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題名 影響公司持有現金的因素之實證分析-以NYSE上市企業為例
The Determinants of The Firm`s Cash Holdings in NYSE作者 徐曼鈞 貢獻者 謝淑貞
徐曼鈞關鍵詞 現金持有因素
Cash holdings日期 2012 上傳時間 3-Mar-2014 15:33:38 (UTC+8) 摘要 隨著2007年美國次貸危機爆發而引起的金融海嘯，對全球經濟造成了巨大的負面衝擊，至今仍還未完全恢復。在後金融海嘯時代下，企業從外部資本市場可獲得的融資往往較為困難，資本市場的流動性短缺成為常態，因此導致企業本身的資本累積更為重要。在此情況中，許多企業傾向於持有大量的現金及約當現金。 本研究旨在探討1992年至2012年間的美國企業之現金影響因子，並檢視各個現金持有影響因子對現金比率之影響方向，並把樣本分別以企業規模大小、有無財務限制和年度進行實證分析。 本研究實證指出在全體樣本的迴歸結果，可以發現影響美國企業現金持有比率的影響因子主要有：企業規模、負債比率、總資產報酬率、淨營運資金比率、研究發展費用佔淨銷售額比率、併購佔總資產比率、資本支出比率、市值對淨值比率與股利發放情形，只有現金流量比率不具顯著性。實證結果支持動機理論、融資順位理論和資訊不對稱理論，並符合預期之變動方向。 參考文獻 壹、中文部分 李智蕙，2008，現金持有率、公司價值與公司治理之關連性--台灣上市櫃公司實證研究，國立政治大學會計研究所。 林秀玲，2004，現金持有與經營績效，朝陽科技大學財務金融所。 胡偉哲，2012，為什麼台灣公司的現金比率逐年增加?，國立中央大學財務金融所。 黃俊傑，2010，公司現金持有的決定因素探討---以台灣市場為例，國立中正大學財務金融所。 雲國華，2007，公司治理與現金持有關聯之研究－台灣上市公司之實證，中原大學國際貿易所。 劉淑雯，2012，台灣企業股份發行與現金保留之研究，國立台灣大學財務金融學 研究所。 賴文盛，2004，融資順位理論之再研究－以台灣上市、上櫃公司為例，朝陽科技大學財務金融所。 謝明諺，2011，股票市場發展對企業現金持有決策之探討，國立政治大學財務管理研究所。 貳、英文部分 Acharya, V. V., Almeida, H., and Campello, M., 2007, Is cash negative debt? a hedging perspective on corporate financial policies., Journal of Financial Intermediation, 16(4):515-554. Almeida, H., Campello, M., and Weisbach, M. S., 2004, The cash flow sensitivity of cash., The Journal of Finance, 59(4):1777-1804. Almeida, H., M. Campello, and M. Weisbach, 2004, The cash flow sensitivity of cash., Journal of Finance 59, 1777-1804. Ang, J. and Smedema, A., 2011, Financial Flexibility: Do firms prepare for recession?, Journal of Corporate Finance, 17(3):774 -787. Autore, D., and T. Kovacs, 2009, Equity Issues and Temporal Variation in Information Asymmetry., Journal of Banking and Finance 34, 12–23. A. V. Kalinin, 2012, Cash Holdings of EU Firms., Working paper, Tilburg School of Economics and Management. Bates, T. W., Kahle, K. M., and Stulz, R. M., 2009, Why do u.s. firms hold so much more cash than they used to?, Journal of Finance, 64(5):1985-2021. Baum, Christopher F., Mustafa Caglayan and Neslihan Ozkan, 2004, The second moments matter: the response of macroeconomic uncertainty on bank lending behavior., University of Leicester WP No. 04/13;Boston College WP No. 521. Bharat, S., P. Pasquariello, and G. Wu, 2008, Does Asymmetric Information Drive Capital Structure Decisions?, Review of Financial Studies 22, 3211-43. Chen, N., and Mahajan. A., 2010, Effects of Macroeconomic Conditions on Corporate Liquidity International Evidence International Research., Journal of Finance and Economics35, 1450-2887. Denis, D. J. and Sibilkov, V., 2009, Financial constraints, investment, and the value of cash holdings., Review of Financial Studies, 23(1):247-269. Denis, D.J., Sibilkov, V., 2010, Financial constraints, investment, and the value of cash holdings., Review of Financial Studies 23, 247-269. Dittmar, A., Mahrt-Smith, J., and Servaes, H., 2003, International corporate governance and corporate cash holdings., The Journal of Financial and Quantitative Analysis, 38(1):111. Dittmar, A., and J. Mahrt-Smith, 2007, Corporate Governance and the Value of Cash Holdings., Journal of Financial Economics 83, 599-634. Easterbrook, F. H., 1984, Two agency-cost explanations of dividends., The American Economic Review, 74(4):pp. 650-659. Fama, Eugene F., and Kenneth R. French, 2002, Testing trade-off and pecking order predictions about dividends and debt., Review of Financial Studies 15, 1–33. Faulkender, Michael, 2002, Cash holdings among small businesses., Northwestern University, unpublished working paper. Frank, M. Z. and Goyal, V. K., 2003, Testing the pecking order theory of capital structure., Journal of Financial Economics, 67(2):217-248. Fritz Foley, C., Hartzell, J. C., Titman, S., and Twite, G., 2007, Why do firms hold so much cash? a tax-based explanation., Journal of Financial Economics, 86(3):579-607. Guney, Y., Ozkan, A. and N. Ozkan, 2007, International Evidence on the Non-linear Impact of Leverage on Corporate Cash Holdings., Journal of Multinational Financial Management 17, 45-60. Han, S. and Qiu, J., 2007, Corporate precautionary cash holdings., Journal of Corporate Finance, 13(1):43-57. Harford, J., 1999, Corporate cash reserves and acquisitions., The Journal of Finance, 54(6):pp. 1969-1997. Harford, J. and Li, K., 2007, Decoupling ceo wealth and firm performance: The case of acquiring ceos., The Journal of Finance, 62(2):917-949. Harford, Jarrad, Sattar Mansi, and William Maxwell, 2008, Corporate governance and a firm’s cash holdings., Journal of Financial Economics 87, 535-555. Haushalter, David, Sandy Klasa, and William Maxwell, 2007, The influence of product market dynamics on the firm’s cash holdings and hedging behavior., Journal of Financial Economics 84, 797-825. Jensen, M.C., Meckling, W.H., 1976, Theory of the firm: Managerial behavior, agency costs and ownership structure., Journal of Financial Economics 3, 305-360. Jensen, M. C., 1986, Agency costs of free cash flow, corporate finance, and takeovers., American Economic Review, 76(2):323-29. Kim, Chang-Soo, David Mauer, and Ann Sherman, 1998, The Determinants of Corporate Liquidity: Theory and Evidence., Journal of Financial and Quantitative Analysis 33, 335-359. Kusnadi, Y., & Wei, K.C., 2011, The determinants of corporate cash management policies: Evidence from around the world., Journal of Corporate Finance, 17(3): 725-740. Leary, M. T. and M. R. Roberts, 2007, The Pecking Order, Debt Capacity, and Information Asymmetry, University of Pennsylvania working paper. Lins, K., Kalcheva, I, 2004, International Evidence on Cash Holdings and Expected Managerial Agency Problems., ECGI Working Paper. McLean, R. D., 2011, Share issuance and cash savings., Journal of Financial Economics 99, 693-715. Miller, M. H. and Orr, D., 1966, A model of the demand for money by _rms., Quarterly Journal of Economics, 80(3):413-435. Mikkelson, Wayne, and Megan Partch, 2003, Do persistent large cash reserves hinder performance., Journal of Financial and Quantitative Analysis 38, 275-294. Mulligan, C.B., 1997, Scale economies, the value of time, and the demand for money: longitudinal evidence from firms., Journal of Political Economy 105, 1061-1079. Myers, S. C. and 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., and R. G. Rajan, 1998, The paradox of liquidity., Quarterly Journal of Economics 108, 733-771. Opler, T., Pinkowitz, L., Stulz, R., and Williamson, R., 1999, The determinants and implications of corporate cash holdings., Journal of Financial Economics, 52(1):3-46. Pinkowitz, Lee, and Rohan Williamson, 2004, What is a dollar worth? The market value of cash holdings., Working paper, Georgetown University. Pinkowitz, Lee, Ren´e M. Stulz, and Rohan Williamson, 2006, Do firms in countries with poor protection of investor rights hold more cash?, Journal of Finance 61, 2725–2751. Shyam-Sunder, L., Myers, S.C., 1999, Testing static trade-off against pecking order models of capital structure., Journal of Financial Economics 51, 219-244. S. Schuite, 2012, Cash Holdings in German Firms., Working paper, Tilburg University. Stulz, R. M., 2007, The limits of financial globalization., Journal of Applied Corporate Finance, 19(1):8-15. Subramaniam, V., Tang, T. T., Yue, H., and Zhou, X., 2011, Firm structure and corporate cash holdings., Journal of Corporate Finance, 17(3):759-773. 描述 碩士
國立政治大學
國際經營與貿易研究所
100351017
101資料來源 http://thesis.lib.nccu.edu.tw/record/#G0100351017 資料類型 thesis dc.contributor.advisor 謝淑貞 zh_TW dc.contributor.author (Authors) 徐曼鈞 zh_TW dc.creator (作者) 徐曼鈞 zh_TW dc.date (日期) 2012 en_US dc.date.accessioned 3-Mar-2014 15:33:38 (UTC+8) - dc.date.available 3-Mar-2014 15:33:38 (UTC+8) - dc.date.issued (上傳時間) 3-Mar-2014 15:33:38 (UTC+8) - dc.identifier (Other Identifiers) G0100351017 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/64340 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營與貿易研究所 zh_TW dc.description (描述) 100351017 zh_TW dc.description (描述) 101 zh_TW dc.description.abstract (摘要) 隨著2007年美國次貸危機爆發而引起的金融海嘯，對全球經濟造成了巨大的負面衝擊，至今仍還未完全恢復。在後金融海嘯時代下，企業從外部資本市場可獲得的融資往往較為困難，資本市場的流動性短缺成為常態，因此導致企業本身的資本累積更為重要。在此情況中，許多企業傾向於持有大量的現金及約當現金。 本研究旨在探討1992年至2012年間的美國企業之現金影響因子，並檢視各個現金持有影響因子對現金比率之影響方向，並把樣本分別以企業規模大小、有無財務限制和年度進行實證分析。 本研究實證指出在全體樣本的迴歸結果，可以發現影響美國企業現金持有比率的影響因子主要有：企業規模、負債比率、總資產報酬率、淨營運資金比率、研究發展費用佔淨銷售額比率、併購佔總資產比率、資本支出比率、市值對淨值比率與股利發放情形，只有現金流量比率不具顯著性。實證結果支持動機理論、融資順位理論和資訊不對稱理論，並符合預期之變動方向。 zh_TW dc.description.tableofcontents 第一章 緒論 1 第一節 研究動機與目的 1 第二節 研究流程與研究架構 7 第二章 文獻探討 9 第一節 動機理論 9 第二節 融資順位理論 11 第三節 資訊不對稱理論 11 第四節 代理理論 13 第三章 研究方法與設計 15 第一節 樣本篩選與資料來源 15 第二節 研究變數與定義 15 第三節 研究模型與分析方法 19 第四章 實證結果與分析 22 第一節 樣本敘述統計 22 第二節 相關係數 25 第三節 迴歸實證結果分析 28 第五章 結論與建議 39 第一節 研究結論 39 第二節 研究限制與建議 40 zh_TW dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0100351017 en_US dc.subject (關鍵詞) 現金持有因素 zh_TW dc.subject (關鍵詞) Cash holdings en_US dc.title (題名) 影響公司持有現金的因素之實證分析-以NYSE上市企業為例 zh_TW dc.title (題名) The Determinants of The Firm`s Cash Holdings in NYSE en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) 壹、中文部分 李智蕙，2008，現金持有率、公司價值與公司治理之關連性--台灣上市櫃公司實證研究，國立政治大學會計研究所。 林秀玲，2004，現金持有與經營績效，朝陽科技大學財務金融所。 胡偉哲，2012，為什麼台灣公司的現金比率逐年增加?，國立中央大學財務金融所。 黃俊傑，2010，公司現金持有的決定因素探討---以台灣市場為例，國立中正大學財務金融所。 雲國華，2007，公司治理與現金持有關聯之研究－台灣上市公司之實證，中原大學國際貿易所。 劉淑雯，2012，台灣企業股份發行與現金保留之研究，國立台灣大學財務金融學 研究所。 賴文盛，2004，融資順位理論之再研究－以台灣上市、上櫃公司為例，朝陽科技大學財務金融所。 謝明諺，2011，股票市場發展對企業現金持有決策之探討，國立政治大學財務管理研究所。 貳、英文部分 Acharya, V. V., Almeida, H., and Campello, M., 2007, Is cash negative debt? a hedging perspective on corporate financial policies., Journal of Financial Intermediation, 16(4):515-554. Almeida, H., Campello, M., and Weisbach, M. S., 2004, The cash flow sensitivity of cash., The Journal of Finance, 59(4):1777-1804. Almeida, H., M. Campello, and M. Weisbach, 2004, The cash flow sensitivity of cash., Journal of Finance 59, 1777-1804. Ang, J. and Smedema, A., 2011, Financial Flexibility: Do firms prepare for recession?, Journal of Corporate Finance, 17(3):774 -787. Autore, D., and T. Kovacs, 2009, Equity Issues and Temporal Variation in Information Asymmetry., Journal of Banking and Finance 34, 12–23. A. V. Kalinin, 2012, Cash Holdings of EU Firms., Working paper, Tilburg School of Economics and Management. Bates, T. W., Kahle, K. M., and Stulz, R. M., 2009, Why do u.s. firms hold so much more cash than they used to?, Journal of Finance, 64(5):1985-2021. Baum, Christopher F., Mustafa Caglayan and Neslihan Ozkan, 2004, The second moments matter: the response of macroeconomic uncertainty on bank lending behavior., University of Leicester WP No. 04/13;Boston College WP No. 521. Bharat, S., P. Pasquariello, and G. Wu, 2008, Does Asymmetric Information Drive Capital Structure Decisions?, Review of Financial Studies 22, 3211-43. Chen, N., and Mahajan. A., 2010, Effects of Macroeconomic Conditions on Corporate Liquidity International Evidence International Research., Journal of Finance and Economics35, 1450-2887. Denis, D. J. and Sibilkov, V., 2009, Financial constraints, investment, and the value of cash holdings., Review of Financial Studies, 23(1):247-269. Denis, D.J., Sibilkov, V., 2010, Financial constraints, investment, and the value of cash holdings., Review of Financial Studies 23, 247-269. Dittmar, A., Mahrt-Smith, J., and Servaes, H., 2003, International corporate governance and corporate cash holdings., The Journal of Financial and Quantitative Analysis, 38(1):111. Dittmar, A., and J. Mahrt-Smith, 2007, Corporate Governance and the Value of Cash Holdings., Journal of Financial Economics 83, 599-634. Easterbrook, F. H., 1984, Two agency-cost explanations of dividends., The American Economic Review, 74(4):pp. 650-659. Fama, Eugene F., and Kenneth R. French, 2002, Testing trade-off and pecking order predictions about dividends and debt., Review of Financial Studies 15, 1–33. Faulkender, Michael, 2002, Cash holdings among small businesses., Northwestern University, unpublished working paper. Frank, M. Z. and Goyal, V. K., 2003, Testing the pecking order theory of capital structure., Journal of Financial Economics, 67(2):217-248. Fritz Foley, C., Hartzell, J. C., Titman, S., and Twite, G., 2007, Why do firms hold so much cash? a tax-based explanation., Journal of Financial Economics, 86(3):579-607. Guney, Y., Ozkan, A. and N. Ozkan, 2007, International Evidence on the Non-linear Impact of Leverage on Corporate Cash Holdings., Journal of Multinational Financial Management 17, 45-60. Han, S. and Qiu, J., 2007, Corporate precautionary cash holdings., Journal of Corporate Finance, 13(1):43-57. Harford, J., 1999, Corporate cash reserves and acquisitions., The Journal of Finance, 54(6):pp. 1969-1997. Harford, J. and Li, K., 2007, Decoupling ceo wealth and firm performance: The case of acquiring ceos., The Journal of Finance, 62(2):917-949. Harford, Jarrad, Sattar Mansi, and William Maxwell, 2008, Corporate governance and a firm’s cash holdings., Journal of Financial Economics 87, 535-555. Haushalter, David, Sandy Klasa, and William Maxwell, 2007, The influence of product market dynamics on the firm’s cash holdings and hedging behavior., Journal of Financial Economics 84, 797-825. Jensen, M.C., Meckling, W.H., 1976, Theory of the firm: Managerial behavior, agency costs and ownership structure., Journal of Financial Economics 3, 305-360. Jensen, M. C., 1986, Agency costs of free cash flow, corporate finance, and takeovers., American Economic Review, 76(2):323-29. Kim, Chang-Soo, David Mauer, and Ann Sherman, 1998, The Determinants of Corporate Liquidity: Theory and Evidence., Journal of Financial and Quantitative Analysis 33, 335-359. Kusnadi, Y., & Wei, K.C., 2011, The determinants of corporate cash management policies: Evidence from around the world., Journal of Corporate Finance, 17(3): 725-740. Leary, M. T. and M. R. Roberts, 2007, The Pecking Order, Debt Capacity, and Information Asymmetry, University of Pennsylvania working paper. Lins, K., Kalcheva, I, 2004, International Evidence on Cash Holdings and Expected Managerial Agency Problems., ECGI Working Paper. McLean, R. D., 2011, Share issuance and cash savings., Journal of Financial Economics 99, 693-715. Miller, M. H. and Orr, D., 1966, A model of the demand for money by _rms., Quarterly Journal of Economics, 80(3):413-435. Mikkelson, Wayne, and Megan Partch, 2003, Do persistent large cash reserves hinder performance., Journal of Financial and Quantitative Analysis 38, 275-294. Mulligan, C.B., 1997, Scale economies, the value of time, and the demand for money: longitudinal evidence from firms., Journal of Political Economy 105, 1061-1079. Myers, S. C. and 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., and R. G. Rajan, 1998, The paradox of liquidity., Quarterly Journal of Economics 108, 733-771. Opler, T., Pinkowitz, L., Stulz, R., and Williamson, R., 1999, The determinants and implications of corporate cash holdings., Journal of Financial Economics, 52(1):3-46. Pinkowitz, Lee, and Rohan Williamson, 2004, What is a dollar worth? The market value of cash holdings., Working paper, Georgetown University. Pinkowitz, Lee, Ren´e M. Stulz, and Rohan Williamson, 2006, Do firms in countries with poor protection of investor rights hold more cash?, Journal of Finance 61, 2725–2751. Shyam-Sunder, L., Myers, S.C., 1999, Testing static trade-off against pecking order models of capital structure., Journal of Financial Economics 51, 219-244. S. Schuite, 2012, Cash Holdings in German Firms., Working paper, Tilburg University. Stulz, R. M., 2007, The limits of financial globalization., Journal of Applied Corporate Finance, 19(1):8-15. Subramaniam, V., Tang, T. T., Yue, H., and Zhou, X., 2011, Firm structure and corporate cash holdings., Journal of Corporate Finance, 17(3):759-773. zh_TW
