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題名 臺灣上市公司財務報導品質之高低能否有效降低股利與投資支出間內部資金之競用現象
The role of financial reporting quality in mitigating the constraining effect of dividend policy on investment decisions of listed companies in Taiwan
作者 薛幃予
貢獻者 張清福
薛幃予
關鍵詞 股利
資本支出
競用資金
融資限制
財務報導品質
2SLS
內生性
工具變數
日期 2013
上傳時間 29-Jul-2014 16:02:14 (UTC+8)
摘要 本文研究臺灣上市公司是否存在股利與投資支出兩者間競用資金之現象，預期股利對投資金額之係數應顯著地為負，而後本研究援引Ramalingegowda, Wang, and Yu (2013)的研究方式，欲觀察模型中加入財務報導品質代理變數以後是否能夠有效地消除股利與投資支出兩者競用資金之現象，結果顯示：股利對資本支出存在競用資金之現象，加入財務報導品質代理變數能夠有效地消除前述現象；但股利對總投資支出及研究發展支出則無關聯性。\n此外，以往文獻多以二階段最小平方迴歸 (2SLS)來矯正最小平方迴歸 (OLS)產生之衡量誤差問題或因內生性造成的估計偏誤，但使用2SLS進行估計時係以人為判斷方式選取工具變數 (instrumental variable)，可能仍然存在衡量誤差或偏誤的問題，也可能找不到合適的工具變數可供運用。Lewbel (2012)提出一計量經濟模型以協助研究人員解決前述問題，並由Fernihough (2014)將此計量模型撰寫成R統計軟體，本文採用Fernihough (2014)撰寫之R套件進行結果之分析，並得到較適當的估計結果。
參考文獻 一、中文參考文獻\n（一）期刊\n沈中華與王建安，2000，融資限制對公司投資的影響，經濟論文，第28卷第1期　(3月)　：67-95。\n林基煌，1994，代理成本與融資決策，國立政治大學學報，68期(3月)：317-346。\n林鳳麗與廖育旻，2010，臺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，第7卷第1期(6月)：1-30。\n倪衍森與廖容岑，2006，家族企業負債代理成本及股利政策之研究－以臺灣上市公司為例，管理與系統，第13卷第2期(4月)：153-179。\n彭凱璐，2009，從全球金融海嘯中重新檢視企業經營之代理問題－看「肥貓」的養成，司法新聲，81期(5月)：。\n曾昭玲與周小玲，2007，企業成長機會之於融資政策及股利政策影響之多期性研究，東吳經濟商學學報，57期(6月)：49-77。\n楊朝成，1992，臺灣上市公司現金增資決策下其投資、股利與舉債決策之交互影響，台大管理論叢，第1卷第3期(5月)：173-195。\n葉憲弘，2000，經濟景氣波動下臺灣股票上市公司投資、股利與舉債決策關聯性之實證研究，中華管理評論，第3卷第3期：99-110。\n詹家昌、莊文議與游志成，2007，市場不完美對投資與現金流量敏感度影響之研究，管理評論，第26卷第3期(7月)：。\n（二）論文\n陳慶隆，1989，股利，投資及融資之關係－我國上市公司之實證研究，國立臺灣大學商學研究所碩士論文。\n游雅婷，2005，融資方式與研發投資－臺灣製造業廠商實證研究，淡江大學產業經濟學系碩士論文。\n楊慧蘭，2003，研究發展投資與財務政策關聯性之實證研究，逢甲大學會計與財稅研究所碩士論文。\n詹忠衛，2002，公司品質與股利及融資政策之關係，國立成功大學財務金融研究所碩士論文。\n劉正義，2002，企業研發支出對財務政策與成長機會影響之研究－以電子資訊產業為例，東吳大學企業管理研究所碩士論文。\n蔡湛成，2002，從公司控制者的角度探討現金增資前的股利政策，國立政治大學財務管理研究所碩士論文。\n二、英文參考文獻\nAbeytrana, G. 1994. An empirical investigation of UK stock market reaction to dividend announcements in a complex signaling environment. PhD Dissertation. University of Dundee. \nAbor, J. and G. A. Bokpin. 2010. Investment opportunities, corporate finance, and dividend payout policy: Evidence from emerging markets. Studies in Economics and Finance 27(3): 180-194.\nAkerlof ,G. A. 1970. The market for "Lemons": quality uncertainty and the market mechanism. The Quarterly Journal of Economics 84(3): 488-500.\nAkhter F. and T. Ton-That. 1995. Financing constraints and firm heterogeneity in investment behavior: an application of non-nested tests. Applied Economics 27: 317-326.\nBeaver, W. 1968. The information content of annual earnings announcements. Journal of Accounting Research 11 (July): 67-95.\nBhaduri, S. N. 2005. Investment, financial constraints and financial liberalization: Some stylized facts from a developing economy, India. Journal of Asian Economics 16(4): 704-718.\nBiddle, G., and Hilary. 2006. Accounting quality and firm level capital investment. The Accounting Review 81: 963-982.\nBrav, A., J. R. Graham, C. R. Harvey and R. Michaely. 2005. Payout policy in the 21 century. Journal of Financial Economics 77: 483-527.\nChiarella C., T. Pham, A. B. Sim, and M. Tan. 1992. The interaction of the financing and investment decisions: preliminary results in the Australian context. Asia Pacific Journal of Management 9(2): 209-229.\nDaniel, N. D., D. J. Denis, and L. Naveen .2010. Sources of financial flexibility: evidence from cash flow shortfalls. Working Paper.\nDenis D. J., D. K. Denis and A. Sarin. 1994. The information content of dividend changes: cash flow signaling, overinvestment, and dividend clienteles. The Journal of Financial and Quantitative Analysis 29(4): 567-587.\nDevereux, Michael, and F. Schiantarelli. 1989. Investment, financial factors and cash flow: evidence from UK panel data. Working PaperNo.3116.\nDhrymes, P. J Kurz, and Mordecai. 1967.Investment dividend and external finance behavior of firms. In Determinants of Investment Behavior. Columbia University Press. New York: 427-486.\nEasterbrook, F. H. 1984. Two agency-cost explanations of dividends. American Economic Association74(4): 650-659.\nElston, J. A. 1996. Dividend policy and investment: theory and evidence from US panel data. Managerial and Decision Economics 17(3): 267-275.\nFama, E., and M. Miller.1972.The Theory of Finance. Hinsdale, IL: Dryden Press.\nFama, E., and J. MacBeth. 1973. Risk, return and equilibrium: Empirical tests. Journal of Political Economy 81: 607-636.\nFama, E. 1974. The empirical relationship between the dividend and investment decisions of firms. American Economic Review (June): 304-318.\nFazzari S. M., R. G. Hubbard, B. C. Peterson. 1988. Financing constraints and corporate investment. Brookings Papers on Economic Activity: 141-206.\nFernihough, A. 2014. ivlewbel: Uses heteroscedasticity to estimate mismeasured and endogenous regressor models. R package version 1.0. \nFluck Z. 1999. The Dynamics of the management-shareholder conflict. The Review of Financial Studies 12(2): 379-404.\nGaleotti, M., F. Schiantarelli and F. Jaramillo. 1994. Investment decisions and the role of debt, liquid assets and cash flow evidence from Italian panel data. Applied Financial Economics 4: 121-132.\nGilchrist, S., and C. P. Himmelberg. 1995. Evidence on the role of cash flow for investment. Journal of Monetary Economics 36(October): 541-572.\nGuerard, J. B., Jr. A. S. Bean and S. Andrews. 1987. R & D management and corporate financial policy. Management Science 33(11): 1419-1427.\nJensen, M. 1986. The agency cost of free-cash flow, corporate finance and takeovers. American Economic Review 76: 323-329.\nKaplan, S. N. and L. Zingales. 1997. Do investment-cash Flow sensitivities provide useful measures of financing constraints? The Quarterly Journal of Economics 112(1): 169-215.\nLewbel, A. 2012. Using heteroskedasticity to identify and estimate mismeasured and endogenous regressor models,” Journal of Business and Economic Statistics, 30, 67-80.\nLintner, J. 1956. Distribution of incomes of corporations among dividends, retained earnings, and taxes. The American Economic Review 46(2): 97-113.\nLiu, M. and P. D. Wysocki. 2007. Cross-sectional determinants of information quality proxies and cost of capital measures. Working Paper\nMarshall, S. M. W. 1983. An examination of the empirical relationship between the dividend and investment decisions: A note. The Journal of Finance.38(5): 1659-1668 .\nMcCabe, G. 1979.The empirical relationship between investment and financing: A new look. The Journal of Financial and Quantitative Analysis14(1): 119-135.\nMcDonald J. G., Jacquillant B. and Nussenbaum M. 1975. Dividend, investment and financing decisions: empirical evidence on French firms. Journal of Financial and Quantitative Analysis 10: 741-755.\nMiller, M. H. and Modigliani F. 1961. Dividend policy, growth, and the valuation of shares. The Journal of Business 34 (4): 411-433.\nMorgan, I. and J. Saint-Pierre. 1978. Dividend and investment decisions of Canadian firms. The Canadian Journal of Economics11(4): 20-37.\nMougoue , M. and T. K Mukherjee. 1994. An investigation into the causality among firms` dividend, investment, and financing decisions. Journal of Financial research 17(4): 517-530.\nMougoue, M. 2008.An empirical re-examination of the dividend-investment relation. Quantitative Fiance 8(5): 533-546.\nMoyen, N. 2004. Investment-Cash Flow Sensitivities: Constrained versus Unconstrained Firms. The Journal of Finance 59(5): 2061-2092.\nMyers, S. C. and N. S. Majiuf. 1984. Corporate financing and investment decisions when firms have information the investors do not have. Working Paper.\nPartington, G. H. 1985. Dividend policy and its relationship to investment and financing policies: Empirical evidence. Journal of Business Finance & Accounting 12(4): 531-542.\nPogue, T. F. 1969. The corporate dividend decision: a cross-section study of the relationship between dividends and investment. Working Paper.\nRamalingegowda, S., C.S. Wang and Y. Yu. 2013. The role of financial reporting quality in mitigating the constraining effect of dividend policy on investment decisions. The Accounting Review 88(3):1007-1039.\nRamirez, C. D. 1995. Did J. P. Morgan`s men add liquidity? Corporate investment, cash flow, and financial structure at the turn of the twentieth century. The Journal of Finance 50(2): 661-678.\nRozeff, M. S. 1982. Growth, beta and agency costs as determinants of dividend payout ratios. Journal of Financial Research 5(3): 249-259.\nSanju R., R & M. N. Ramachandran. 2011. Are dividend and investment decisions separable? Applied Financial Economics 24 (June): 1515-1524.\nSchaller, H. 1993. Asymmetric information, liquidity constrains and Canadian investment. The Canadian Journal of Economics 26(3): 552-574.\nShleifer, A. and R. W. Vishny. 1997. A survey of corporate governance. The Journal of Finance 52(2): 737-783.\nTakeo H., A. Kashyap and D. Scharfstein. 1991. Corporate structure, liquidity, and investment: evidence from Japanese industrial groups. The Quarterly Journal of Economics 106(1): 33-60.\nWhited, T. M. 1992. Debt, liquidity constrains and corporate investment: evidence from panel data. The Journal of Finance 47(4): 1425-1460.
描述 碩士
國立政治大學
會計研究所
101353030
102
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0101353030
資料類型 thesis
dc.contributor.advisor 張清福zh_TW
dc.contributor.author (Authors) 薛幃予zh_TW
dc.creator (作者) 薛幃予zh_TW
dc.date (日期) 2013en_US
dc.date.accessioned 29-Jul-2014 16:02:14 (UTC+8)-
dc.date.available 29-Jul-2014 16:02:14 (UTC+8)-
dc.date.issued (上傳時間) 29-Jul-2014 16:02:14 (UTC+8)-
dc.identifier (Other Identifiers) G0101353030en_US
dc.identifier.uri (URI) https://ah.lib.nccu.edu.tw/item?item_id=76211-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計研究所zh_TW
dc.description (描述) 101353030zh_TW
dc.description (描述) 102zh_TW
dc.description.abstract (摘要) 本文研究臺灣上市公司是否存在股利與投資支出兩者間競用資金之現象，預期股利對投資金額之係數應顯著地為負，而後本研究援引Ramalingegowda, Wang, and Yu (2013)的研究方式，欲觀察模型中加入財務報導品質代理變數以後是否能夠有效地消除股利與投資支出兩者競用資金之現象，結果顯示：股利對資本支出存在競用資金之現象，加入財務報導品質代理變數能夠有效地消除前述現象；但股利對總投資支出及研究發展支出則無關聯性。\n此外，以往文獻多以二階段最小平方迴歸 (2SLS)來矯正最小平方迴歸 (OLS)產生之衡量誤差問題或因內生性造成的估計偏誤，但使用2SLS進行估計時係以人為判斷方式選取工具變數 (instrumental variable)，可能仍然存在衡量誤差或偏誤的問題，也可能找不到合適的工具變數可供運用。Lewbel (2012)提出一計量經濟模型以協助研究人員解決前述問題，並由Fernihough (2014)將此計量模型撰寫成R統計軟體，本文採用Fernihough (2014)撰寫之R套件進行結果之分析，並得到較適當的估計結果。zh_TW
dc.description.tableofcontents 表目錄 i\n圖目錄 i\n第一章、 緒論 1\n第一節、 研究背景 1\n第二節、 研究動機與目的 2\n第三節、 研究範圍 3\n第四節、 研究架構 3\n第二章、 文獻回顧 4\n第一節、 股利無關理論 (Dividend Irrelevance) 4\n第二節、 代理問題與股利政策 7\n第三節、 融資限制理論 9\n第三章、 研究方法 14\n第一節、 研究問題 14\n第二節、 研究假說 15\n第三節、 模型設計與變數衡量 19\n（一）、 模型設計與主要變數 19\n（二）、 控制變數 22\n第四節、 分析方法 26\n第五節、 預期結果 27\n第四章、 實證結果與分析 28\n第一節、 敘述性統計及相關性分析表 28\n第二節、 樣本產業及年度分布 35\n第三節、 實證結果分析 40\n第五章、 結論與建議 56\n第一節、 結論 56\n第二節、 研究限制 57\n第三節、 對後續研究建議 57\n附錄一：變數名稱詳細說明表 58\n附錄二：高科技產業樣本產業及年度分布 59\n參考文獻 60zh_TW
dc.format.extent 523730 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0101353030en_US
dc.subject (關鍵詞) 股利zh_TW
dc.subject (關鍵詞) 資本支出zh_TW
dc.subject (關鍵詞) 競用資金zh_TW
dc.subject (關鍵詞) 融資限制zh_TW
dc.subject (關鍵詞) 財務報導品質zh_TW
dc.subject (關鍵詞) 2SLSzh_TW
dc.subject (關鍵詞) 內生性zh_TW
dc.subject (關鍵詞) 工具變數zh_TW
dc.title (題名) 臺灣上市公司財務報導品質之高低能否有效降低股利與投資支出間內部資金之競用現象zh_TW
dc.title (題名) The role of financial reporting quality in mitigating the constraining effect of dividend policy on investment decisions of listed companies in Taiwanen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 一、中文參考文獻\n（一）期刊\n沈中華與王建安，2000，融資限制對公司投資的影響，經濟論文，第28卷第1期　(3月)　：67-95。\n林基煌，1994，代理成本與融資決策，國立政治大學學報，68期(3月)：317-346。\n林鳳麗與廖育旻，2010，臺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，第7卷第1期(6月)：1-30。\n倪衍森與廖容岑，2006，家族企業負債代理成本及股利政策之研究－以臺灣上市公司為例，管理與系統，第13卷第2期(4月)：153-179。\n彭凱璐，2009，從全球金融海嘯中重新檢視企業經營之代理問題－看「肥貓」的養成，司法新聲，81期(5月)：。\n曾昭玲與周小玲，2007，企業成長機會之於融資政策及股利政策影響之多期性研究，東吳經濟商學學報，57期(6月)：49-77。\n楊朝成，1992，臺灣上市公司現金增資決策下其投資、股利與舉債決策之交互影響，台大管理論叢，第1卷第3期(5月)：173-195。\n葉憲弘，2000，經濟景氣波動下臺灣股票上市公司投資、股利與舉債決策關聯性之實證研究，中華管理評論，第3卷第3期：99-110。\n詹家昌、莊文議與游志成，2007，市場不完美對投資與現金流量敏感度影響之研究，管理評論，第26卷第3期(7月)：。\n（二）論文\n陳慶隆，1989，股利，投資及融資之關係－我國上市公司之實證研究，國立臺灣大學商學研究所碩士論文。\n游雅婷，2005，融資方式與研發投資－臺灣製造業廠商實證研究，淡江大學產業經濟學系碩士論文。\n楊慧蘭，2003，研究發展投資與財務政策關聯性之實證研究，逢甲大學會計與財稅研究所碩士論文。\n詹忠衛，2002，公司品質與股利及融資政策之關係，國立成功大學財務金融研究所碩士論文。\n劉正義，2002，企業研發支出對財務政策與成長機會影響之研究－以電子資訊產業為例，東吳大學企業管理研究所碩士論文。\n蔡湛成，2002，從公司控制者的角度探討現金增資前的股利政策，國立政治大學財務管理研究所碩士論文。\n二、英文參考文獻\nAbeytrana, G. 1994. An empirical investigation of UK stock market reaction to dividend announcements in a complex signaling environment. PhD Dissertation. University of Dundee. \nAbor, J. and G. A. Bokpin. 2010. Investment opportunities, corporate finance, and dividend payout policy: Evidence from emerging markets. Studies in Economics and Finance 27(3): 180-194.\nAkerlof ,G. A. 1970. The market for "Lemons": quality uncertainty and the market mechanism. The Quarterly Journal of Economics 84(3): 488-500.\nAkhter F. and T. Ton-That. 1995. Financing constraints and firm heterogeneity in investment behavior: an application of non-nested tests. Applied Economics 27: 317-326.\nBeaver, W. 1968. The information content of annual earnings announcements. Journal of Accounting Research 11 (July): 67-95.\nBhaduri, S. N. 2005. Investment, financial constraints and financial liberalization: Some stylized facts from a developing economy, India. Journal of Asian Economics 16(4): 704-718.\nBiddle, G., and Hilary. 2006. Accounting quality and firm level capital investment. The Accounting Review 81: 963-982.\nBrav, A., J. R. Graham, C. R. Harvey and R. Michaely. 2005. Payout policy in the 21 century. Journal of Financial Economics 77: 483-527.\nChiarella C., T. Pham, A. B. Sim, and M. Tan. 1992. The interaction of the financing and investment decisions: preliminary results in the Australian context. Asia Pacific Journal of Management 9(2): 209-229.\nDaniel, N. D., D. J. Denis, and L. Naveen .2010. Sources of financial flexibility: evidence from cash flow shortfalls. Working Paper.\nDenis D. J., D. K. Denis and A. Sarin. 1994. The information content of dividend changes: cash flow signaling, overinvestment, and dividend clienteles. The Journal of Financial and Quantitative Analysis 29(4): 567-587.\nDevereux, Michael, and F. Schiantarelli. 1989. Investment, financial factors and cash flow: evidence from UK panel data. Working PaperNo.3116.\nDhrymes, P. J Kurz, and Mordecai. 1967.Investment dividend and external finance behavior of firms. In Determinants of Investment Behavior. Columbia University Press. New York: 427-486.\nEasterbrook, F. H. 1984. Two agency-cost explanations of dividends. American Economic Association74(4): 650-659.\nElston, J. A. 1996. Dividend policy and investment: theory and evidence from US panel data. Managerial and Decision Economics 17(3): 267-275.\nFama, E., and M. Miller.1972.The Theory of Finance. Hinsdale, IL: Dryden Press.\nFama, E., and J. MacBeth. 1973. Risk, return and equilibrium: Empirical tests. Journal of Political Economy 81: 607-636.\nFama, E. 1974. The empirical relationship between the dividend and investment decisions of firms. American Economic Review (June): 304-318.\nFazzari S. M., R. G. Hubbard, B. C. Peterson. 1988. Financing constraints and corporate investment. 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