| dc.contributor.advisor | 屠美亞 | zh_TW |
| dc.contributor.author (Authors) | 謝明諺 | zh_TW |
| dc.creator (作者) | 謝明諺 | zh_TW |
| dc.date (日期) | 2010 | en_US |
| dc.date.accessioned | 29-Sep-2011 16:47:43 (UTC+8) | - |
| dc.date.available | 29-Sep-2011 16:47:43 (UTC+8) | - |
| dc.date.issued (上傳時間) | 29-Sep-2011 16:47:43 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0098357006 | en_US |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/50819 | - |
| 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) | 98357006 | zh_TW |
| dc.description (描述) | 99 | zh_TW |
| dc.description.abstract (摘要) | Bates et al.(2009)之實證發現，美國公司自1980年至2006年之間，平均現金比率有大幅上升的現象，但由於全球資本市場逐漸走向自由化與國際化，因此任一國家的資本市場若受到了某些衝擊，將會迅速地影響、擴散到其他國家，因此本研究認為，現金持有量的改變可能並非單一存在於某幾個國家，而是更廣泛地存在於世界各國；另外，就公司企業的融資決策而言，由於公司本身所持有之現金可能與企業融資決策的改變有較為直接的關係，因此當融資方式有所改變的時候，將較容易於現金比率上反映出來，據此，研究資本市場的變化對企業現金比率的影響，將對瞭解企業融資方式的改變有所助益。因此，本研究以世界35國國內之上市公司為樣本，分析使企業現金比率產生變化的可能原因。本研究所選用之財務指標以及非財務指標之參數估計值為顯著者，均符合預防性動機(The Precautionary Motive)、代理問題(The Agency Motive)，或是Bates et al.(2009)所提出的「交易成本的考量」等論點；另外，研究結果亦顯示，不論是依循Fama and French (1998)之計量方法，或是使用時間序列截面迴歸(TSCSREG: Time Series Cross Section Regression)之分析方式，在1996年之後，一直到2008年為止，公司的現金比率均會因為股票市場的相對發展程度較高而較高，本研究認為上述現象可能與公司於股票市場上取得資金所需承擔的發行成本之高低有關，此結論亦與前述預防性動機之推論相符合(The Precautionary Motive)。 | zh_TW |
| dc.description.tableofcontents | 第壹章 緒論 1第一節 研究背景與動機 1第二節 研究範圍 3第三節 研究架構 4第貳章 文獻探討 5第一節 公司企業現金比率逐年上升之現象 5第二節 法律保護程度、代理問題與現金價值間之關聯性 9第三節 取得資金之難易度與公司持有之現金之關聯性 10第參章 研究方法 11第一節 研究流程 11第二節 研究假說 13第三節 樣本及資料來源 15第四節 變數定義 16第五節 實證模型 20第肆章 實證結果 23第一節 敘述性統計 23第二節 複迴歸分析 29第三節 時間序列截面迴歸分析 35第伍章 結論與建議 38第一節 研究結論 38第二節 研究貢獻 40第三節 研究限制 41參考文獻 42中文文獻 42西文文獻 43 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0098357006 | en_US |
| dc.subject (關鍵詞) | 預防性動機 | zh_TW |
| dc.subject (關鍵詞) | 代理問題 | zh_TW |
| dc.subject (關鍵詞) | 交易成本的考量 | zh_TW |
| dc.subject (關鍵詞) | 稅賦考量 | zh_TW |
| dc.subject (關鍵詞) | 現金比率 | zh_TW |
| dc.subject (關鍵詞) | The Precautionary Motive | en_US |
| dc.subject (關鍵詞) | The Agency Motive | en_US |
| dc.subject (關鍵詞) | The Transaction Motive | en_US |
| dc.subject (關鍵詞) | The Tax Motive | en_US |
| dc.subject (關鍵詞) | Cash Ratio | en_US |
| dc.title (題名) | 股票市場發展對企業現金持有決策之探討 | zh_TW |
| dc.title (題名) | The effect of development of the stock market on the decision of corporate cash holdings | en_US |
| dc.type (資料類型) | thesis | en |
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