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題名 金融自由化,投資者保護與現金價值
Financial Liberalization, Investor Protection and Value of Cash Holdings作者 周楷涵
Chou, Kai-Han貢獻者 陳嬿如
Chen, Yenn-Ru
周楷涵
Chou, Kai-Han關鍵詞 金融自由化
現金價值
投資者保護
抵換理論
金融發展
Financial liberalization
Value of cash
Investor protection
Tradeoff theory
Financial development日期 2018 上傳時間 4-Mar-2019 19:25:27 (UTC+8) 摘要 本研究之目的主要在探討金融自由化對公司現金價值之影響。當國家金融自由化時，公司將會降低持有現金的交易動機，增加預防動機。而當公司具有投資人保護時是否夠降低國際投資人對當地金融市場風險的看待，進而減少金融自由化所增加的預防動機。透過檢驗金融自由化對現金價值的影響，本研究發現，金融自由化會降低公司現金價值，這代表金融自由化帶來的交易動機的下降大於預防動機的增加。而當投資人保護較好的時候，將能袛消金融自由化所帶來的預防動機的增加，並且進一步的減少交易動機使得金融自由化對現金價值減少得更明顯。另外我們並沒有發現現金價值在金融發展對於金融自由化有帶來明顯的變化。最後，我們也發現對於愈不容易從外部取得資金的公司，減少現金價值的效果更明顯。
This paper examines the impact of financial liberalization on market value of corporate cash holdings. Financial liberalization can lower the transaction motive of cash holdings but it may increase the precautionary motive of cash holdings. In an environment with good investor protection, the concern of international investors in local market is lower, this in turn lowers the precautionary motive of firms. Our findings show that the impact of financial liberalization on market value of cash holdings is negative, this means that the decrease in transaction motive is larger than the increase of precautionary motive. We also find that market value of cash between environments of good and bad investor protection is significantly different. Better investor protection not only lowers the concern of international investors but also lower the cost of external fund. Therefore, the value of cash decrease more in better environment. We adapt country-level and firm-level investor protection, both measurements produced the same results and meet our hypothesis. However, we do not find a consistent result that better market development can lower the concern of investor protection and further decrease the value of cash in financial liberalization. Finally, we find that the value of cash of financially constrained firms decrease more in financial liberalization, because of better access to capital market after financial liberalization.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.Andersen, T. B., & Tarp, F. (2003). Financial liberalization, financial development and economic growth in LDCs. Journal of International Development: The Journal of the Development Studies Association, 15(2), 189-209.Bae, K. H., W. Bailey, and C. X. Mao. (2006). Stock Market Liberalization and the Information Environment. Journal of International Money and Finance 25 (3), 404–428.Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do US firms hold so much more cash than they used to?. The Journal of Finance, 64(5), 1985-2021.Bekaert, G., and C. R. Harvey. (2000). Foreign speculators and emerging equity markets. Journal of Finance 55 (2):565–613.Bekaert, G., Harvey, C. R., & Lumsdaine, R. L. (2002). The dynamics of emerging market equity flows. Journal of International Money and Finance, 21(3), 295-350.Buch, C. M., Döpke, J., & Pierdzioch, C. (2005). Financial openness and business cycle volatility. Journal of International Money and Finance, 24(5), 744-765.Chinn, M. D., & Ito, H. (2006). What matters for financial development? Capital controls, institutions, and interactions. Journal of Development Economics, 81(1), 163-192.Chinn, M. D., & Ito, H. (2008). A new measure of financial openness. Journal of Comparative Policy Analysis, 10(3), 309-322.Christoffersen, P., Chung, H., & Errunza, V. (2006). Size matters: The impact of financial liberalization on individual firms. Journal of International Money and Finance, 25(8), 1296-1318.Denis, D. J., & Sibilkov, V. (2009). Financial constraints, investment, and the value of cash holdings. The Review of Financial Studies, 23(1), 247-269.Dittmar, A., Mahrt-Smith, J., & Servaes, H. (2003). International corporate governance and corporate cash holdings. Journal of Financial and Quantitative analysis, 38(01), 111-133.Durnev, A., & Kim, E. H. (2005). To steal or not to steal: Firm attributes, legal environment, and valuation. The Journal of Finance, 60(3), 1461-1493.Dyck, A., & Zingales, L. (2004). Private benefits of control: An international comparison. The Journal of Finance, 59(2), 537-600.Errunza, V. (2001). Foreign portfolio equity investments, financial liberalization, and economic development. Review of International Economics, 9(4), 703-726.Faulkender, M., and R. Wang. (2006). Corporate financial policy and the value of cash. Journal of Finance 61 (4), 1957–1990.Han, S., & Qiu, J. (2007). Corporate precautionary cash holdings. Journal of Corporate Finance, 13(1), 43-57.Henry, P. B. (2000). Stock market liberalization, economic reform and emerging market prices. Journal of Finance 55 (2), 529–564.Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323-329.Kalcheva, I., & Lins, K. V. (2007). International evidence on cash holdings and expected managerial agency problems. The Review of Financial Studies, 20(4), 1087-1112.Khurana, I. K., Martin, X., & Pereira, R. (2006). Financial development and the cash flow sensitivity of cash. Journal of Financial and Quantitative Analysis, 41(4), 787-808.Kim, C. S., Mauer, D. C., & Sherman, A. E. (1998). The determinants of corporate liquidity: Theory and evidence. Journal of financial and quantitative analysis, 33(3), 335-359.Klein, M. W., & Olivei, G. P. (2008). Capital account liberalization, financial depth, and economic growth. Journal of International Money and Finance, 27(6), 861-875.Laeven, L. (2003). Does financial liberalization reduce financing constraints?. Financial Management, 5-34.Lane, P. R., & Milesi-Ferretti, G. M. (2007). The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970–2004. Journal of international Economics, 73(2), 223-250.Levine, R. (2001). International financial liberalization and economic growth. Review of international Economics, 9(4), 688-702.Love, I. (2003). Financial development and financing constraints: International evidence from the structural investment model. Review of Financial Studies, 16(3), 765-791.McKinnon, R. I. (1973). Money and capital in economic development. Brookings Institution Press.McLean, R. D. (2011). Share issuance and cash savings. Journal of Financial Economics 99 (3), 693–715.Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187-221.Myers, S. C., & Rajan, R. G. (1998). The paradox of liquidity. The Quarterly Journal of Economics, 113(3), 733-771.Nenova, T. (2003). The value of corporate voting rights and control: A cross-country analysis. Journal of Financial Economics, 68(3), 325-351.Opler, T., L. Pinkowitz, R. Stulz, and R. Williamson. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics 52 (1):3–46.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.Pinkowitz, L., & Williamson, R. (2007). What is the market value of a dollar of corporate cash?. Journal of Applied Corporate Finance, 19(3), 74-81.Porta, R. L., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of political economy, 106(6), 1113-1155.Porta, R.L, Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (1997). Legal determinants of external finance. The journal of finance, 52(3), 1131-1150.Quinn, D. P., & Toyoda, A. M. (2008). Does capital account liberalization lead to growth?. Review of Financial Studies, 21(3), 1403-1449.Stiglitz, J. E. (2000). Capital market liberalization, economic growth, and instability. World development, 28(6), 1075-1086.Stulz, R. M. (1999). Golbalization, corporate finance, and the cost of capital. Journal of Applied Corporate Finance, 12(3), 8-25 描述 碩士
國立政治大學
財務管理學系
105357034資料來源 http://thesis.lib.nccu.edu.tw/record/#G1053570341 資料類型 thesis dc.contributor.advisor 陳嬿如 zh_TW dc.contributor.advisor Chen, Yenn-Ru en_US dc.contributor.author (Authors) 周楷涵 zh_TW dc.contributor.author (Authors) Chou, Kai-Han en_US dc.creator (作者) 周楷涵 zh_TW dc.creator (作者) Chou, Kai-Han en_US dc.date (日期) 2018 en_US dc.date.accessioned 4-Mar-2019 19:25:27 (UTC+8) - dc.date.available 4-Mar-2019 19:25:27 (UTC+8) - dc.date.issued (上傳時間) 4-Mar-2019 19:25:27 (UTC+8) - dc.identifier (Other Identifiers) G1053570341 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/122379 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理學系 zh_TW dc.description (描述) 105357034 zh_TW dc.description.abstract (摘要) 本研究之目的主要在探討金融自由化對公司現金價值之影響。當國家金融自由化時，公司將會降低持有現金的交易動機，增加預防動機。而當公司具有投資人保護時是否夠降低國際投資人對當地金融市場風險的看待，進而減少金融自由化所增加的預防動機。透過檢驗金融自由化對現金價值的影響，本研究發現，金融自由化會降低公司現金價值，這代表金融自由化帶來的交易動機的下降大於預防動機的增加。而當投資人保護較好的時候，將能袛消金融自由化所帶來的預防動機的增加，並且進一步的減少交易動機使得金融自由化對現金價值減少得更明顯。另外我們並沒有發現現金價值在金融發展對於金融自由化有帶來明顯的變化。最後，我們也發現對於愈不容易從外部取得資金的公司，減少現金價值的效果更明顯。 zh_TW dc.description.abstract (摘要) This paper examines the impact of financial liberalization on market value of corporate cash holdings. Financial liberalization can lower the transaction motive of cash holdings but it may increase the precautionary motive of cash holdings. In an environment with good investor protection, the concern of international investors in local market is lower, this in turn lowers the precautionary motive of firms. Our findings show that the impact of financial liberalization on market value of cash holdings is negative, this means that the decrease in transaction motive is larger than the increase of precautionary motive. We also find that market value of cash between environments of good and bad investor protection is significantly different. Better investor protection not only lowers the concern of international investors but also lower the cost of external fund. Therefore, the value of cash decrease more in better environment. We adapt country-level and firm-level investor protection, both measurements produced the same results and meet our hypothesis. However, we do not find a consistent result that better market development can lower the concern of investor protection and further decrease the value of cash in financial liberalization. Finally, we find that the value of cash of financially constrained firms decrease more in financial liberalization, because of better access to capital market after financial liberalization. en_US dc.description.tableofcontents 摘要 IABSTRACT IICONTENTS IIILIST OF TABLES IVChapter 1 Introduction 11.1. Research Background and Motivation 11.2. Objectives and Major Findings 2Chapter 2 Literatures Reviews and Development of Hypotheses 52.1 The Determinants of Cash Holdings 52.1.1. The Trade-off theory of Cash Holdings 52.1.2. The Agency theory of Cash Holdings 62.2. The Market Value of Cash Holdings 72.3. The Effect of Financial Liberalization on the Value of Cash Holdings 9Chapter 3 Data and Methodology 143.1. Data and Sample Selection 143.2. Measurement of Key Variables 143.3. Empirical Model 16Chapter 4 Empirical Results 184.1. Summary Statistics 184.2. The Effect of Financial Liberalization on Value of Cash Holdings 184.3. The Impact of Investor Protection on Value of Cash Holdings 194.4. The Impact of Country Institutions on Value of Cash Holdings 214.5. The Impact on Value of Cash Holdings Under Different Firm Size 22Chapter 5 Conclusion 23REFERENCE 25 zh_TW dc.format.extent 997956 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1053570341 en_US dc.subject (關鍵詞) 金融自由化 zh_TW dc.subject (關鍵詞) 現金價值 zh_TW dc.subject (關鍵詞) 投資者保護 zh_TW dc.subject (關鍵詞) 抵換理論 zh_TW dc.subject (關鍵詞) 金融發展 zh_TW dc.subject (關鍵詞) Financial liberalization en_US dc.subject (關鍵詞) Value of cash en_US dc.subject (關鍵詞) Investor protection en_US dc.subject (關鍵詞) Tradeoff theory en_US dc.subject (關鍵詞) Financial development en_US dc.title (題名) 金融自由化,投資者保護與現金價值 zh_TW dc.title (題名) Financial Liberalization, Investor Protection and Value of Cash Holdings en_US dc.type (資料類型) thesis en_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.Andersen, T. B., & Tarp, F. (2003). Financial liberalization, financial development and economic growth in LDCs. Journal of International Development: The Journal of the Development Studies Association, 15(2), 189-209.Bae, K. H., W. Bailey, and C. X. Mao. (2006). Stock Market Liberalization and the Information Environment. Journal of International Money and Finance 25 (3), 404–428.Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do US firms hold so much more cash than they used to?. The Journal of Finance, 64(5), 1985-2021.Bekaert, G., and C. R. Harvey. (2000). Foreign speculators and emerging equity markets. Journal of Finance 55 (2):565–613.Bekaert, G., Harvey, C. R., & Lumsdaine, R. L. (2002). The dynamics of emerging market equity flows. Journal of International Money and Finance, 21(3), 295-350.Buch, C. M., Döpke, J., & Pierdzioch, C. (2005). Financial openness and business cycle volatility. Journal of International Money and Finance, 24(5), 744-765.Chinn, M. D., & Ito, H. (2006). What matters for financial development? Capital controls, institutions, and interactions. Journal of Development Economics, 81(1), 163-192.Chinn, M. D., & Ito, H. (2008). A new measure of financial openness. Journal of Comparative Policy Analysis, 10(3), 309-322.Christoffersen, P., Chung, H., & Errunza, V. (2006). Size matters: The impact of financial liberalization on individual firms. Journal of International Money and Finance, 25(8), 1296-1318.Denis, D. J., & Sibilkov, V. (2009). Financial constraints, investment, and the value of cash holdings. The Review of Financial Studies, 23(1), 247-269.Dittmar, A., Mahrt-Smith, J., & Servaes, H. (2003). International corporate governance and corporate cash holdings. Journal of Financial and Quantitative analysis, 38(01), 111-133.Durnev, A., & Kim, E. H. (2005). To steal or not to steal: Firm attributes, legal environment, and valuation. The Journal of Finance, 60(3), 1461-1493.Dyck, A., & Zingales, L. (2004). Private benefits of control: An international comparison. The Journal of Finance, 59(2), 537-600.Errunza, V. (2001). Foreign portfolio equity investments, financial liberalization, and economic development. Review of International Economics, 9(4), 703-726.Faulkender, M., and R. Wang. (2006). Corporate financial policy and the value of cash. Journal of Finance 61 (4), 1957–1990.Han, S., & Qiu, J. (2007). Corporate precautionary cash holdings. Journal of Corporate Finance, 13(1), 43-57.Henry, P. B. (2000). Stock market liberalization, economic reform and emerging market prices. Journal of Finance 55 (2), 529–564.Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323-329.Kalcheva, I., & Lins, K. V. (2007). International evidence on cash holdings and expected managerial agency problems. The Review of Financial Studies, 20(4), 1087-1112.Khurana, I. K., Martin, X., & Pereira, R. (2006). Financial development and the cash flow sensitivity of cash. Journal of Financial and Quantitative Analysis, 41(4), 787-808.Kim, C. S., Mauer, D. C., & Sherman, A. E. (1998). The determinants of corporate liquidity: Theory and evidence. Journal of financial and quantitative analysis, 33(3), 335-359.Klein, M. W., & Olivei, G. P. (2008). Capital account liberalization, financial depth, and economic growth. Journal of International Money and Finance, 27(6), 861-875.Laeven, L. (2003). Does financial liberalization reduce financing constraints?. Financial Management, 5-34.Lane, P. R., & Milesi-Ferretti, G. M. (2007). The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970–2004. Journal of international Economics, 73(2), 223-250.Levine, R. (2001). International financial liberalization and economic growth. Review of international Economics, 9(4), 688-702.Love, I. (2003). Financial development and financing constraints: International evidence from the structural investment model. Review of Financial Studies, 16(3), 765-791.McKinnon, R. I. (1973). Money and capital in economic development. Brookings Institution Press.McLean, R. D. (2011). Share issuance and cash savings. Journal of Financial Economics 99 (3), 693–715.Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187-221.Myers, S. C., & Rajan, R. G. (1998). The paradox of liquidity. The Quarterly Journal of Economics, 113(3), 733-771.Nenova, T. (2003). The value of corporate voting rights and control: A cross-country analysis. Journal of Financial Economics, 68(3), 325-351.Opler, T., L. Pinkowitz, R. Stulz, and R. Williamson. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics 52 (1):3–46.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.Pinkowitz, L., & Williamson, R. (2007). What is the market value of a dollar of corporate cash?. Journal of Applied Corporate Finance, 19(3), 74-81.Porta, R. L., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of political economy, 106(6), 1113-1155.Porta, R.L, Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (1997). Legal determinants of external finance. The journal of finance, 52(3), 1131-1150.Quinn, D. P., & Toyoda, A. M. (2008). Does capital account liberalization lead to growth?. Review of Financial Studies, 21(3), 1403-1449.Stiglitz, J. E. (2000). Capital market liberalization, economic growth, and instability. World development, 28(6), 1075-1086.Stulz, R. M. (1999). Golbalization, corporate finance, and the cost of capital. Journal of Applied Corporate Finance, 12(3), 8-25 zh_TW dc.identifier.doi (DOI) 10.6814/THE.NCCU.Finance.002.2019.F07 en_US
