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題名 融資限制對公司投資的影響─由廠商屬性分析
The Impact of Financing Constraints on Corporate Investment
作者 許經仕
Hsu, Ching Shin
貢獻者 沈中華<br>朱浩民
許經仕
Hsu, Ching Shin
關鍵詞 融資限制
公司投資
廠商屬性
Financing Constraints
Corporate Investment
日期 1995
上傳時間 28-Apr-2016 15:11:24 (UTC+8)
摘要 在不完美的資本市場下，廠商的內外部融資彼此間為不完美的替代品，此時即使廠商有淨現值大於零的投資計畫，若外部資金因成本過高而無法取得，而其內部資金也已使用完畢，則廠商只好放棄此項投資計畫．此種因為資金不足而使投資計畫所受到的限制，我們稱為融資限制(Financing Constraints)． 對於面臨融資限制的廠商而言，由於其投資較依賴內部資金，故我們在其投資方程式中加入流動性變數時，此變數之係數應顯著．而對於未面臨融資限制的廠商而言，由於其投資較不依賴內部資金，故其投資方程式中流動性變數之係數應不顯著．
參考文獻 中文部份
     1.中華徵信所，"台灣地區集團企業研究"，中華徵信所出版，民國83/84年版。
     2 周本鄂, "台灣地區上市公司董監事持股比率和公司T。bin`sQ 關係之實證研究"，私立中原大學企業管理研究所未出版碩士論文，民國82 年6月。
     3 林炯垚，"半強勢效率市場按定之實證方法"管理評論，民國77年7月，pp.45-68。
     4 洪昆惠，"購併宣告對股東財富的影響-Jensen 閒餘現金流量與T。bin`s Q 兩假說之驗證"私立東吳大學企業管理研究所未出版碩士論文，民國84年6月。
     5. 陳慧娟11 我國上市公司資本結構、成長與T。bin`s Q關連之研究"私立東吳大學會計研究所未出版碩士論文，民國84年6月。
     6. 鄭慧美， "Q比率與企業投資、融資決策之關係"私立東吳大學經濟研究所未出版碩士論文民國84年6月。
     7. 謝劍平"企業購併決策與Tobin`s Q 比率之相關性研究刊，行政院國家科學委員會專題研究計畫成果報告，民國84年3月。
     
     西文部份
     l.Atiase, R., 1985, "Predisclosure information, firm capitalization
     and security price behaviour around earning announcement",
     Journal of Accounting Research 23, pp.21-36.
     2.Barry, C.B. and S.J. Brown, 1984, "Differential information and
     the small firm effect", Journal of Financial Economics 13,
     pp.282-294.
     3.Chirinko, R.S. and H. Schaller, 1995, "Why does liquidity matter
     in investment equations", Journal of Money, Credit and Banking
     27, pp.527-548.
     4.Clark, P.K., 1979, "Investment in the 1970s : theory, performance,
     and predicition", Brookings Papers on Economic Activity,
     pp.73-113.
     5.Devereux, M. and F. Schiantarelli, 19.89, "Investment, financial
     factors and cash flow: evidence from U.K. panel data", NBER
     Working Paper no.3116.
     6.Elliott, J.W., 1973, "Theories of corporate investment behavior
     revisited", American Economic Review 63, pp.195-207.
     7.Fazzari, S.M. and M.J. Athey, 1987, "Asymmetric information,
     financing constraints, and investments", Review of Economics
     and Statistics 69, pp.481-487.
     8.Fazzari, S.M., R.G. Hubbard and B.C. Petersen, 1988, "Financing
     constraints and coporate investment", Brookings Papers on
     Economic Activity, pp. 73-113 .
     9.Galeotti, 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, pp.I21-132.
     10.Hoshi, T., A. Kashyap and D. Scharfstein, 1991, "Corporate
     structure, liquidity and investment : evidence from Japanese
     industrial groups", Quartely Journal of Economics 106, pp.33-60.
     ll.Jorgenson, D.W. and C.D. Siebert, 1968, "A comparsion of
     alternative theories of corporate investment behaviors",
     American Economic Review 58, pp.681-712.
     12.Lang, H.P.L. and R.H. Litzenberger, 1989, . "Dividend
     announcement", Journal of Financial Economics 24, pp.181-
     191.
     I3.Meyer, J. and E. Kuh, 1957, "The investment decisions",
     Cambridge: Havard University Press.
     14.Modigliani, F. and M.H. Miller, 1958, "The cost of capital,
     corporation finance and the theory of investment", American
     Economic Review 48, pp .261-297.
     15.Mundlak, Y., 1978, "Pooling of time-series and cross sectional
     data", Econometrica 46, pp.69-85.
     16.Ramirez, 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", Journal of Finance vol.L,
     pp.661-678.
     17 .Richardson, M. and J.R. Stock, 1989, "Drawing inferences from
     statistics based on multi-year asset returns", Journal of
     Financial Economics 25, pp.323-348 .
     18.Schaller, H., 1993, "Asymmetric information, liquidity
     constraints and Canadian investment", Canadian Journal of
     Economics vol.XXVI, pp.552-574.
     19.5hepherd, W.G., 1986, "Tobin`s q and the structure-performance
     relationship comment", American Economic Review 76,
     pp.1205-1210.
     20. Vanees, H. and R. Garvetsen, 1994, "Liquidity and business
     investment : evidence from Dutch panel data", Journal of
     Macroeconomics 16, pp .613-627.
     21. Whited, T .M., 1992, "Debt, liquidity constraints and corporate
     investment", Journal of Finance vol. XL VII, pp.1425-1460.
描述 碩士
國立政治大學
金融研究所
83357009
資料來源 http://thesis.lib.nccu.edu.tw/record/#B2002002878
資料類型 thesis
dc.contributor.advisor 沈中華<br>朱浩民zh_TW
dc.contributor.author (Authors) 許經仕zh_TW
dc.contributor.author (Authors) Hsu, Ching Shinen_US
dc.creator (作者) 許經仕zh_TW
dc.creator (作者) Hsu, Ching Shinen_US
dc.date (日期) 1995en_US
dc.date.accessioned 28-Apr-2016 15:11:24 (UTC+8)-
dc.date.available 28-Apr-2016 15:11:24 (UTC+8)-
dc.date.issued (上傳時間) 28-Apr-2016 15:11:24 (UTC+8)-
dc.identifier (Other Identifiers) B2002002878en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/87561-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 金融研究所zh_TW
dc.description (描述) 83357009zh_TW
dc.description.abstract (摘要) 在不完美的資本市場下，廠商的內外部融資彼此間為不完美的替代品，此時即使廠商有淨現值大於零的投資計畫，若外部資金因成本過高而無法取得，而其內部資金也已使用完畢，則廠商只好放棄此項投資計畫．此種因為資金不足而使投資計畫所受到的限制，我們稱為融資限制(Financing Constraints)． 對於面臨融資限制的廠商而言，由於其投資較依賴內部資金，故我們在其投資方程式中加入流動性變數時，此變數之係數應顯著．而對於未面臨融資限制的廠商而言，由於其投資較不依賴內部資金，故其投資方程式中流動性變數之係數應不顯著．zh_TW
dc.description.tableofcontents 第一章緒論..........1
     第一節研究動機與目的..........1
     第二節研究架構..........2
     第二章文獻探討..........4
     第一節融資限制與投資..........4
     第二節文獻探討..........6
     第三章研究方法..........14
     第一節迴歸方程式..........14
     第二節實證資料說明..........19
     第三節廠商屬性說明..........20
     第四章實證結果與分析..........27
     第一節實證結果與分析..........27
     第五章結論..........45
     附錄一詳細之樣本資料與廠商屬性..........47
     附錄二使用教育部Aremos資料庫所得到的實證結果..........51
     參考文獻..........61		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#B2002002878en_US
dc.subject (關鍵詞) 融資限制zh_TW
dc.subject (關鍵詞) 公司投資zh_TW
dc.subject (關鍵詞) 廠商屬性zh_TW
dc.subject (關鍵詞) Financing Constraintsen_US
dc.subject (關鍵詞) Corporate Investmenten_US
dc.title (題名) 融資限制對公司投資的影響─由廠商屬性分析zh_TW
dc.title (題名) The Impact of Financing Constraints on Corporate Investmenten_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 中文部份
     1.中華徵信所，"台灣地區集團企業研究"，中華徵信所出版，民國83/84年版。
     2 周本鄂, "台灣地區上市公司董監事持股比率和公司T。bin`sQ 關係之實證研究"，私立中原大學企業管理研究所未出版碩士論文，民國82 年6月。
     3 林炯垚，"半強勢效率市場按定之實證方法"管理評論，民國77年7月，pp.45-68。
     4 洪昆惠，"購併宣告對股東財富的影響-Jensen 閒餘現金流量與T。bin`s Q 兩假說之驗證"私立東吳大學企業管理研究所未出版碩士論文，民國84年6月。
     5. 陳慧娟11 我國上市公司資本結構、成長與T。bin`s Q關連之研究"私立東吳大學會計研究所未出版碩士論文，民國84年6月。
     6. 鄭慧美， "Q比率與企業投資、融資決策之關係"私立東吳大學經濟研究所未出版碩士論文民國84年6月。
     7. 謝劍平"企業購併決策與Tobin`s Q 比率之相關性研究刊，行政院國家科學委員會專題研究計畫成果報告，民國84年3月。
     
     西文部份
     l.Atiase, R., 1985, "Predisclosure information, firm capitalization
     and security price behaviour around earning announcement",
     Journal of Accounting Research 23, pp.21-36.
     2.Barry, C.B. and S.J. Brown, 1984, "Differential information and
     the small firm effect", Journal of Financial Economics 13,
     pp.282-294.
     3.Chirinko, R.S. and H. Schaller, 1995, "Why does liquidity matter
     in investment equations", Journal of Money, Credit and Banking
     27, pp.527-548.
     4.Clark, P.K., 1979, "Investment in the 1970s : theory, performance,
     and predicition", Brookings Papers on Economic Activity,
     pp.73-113.
     5.Devereux, M. and F. Schiantarelli, 19.89, "Investment, financial
     factors and cash flow: evidence from U.K. panel data", NBER
     Working Paper no.3116.
     6.Elliott, J.W., 1973, "Theories of corporate investment behavior
     revisited", American Economic Review 63, pp.195-207.
     7.Fazzari, S.M. and M.J. Athey, 1987, "Asymmetric information,
     financing constraints, and investments", Review of Economics
     and Statistics 69, pp.481-487.
     8.Fazzari, S.M., R.G. Hubbard and B.C. Petersen, 1988, "Financing
     constraints and coporate investment", Brookings Papers on
     Economic Activity, pp. 73-113 .
     9.Galeotti, 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, pp.I21-132.
     10.Hoshi, T., A. Kashyap and D. Scharfstein, 1991, "Corporate
     structure, liquidity and investment : evidence from Japanese
     industrial groups", Quartely Journal of Economics 106, pp.33-60.
     ll.Jorgenson, D.W. and C.D. Siebert, 1968, "A comparsion of
     alternative theories of corporate investment behaviors",
     American Economic Review 58, pp.681-712.
     12.Lang, H.P.L. and R.H. Litzenberger, 1989, . "Dividend
     announcement", Journal of Financial Economics 24, pp.181-
     191.
     I3.Meyer, J. and E. Kuh, 1957, "The investment decisions",
     Cambridge: Havard University Press.
     14.Modigliani, F. and M.H. Miller, 1958, "The cost of capital,
     corporation finance and the theory of investment", American
     Economic Review 48, pp .261-297.
     15.Mundlak, Y., 1978, "Pooling of time-series and cross sectional
     data", Econometrica 46, pp.69-85.
     16.Ramirez, 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", Journal of Finance vol.L,
     pp.661-678.
     17 .Richardson, M. and J.R. Stock, 1989, "Drawing inferences from
     statistics based on multi-year asset returns", Journal of
     Financial Economics 25, pp.323-348 .
     18.Schaller, H., 1993, "Asymmetric information, liquidity
     constraints and Canadian investment", Canadian Journal of
     Economics vol.XXVI, pp.552-574.
     19.5hepherd, W.G., 1986, "Tobin`s q and the structure-performance
     relationship comment", American Economic Review 76,
     pp.1205-1210.
     20. Vanees, H. and R. Garvetsen, 1994, "Liquidity and business
     investment : evidence from Dutch panel data", Journal of
     Macroeconomics 16, pp .613-627.
     21. Whited, T .M., 1992, "Debt, liquidity constraints and corporate
     investment", Journal of Finance vol. XL VII, pp.1425-1460.		zh_TW