政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/136335
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 113324/144300 (79%)
造访人次 : 51142729      在线人数 : 929
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧：
  • 您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果
  • 若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据
    •  进阶搜寻
    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/136335


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/136335


    题名: 市場競爭程度對企業現金持有政策之影響
    Competition, cash holdings and expected return
    作者: 林俊廷
    Lin, Chun-Ting
    贡献者: 盧敬植
    林俊廷
    Lin, Chun-Ting
    关键词: 市場競爭
    赫芬達爾-赫希曼指數
    現金持有
    預期股票報酬
    Market competition
    Herfindahl-Hirschman Index
    Cash holdings
    Expected return
    日期: 2021
    上传时间: 2021-08-04 14:45:33 (UTC+8)
    摘要: 本研究從企業持有現金的動機切入，以赫芬達爾-赫希曼指數(Herfindahl-Hirschman Index, HHI) 作為市場競爭的代理變數，分析台灣市場競爭程度對於企業現金持有政策的影響，並進一步觀察現金持有與股票報酬之間的關聯，是否會受到市場競爭程度的不同而有所改變。
    實證結果顯示，企業的現金持有比率會隨著市場競爭度下降(HHI 上升)而
    降低；本研究認為市場競爭會影響企業對投資機會的掌握而改變現金持有政策，因此另以總資產成長率作為投資的代理變數，研究市場競爭與投資成長之間的關聯，實證亦發現投資成長與 HHI 呈現負相關。最後則延續過去文獻的研究，觀察在控制市場集中度之下，現金持有與預期股票報酬率的關係，結果顯示市場競爭度越低的組別，高現金持有比率和低現金持有比率投資組合的CAPM 超額報酬差異更大。
    This study investigates the relationship between market competition and cash holding policy of a firm. Using Herfindahl-Hirschman Index (HHI) as a proxy for market competition, I found the negative correlation between HHI and cash holdings in Taiwan. Furthermore, this study also investigate the relevance between cash holdings and expected stock return across different market competition situation. I separate data by two categories, HHI and cash-to-asset ratio, then use CAPM to analyze portfolio excess return. The results show that high cash-to-asset ratio portfolios got more excess return than low ones, and the gap was bigger when HHI are higher.
    參考文獻: Aghion, P., Bloom, N., Blundell, R., Griffith, R., & Howitt, P. (2005). Competition and innovation: An inverted-U relationship. The quarterly journal of economics, 120(2), 701-728.
    Aharoni, G., Grundy, B., & Zeng, Q. (2013). Stock returns and the Miller Modigliani valuation formula: Revisiting the Fama French analysis. Journal of financial economics, 110(2), 347-357.
    Almeida, H., Campello, M., & Weisbach, M. S. (2004). The cash flow sensitivity of cash. The journal of finance, 59(4), 1777-1804.
    Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do US firms hold so much more cash than they used to?. The journal of finance, 64(5), 1985-2021.
    Dittmar, A., Mahrt-Smith, J., & Servaes, H. (2003). International corporate governance and corporate cash holdings. Journal of Financial and Quantitative analysis, 111-133.
    Fama, E. F., & French, K. R. (2006). Profitability, investment and average returns. Journal of financial economics, 82(3), 491-518.
    Foley, C. F., Hartzell, J. C., Titman, S., & Twite, G. (2007). Why do firms hold so much cash? A tax-based explanation. Journal of financial economics, 86(3), 579-607.
    Harford, J. (1999). Corporate cash reserves and acquisitions. The journal of finance, 54(6), 1969-1997.
    Hoberg, G., Phillips, G. M., & Prabhala, N. R. (2013). Product market threats, payouts, and financial flexibility. The journal of finance, 69(1), 8.
    Keynes, J.M. (1936). The General Theory of Employment Interest and Money. Macmillan
    Lyandres, E., & Palazzo, B. (2016). Cash holdings, competition, and innovation. Journal of Financial and Quantitative Analysis, 1823-1861.
    Miller, M. H., & Orr, D. (1966). A Model of the Demand for Money by Firms. The Quarterly journal of economics, 80(3), 413-435.
    Morellec, E., Nikolov, B., & Zucchi, F. M. (2013). Cash holdings and competition (No. REP_WORK).
    Myers, S. C., & 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.
    Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of financial economics, 52(1), 3-46.
    Palazzo, B. (2012). Cash holdings, risk, and expected returns. Journal of financial economics, 104(1), 162-185.
    Sharpe, W. F. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. The journal of finance, 19(3), 425-442.
    Shyam-Sunder, L., & Myers, S. C. (1999). Testing static tradeoff against pecking order models of capital structure. Journal of financial economics, 51(2), 219-244.
    描述: 碩士
    國立政治大學
    財務管理學系
    108357031
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0108357031
    数据类型: thesis
    DOI: 10.6814/NCCU202100816
    显示于类别:[財務管理學系] 學位論文

    文件中的档案:

    档案 描述 大小格式浏览次数
    703101.pdf1066KbAdobe PDF250检视/开启


    在政大典藏中所有的数据项都受到原著作权保护.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈