顯示家族企業接班後將減少使用發行股票為公司現金的來源。此外，當接班人為家族成員時，企業接班後的邊際現金價值會較低；然而於財務限制的家族企業，企業接班將使當年度的邊際現金價值提高。本研究結果顯示資本市場對於家族企業接班投以較高的關注，尤其當接班人為家族成員時程度更為顯著。zh_TW
dc.description.abstract (摘要) This study examines the effect of succession on the cash saving behavior and the value of cash holdings for family firms. By examining the Standard and Poor 1500 indexed firms from 1992 to 2015, we find that cash savings from equity issuance decrease around successions, and the decreasing effect lasts longer with family related successors. In addition, the marginal value of cash holdings will be lower after succession if the successor is associated with the family. But if family firms are financial constrained, the marginal value of cash holdings will be higher with family firms with succession at the year of succession but not after. These findings indicate that the capital markets are concerned with the succession implication for family firms more than non-family firms, especially when the successors are family members.en_US
dc.description.tableofcontents List of Tables V
     List of Figures V
     1. Introduction 1
     2. Literature Reviews and Hypothesis Development 4
     2.1 Sources of Cash 5
     2.1.1 Impact of Succession within Family Firms on Financing Feasibility 5
     2.1.2 Attitude toward Investing of Successors 5
     2.1.3 Cash Savings and Family Succession 6
     2.2　Value of Cash 7
     2.2.1 The Motives for Holding Cash and the Value of Cash 7
     2.2.2 Value of Cash and Family Succession 8
     3. Methodology 10
     3.1 Definition of Family Firms and Succession 10
     3.2 Measuring Cash Holdings 10
     3.3 Value of Cash 12
     3.4 Measurement of Financial Constraints 15
     4. Empirical Results 16
     4.1 Sources of Cash 16
     4.1.1 Sources of Cash and Succession in Family and Non-family Firms 16
     4.1.2 Sources of Cash and Successor’s Type within Family Firms 17
     4.2 Value of Cash 18
     4.2.1 Marginal Value of Cash and Succession in Family and Non-family Firms 19
     4.2.2 Marginal Value of Cash and Successor’s Type within Family Firms 20
     4.3 Value of Cash, Financial Constraints and Succession 20
     5. Conclusion 22
     References 24
     Appendix 42		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103357011en_US
dc.subject (關鍵詞) 家族企業接班zh_TW
dc.subject (關鍵詞) 現金持有zh_TW
dc.subject (關鍵詞) 現金價值zh_TW
dc.subject (關鍵詞) Family successionen_US
dc.subject (關鍵詞) Cashen_US
dc.subject (關鍵詞) Cash holdingen_US
dc.subject (關鍵詞) Value of cashen_US
dc.title (題名) 家族企業接班與現金持有政策zh_TW
dc.title (題名) Family Succession and Cash Holding Policyen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Almeida, H., Campello, M., & Weisbach, M. S. (2004). The cash flow sensitivity of cash. The Journal of Finance, 59(4), 1777-1804.
     Amore, M. D., Minichilli, A., & Corbetta, G. (2011). How do managerial successions shape corporate financial policies in family firms? Journal of corporate finance, 17(4), 1016-1027.
     Anderson, R. C., Mansi, S. A., & Reeb, D. M. (2003). Founding family ownership and the agency cost of debt. Journal of financial Economics, 68(2), 263-285.
     Anderson, R. C., & Reeb, D. M. (2003). Founding‐family ownership and firm performance: evidence from the S&P 500. The Journal of Finance, 58(3), 1301-1328.
     Andres, C. (2008). Large shareholders and firm performance—An empirical examination of founding-family ownership. Journal of corporate finance, 14(4), 431-445.
     Bennedsen, M., Nielsen, K. M., Pérez-González, F., and Wolfenzon, D. (2006). Inside the family firm: The role of families in succession decisions and performance. Quarterly Journal of Economics, 122(2), 647-691.
     Bertrand, M., Johnson, S., Samphantharak, K., & Schoar, A. (2008). Mixing family with business: A study of Thai business groups and the families behind them. Journal of financial Economics, 88(3), 466-498.
     Caselli, F., & Gennaioli, N. (2005). Credit constraints, competition, and meritocracy. Journal of the European Economic Association, 3(2‐3), 679-689.
     Cromie, S., Stephenson, B., & Monteith, D. (1995). The management of family firms: an empirical investigation. International Small Business Journal, 13(4), 11-34.
     Cucculelli, M., & Micucci, G. (2008). Family succession and firm performance: Evidence from Italian family firms. Journal of corporate finance, 14(1), 17-31.
     Davis, P. S., & Harveston, P. D. (1998). The influence of family on the family business succession process: A multi-generational perspective. Entrepreneurship theory and practice, 22, 31-54.
     Davis, P. S., & Harveston, P. D. (1999). In the founder`s shadow: Conflict in the family firm. Family business review, 12(4), 311-323.
     Denis, D. J., & Sibilkov, V. (2010). Financial constraints, investment, and the value of cash holdings. Review of Financial Studies, 23(1), 247-269.
     Dittmar, A., & Mahrt-Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of financial Economics, 83(3), 599-634.
     Faulkender, M., & Wang, R. (2006). Corporate financial policy and the value of cash. The Journal of Finance, 61(4), 1957-1990.
     Fernández, Z., & Nieto, M. J. (2005). Internationalization strategy of small and medium‐sized family businesses: Some influential factors. Family business review, 18(1), 77-89.
     Gallo, M. Á., Tàpies, J., & Cappuyns, K. (2004). Comparison of family and nonfamily business: Financial logic and personal preferences. Family business review, 17(4), 303-318.
     Harvey, M., & Evans, R. E. (1994). Family business and multiple levels of conflict. Family business review, 7(4), 331-348.
     Haynes, G. W., Walker, R., Rowe, B. R., & Hong, G.-S. (1999). The intermingling of business and family finances in family-owned businesses. Family business review, 12(3), 225-239.
     Hertzel, M. G., & Li, Z. (2010). Behavioral and rational explanations of stock price performance around SEOs: Evidence from a decomposition of market-to-book ratios.
     Kim, W., & Weisbach, M. S. (2008). Motivations for public equity offers: An international perspective. Journal of financial Economics, 87(2), 281-307.
     López‐Gracia, J., & Sánchez‐Andújar, S. (2007). Financial structure of the family business: Evidence from a group of small Spanish firms. Family business review, 20(4), 269-287.
     Mahérault, L. (2004). Is there Any Specific Equity Route for Small and Medium‐Sized Family Businesses? The French Experience. Family business review, 17(3), 221-235.
     McConaughy, D. L., & Phillips, G. M. (1999). Founders versus descendants: The profitability, efficiency, growth characteristics and financing in large, public, founding-family-controlled firms. Family business review, 12(2), 123-131.
     Miller, D., & Breton‐Miller, L. (2006). Family governance and firm performance: Agency, stewardship, and capabilities. Family business review, 19(1), 73-87.
     Mishra, C. S., Randøy, T., & Jenssen, J. I. (2001). The effect of founding family influence on firm value and corporate governance. Journal of International Financial Management & Accounting, 12(3), 235-259.
     Molly, V., Laveren, E., & Deloof, M. (2010). Family business succession and its impact on financial structure and performance. Family business review, 23(2), 131-147.
     Mullins, W., & Schoar, A. (2016). How do CEOs see their roles? Management philosophies and styles in family and non-family firms. Journal of financial Economics, 119(1), 24-43.
     Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of financial Economics, 52(1), 3-46.
     Pérez-González, F. (2006). Inherited control and firm performance. The American economic review, 1559-1588.
     Pinkowitz, L., Stulz, R., & Williamson, R. (2006). Does the contribution of corporate cash holdings and dividends to firm value depend on governance? A cross‐country analysis. The Journal of Finance, 61(6), 2725-2751.
     Poutziouris, P. Z. (2001). The Views of Family Companies on Venture Capital: Empirical Evidence from the UK Small to Medium‐Size Enterprising Economy. Family business review, 14(3), 277-291.
     Schulze, W. S., Lubatkin, M. H., & Dino, R. N. (2003). Exploring the agency consequences of ownership dispersion among the directors of private family firms. Academy of Management Journal, 46(2), 179-194.
     Schulze, W. S., Lubatkin, M. H., Dino, R. N., & Buchholtz, A. K. (2001). Agency relationships in family firms: Theory and evidence. Organization science, 12(2), 99-116.
     Sirmon, D. G., & Hitt, M. A. (2003). Managing resources: Linking unique resources, management, and wealth creation in family firms. Entrepreneurship theory and practice, 27(4), 339-358.
     Smith, B. F., & Amoako-Adu, B. (1999). Management succession and financial performance of family controlled firms. Journal of corporate finance, 5(4), 341-368.
     Steijvers, T., & Niskanen, M. (2013). The determinants of cash holdings in private family firms. Accounting & Finance, 53(2), 537-560.
     Villalonga, B., & Amit, R. (2006). How do family ownership, control and management affect firm value? Journal of financial Economics, 80(2), 385-417.
     Wu, Z., Chua, J. H., & Chrisman, J. J. (2007). Effects of family ownership and management on small business equity financing. Journal of Business Venturing, 22(6), 875-895.
     Yilmazer, T., & Schrank, H. (2006). Financial intermingling in small family businesses. Journal of Business Venturing, 21(5), 726-751.
     Zahra, S. A. (2005). Entrepreneurial risk taking in family firms. Family business review, 18(1), 23-40.		zh_TW