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題名 現金與企業經營之關係-以台灣半導體產業為例
The relationship between cash and business operation: An example of Taiwan`s semiconductor industry作者 杜培郁
Tu, Pei-Yu貢獻者 徐愛恩
Tsui, Ai-En
杜培郁
Tu, Pei-Yu關鍵詞 公司經營績效
現金持有
現金持有價值
代理成本
半導體產業
Operating performance
Cash holding
Cash value
Agency cost
Semiconductor industry日期 2022 上傳時間 2-Sep-2022 14:43:46 (UTC+8) 摘要 本研究以台灣上市公司半導體產業為研究對象，分析現金相關指標與企業經營績效之相關性，及公司特定因素如控制形態、控制者與管理階層之持股比率、公司內部化之職位差異、研發費用率及董監薪酬與員工分紅佔稅前淨利之比率等因素，對於企業現金持有價值之相關性。而本研究實證結果發現，在台灣上市公司半導體產業中，現金相關指標與企業經營績效間具有顯著之相關性。而公司之特定因素如控制者與管理階層之持股比率、公司內部化之職位差異、研發費用率、員工分紅等因素，皆與企業現金之持有價值有顯著之相關性。
This study investigates the correlation between cash-related indicators and corporate operating performance in the semiconductor industry in Taiwan, and the correlation between company-specific factors, such as control status, shareholding ratio of controllers and management, internalization position differences, R&D expense rate, and the ratio of directors` and supervisors` compensation and employees` bonuses to net income before tax, on the value of corporate cash holdings.The results of this study show that cash-related indicators are significantly correlated with corporate operating performance in the semiconductor industry in Taiwan. Company-specific factors such as shareholding ratio of controllers and management, internalized position differences, R&D expense ratio, and employee bonuses are all significantly correlated with corporate cash holding value.參考文獻 林鳳麗、廖育旻，2010，台灣上市公司自由現金流量與營收成長是否影響公司績效？縱橫門檻迴歸模型之運用，會計與公司治理7(1) :1-29范揚祝、倪衍森、宋伊婷，2020，董事會結構、自由現金流量與公司績效之關聯性研究，管理資訊計算9卷第二期:115-128孫一雄、陳智明、陳家欣(2021)，研發投入、融資約束與企業現金持有之關聯性，全球管理與經濟17卷1期:93-114。陳振宇、張千雲、楊媚靜、周建新，2014，家族企業是否會影響現金持有所創造之績效表現，企業管理學:27-48。董俊展，2015，台灣上市櫃企業持有現金部位對獲利影響之研究，交通大學財務金融學系研究所碩士學位論文。劉維琪、劉玉珍，1989，融資順位理論之發展與實證，管理評論8(1):7-22。謝佩穎，2016，企業現金持有與經理人風險誘因，政治大學財務管理學系研究所碩士學位論文。蘇玄啟、羅仙法、施懿宸、李汶育，2014，台灣上市公司的現金持有、現金持有價值與公司生命週期:預防性動機假說之驗證，臺大管理論叢的26卷第二期:173-210。Adler, K., J. Ahn, M. C. Dao . 2018. Innovation and Corporate Cash Holdings in the Era of Globalization. International Monetary Fund, 1-32Ali, U., L. Ormal, and F. Ahmad. 2018. Impact of free cash flow on profitability of the firms in automobile sector of Germany. Journal of Economics and Management Sciences, 1(1), 57-67.Alnori, F . 2019. Cash holdings: Do they boost or hurt firms’ performance? Evidence from listed non-financial firms in Saudi Arabia. International Journal of Islamic and Middle Eastern Finance and Management, 3-12Booth L., C. Ntantamis and J. Zhou. 2015. Financial Constraints, R&D Investment, and the Value of Cash Holdings. The Quarterly Journal of FinanceVol. 05, No. 04, 105-111Berle, A., Means, G. 1932. The Modern Corporation and Private Property. Commerce Clearing House, New York.Coheea, G. L., F. Ronald and P. H. Kiymaz. 2020. Impacts of Free Cash Flow on Firm Performance during Market Contractions. INTERNATIONAL JOURNAL OF BUSINESS, 25(3), 2-19Deb, P., P. David. and J. O’Brien. 2017. When is cash good or bad for firm performance. Strategic Management Journal, 38(2), 436–454.Devereux, M., F. Schiantarelli. 1989, Investment, Financial Factors and Cash Flow: Evidence From UK Panel Data. Asymmetric Information, Corporate Finance, and Investment, Hubbard 1990, 7-32.Dittmar, A., J. Mahrt-Smith. and H. Servaes. 2003. International corporate governance and corporatecash holdings. The Journal of Financial and Quantitative Analysis, Vol. 38 No.1, 111-133.Drobetz, W., Grüninger, C. Matthias. 2006. Corporate cash holdings: Evidence from Switzerland. WWZ Forschungsbericht, No. 07/06, 2-6Fama, E. 1980. Agency Problems and the Theory of the Firm. Journal of Political Economy, 88, 288-307.Ferreira, M. A., P. Matos. 2008. The colors of investors’ money: The role of institutional investors around the world. Journal of Financial Economics, 88(3), 499–533.Ferreira, M.A. and A.S. Vilela. 2004. Why do firms hold cash? Evidence from EMU countries. European Financial Management, Vol10, No2, 295-319.Goldeng, E., L. A. Grunfeld. and G. R. G. Benito. 2008. The performance differential between private and state owned enterprises: The roles of ownership, management and market structure. Journal of Management Studies, 45(7), 1244–1273.Jensen, M.C., W.H. Meckling. 1976. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3, 305-360.Jensen, M. C., K. J. Murphy. 1990. Performance pay and top-management incentives. Journal of Political Economy, 98(2), 225–264.Jensen, M.C. 1986. Agency cost of free cash flow, corporate finance, and takeovers. American Economic Review 76, 3-43.Jensen, M.C., R. S. Ruback. 1983. The Market For Corporate Control: The Scientific Evidence. Journal of Financial Economics, 11, 5-50Jensen, M.C., J. B. Warner. 1988. The Distribution of Power Among Corporate Managers, Shareholders, and Directors. Journal of Financial Economics, 20, 3-24Kusnadi, Y. 2011. Do corporate governance mechanisms matter for cash holdings and firmvalue. Pacific-Basin Finance Journal, 19(5), 554–570.Myers, S. 1977. Determinants of corporate borrowing. Journal of Financial Economics 5, 147-175.Myers, S. C., R. G. Rajan. 1998. The paradox of liquidity. The Quarterly Journal of Economics, 113(3), 733–771.Myers, S.C., N.S. Majluf. 1984. Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have. Journal of Financial Economics, 13, 187-221.Myesr, S., N. Majluf. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13, 187-220.Neely, A., M. Gregory., and K. Platts. 1995. Performance measurement system design: A literature review and research agenda. International Journal of Operations & Production Management, 15(4), 80–116.Ni, Y., P. Huang. P. Chiang and, Y. Liao. 2019. Cash Flow Statements and Firm Value: Evidence from Taiwan. Quarterly Review of Economics and Finance, 71, 280–290.Rocca, L., C. D. Rocco and C. Alfio. 2017. The role of corruption in shaping the value of holding cash, Finance Research Letters, Elsevier, vol. 20(C), 104-108.Shin, M. S., S. E. Kim. 2010. The effects of cash holdings on R&D smoothing: evidence from Korea. Journal of Finance and Accountancy, 12-21Thanh, C. N. 2019. Optimal Cash Holding Ratio for Non-Financial Firms in Vietnam Stock Exchange Market. Journal of Risk and Financial Management, 1-13Villalonga, B., R. Amit. 2006. How do family ownership, control and management affect firm value. Journal of Financial Economics, 80(2), 385–417.Yun, J., H Ahmad., K Jebran and S. Muhammad. (2021) Cash holdings and firm performance relationship: Do firm-specific factors matter?, Economic Research-Ekonomska Istraživanja, 34:1, 1283-1305 描述 碩士
國立政治大學
會計學系
109353032資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109353032 資料類型 thesis dc.contributor.advisor 徐愛恩 zh_TW dc.contributor.advisor Tsui, Ai-En en_US dc.contributor.author (Authors) 杜培郁 zh_TW dc.contributor.author (Authors) Tu, Pei-Yu en_US dc.creator (作者) 杜培郁 zh_TW dc.creator (作者) Tu, Pei-Yu en_US dc.date (日期) 2022 en_US dc.date.accessioned 2-Sep-2022 14:43:46 (UTC+8) - dc.date.available 2-Sep-2022 14:43:46 (UTC+8) - dc.date.issued (上傳時間) 2-Sep-2022 14:43:46 (UTC+8) - dc.identifier (Other Identifiers) G0109353032 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/141538 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計學系 zh_TW dc.description (描述) 109353032 zh_TW dc.description.abstract (摘要) 本研究以台灣上市公司半導體產業為研究對象，分析現金相關指標與企業經營績效之相關性，及公司特定因素如控制形態、控制者與管理階層之持股比率、公司內部化之職位差異、研發費用率及董監薪酬與員工分紅佔稅前淨利之比率等因素，對於企業現金持有價值之相關性。而本研究實證結果發現，在台灣上市公司半導體產業中，現金相關指標與企業經營績效間具有顯著之相關性。而公司之特定因素如控制者與管理階層之持股比率、公司內部化之職位差異、研發費用率、員工分紅等因素，皆與企業現金之持有價值有顯著之相關性。 zh_TW dc.description.abstract (摘要) This study investigates the correlation between cash-related indicators and corporate operating performance in the semiconductor industry in Taiwan, and the correlation between company-specific factors, such as control status, shareholding ratio of controllers and management, internalization position differences, R&D expense rate, and the ratio of directors` and supervisors` compensation and employees` bonuses to net income before tax, on the value of corporate cash holdings.The results of this study show that cash-related indicators are significantly correlated with corporate operating performance in the semiconductor industry in Taiwan. Company-specific factors such as shareholding ratio of controllers and management, internalized position differences, R&D expense ratio, and employee bonuses are all significantly correlated with corporate cash holding value. en_US dc.description.tableofcontents 壹、緒論 1一、研究動機與目的 1二、研究問題 3三、研究架購 3貳、文獻回顧 5參、研究方法 10一、研究假說 10二、研究樣本來源及變數定義 11三、研究方法 15肆、研究結果 18一、敘述性統計分析 18二、皮爾森相關係數析 21三、迴歸分析 24伍、結論與建議 36參考文獻 38附錄 40 zh_TW dc.format.extent 1278553 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109353032 en_US dc.subject (關鍵詞) 公司經營績效 zh_TW dc.subject (關鍵詞) 現金持有 zh_TW dc.subject (關鍵詞) 現金持有價值 zh_TW dc.subject (關鍵詞) 代理成本 zh_TW dc.subject (關鍵詞) 半導體產業 zh_TW dc.subject (關鍵詞) Operating performance en_US dc.subject (關鍵詞) Cash holding en_US dc.subject (關鍵詞) Cash value en_US dc.subject (關鍵詞) Agency cost en_US dc.subject (關鍵詞) Semiconductor industry en_US dc.title (題名) 現金與企業經營之關係-以台灣半導體產業為例 zh_TW dc.title (題名) The relationship between cash and business operation: An example of Taiwan`s semiconductor industry en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 林鳳麗、廖育旻，2010，台灣上市公司自由現金流量與營收成長是否影響公司績效？縱橫門檻迴歸模型之運用，會計與公司治理7(1) :1-29范揚祝、倪衍森、宋伊婷，2020，董事會結構、自由現金流量與公司績效之關聯性研究，管理資訊計算9卷第二期:115-128孫一雄、陳智明、陳家欣(2021)，研發投入、融資約束與企業現金持有之關聯性，全球管理與經濟17卷1期:93-114。陳振宇、張千雲、楊媚靜、周建新，2014，家族企業是否會影響現金持有所創造之績效表現，企業管理學:27-48。董俊展，2015，台灣上市櫃企業持有現金部位對獲利影響之研究，交通大學財務金融學系研究所碩士學位論文。劉維琪、劉玉珍，1989，融資順位理論之發展與實證，管理評論8(1):7-22。謝佩穎，2016，企業現金持有與經理人風險誘因，政治大學財務管理學系研究所碩士學位論文。蘇玄啟、羅仙法、施懿宸、李汶育，2014，台灣上市公司的現金持有、現金持有價值與公司生命週期:預防性動機假說之驗證，臺大管理論叢的26卷第二期:173-210。Adler, K., J. Ahn, M. C. Dao . 2018. Innovation and Corporate Cash Holdings in the Era of Globalization. International Monetary Fund, 1-32Ali, U., L. Ormal, and F. Ahmad. 2018. Impact of free cash flow on profitability of the firms in automobile sector of Germany. Journal of Economics and Management Sciences, 1(1), 57-67.Alnori, F . 2019. Cash holdings: Do they boost or hurt firms’ performance? Evidence from listed non-financial firms in Saudi Arabia. International Journal of Islamic and Middle Eastern Finance and Management, 3-12Booth L., C. Ntantamis and J. Zhou. 2015. Financial Constraints, R&D Investment, and the Value of Cash Holdings. The Quarterly Journal of FinanceVol. 05, No. 04, 105-111Berle, A., Means, G. 1932. The Modern Corporation and Private Property. Commerce Clearing House, New York.Coheea, G. L., F. Ronald and P. H. Kiymaz. 2020. Impacts of Free Cash Flow on Firm Performance during Market Contractions. INTERNATIONAL JOURNAL OF BUSINESS, 25(3), 2-19Deb, P., P. David. and J. O’Brien. 2017. When is cash good or bad for firm performance. Strategic Management Journal, 38(2), 436–454.Devereux, M., F. Schiantarelli. 1989, Investment, Financial Factors and Cash Flow: Evidence From UK Panel Data. Asymmetric Information, Corporate Finance, and Investment, Hubbard 1990, 7-32.Dittmar, A., J. Mahrt-Smith. and H. Servaes. 2003. International corporate governance and corporatecash holdings. The Journal of Financial and Quantitative Analysis, Vol. 38 No.1, 111-133.Drobetz, W., Grüninger, C. Matthias. 2006. Corporate cash holdings: Evidence from Switzerland. WWZ Forschungsbericht, No. 07/06, 2-6Fama, E. 1980. Agency Problems and the Theory of the Firm. Journal of Political Economy, 88, 288-307.Ferreira, M. A., P. Matos. 2008. The colors of investors’ money: The role of institutional investors around the world. Journal of Financial Economics, 88(3), 499–533.Ferreira, M.A. and A.S. Vilela. 2004. Why do firms hold cash? Evidence from EMU countries. European Financial Management, Vol10, No2, 295-319.Goldeng, E., L. A. Grunfeld. and G. R. G. Benito. 2008. The performance differential between private and state owned enterprises: The roles of ownership, management and market structure. Journal of Management Studies, 45(7), 1244–1273.Jensen, M.C., W.H. Meckling. 1976. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3, 305-360.Jensen, M. C., K. J. Murphy. 1990. Performance pay and top-management incentives. Journal of Political Economy, 98(2), 225–264.Jensen, M.C. 1986. Agency cost of free cash flow, corporate finance, and takeovers. American Economic Review 76, 3-43.Jensen, M.C., R. S. Ruback. 1983. The Market For Corporate Control: The Scientific Evidence. Journal of Financial Economics, 11, 5-50Jensen, M.C., J. B. Warner. 1988. The Distribution of Power Among Corporate Managers, Shareholders, and Directors. Journal of Financial Economics, 20, 3-24Kusnadi, Y. 2011. Do corporate governance mechanisms matter for cash holdings and firmvalue. Pacific-Basin Finance Journal, 19(5), 554–570.Myers, S. 1977. Determinants of corporate borrowing. Journal of Financial Economics 5, 147-175.Myers, S. C., R. G. Rajan. 1998. The paradox of liquidity. The Quarterly Journal of Economics, 113(3), 733–771.Myers, S.C., N.S. Majluf. 1984. Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have. Journal of Financial Economics, 13, 187-221.Myesr, S., N. Majluf. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13, 187-220.Neely, A., M. Gregory., and K. Platts. 1995. Performance measurement system design: A literature review and research agenda. International Journal of Operations & Production Management, 15(4), 80–116.Ni, Y., P. Huang. P. Chiang and, Y. Liao. 2019. Cash Flow Statements and Firm Value: Evidence from Taiwan. Quarterly Review of Economics and Finance, 71, 280–290.Rocca, L., C. D. Rocco and C. Alfio. 2017. The role of corruption in shaping the value of holding cash, Finance Research Letters, Elsevier, vol. 20(C), 104-108.Shin, M. S., S. E. Kim. 2010. The effects of cash holdings on R&D smoothing: evidence from Korea. Journal of Finance and Accountancy, 12-21Thanh, C. N. 2019. Optimal Cash Holding Ratio for Non-Financial Firms in Vietnam Stock Exchange Market. Journal of Risk and Financial Management, 1-13Villalonga, B., R. Amit. 2006. How do family ownership, control and management affect firm value. Journal of Financial Economics, 80(2), 385–417.Yun, J., H Ahmad., K Jebran and S. Muhammad. (2021) Cash holdings and firm performance relationship: Do firm-specific factors matter?, Economic Research-Ekonomska Istraživanja, 34:1, 1283-1305 zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202201437 en_US
