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政大機構典藏 > 商學院 > 企業管理學系 > 學位論文 > Item 140.119/48870

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/48870

Title:	影響現金增資決策之關鍵因素－企業生命週期、市場時機、現金短缺 Seasoned equity offerings, market timing, corporate lifecycle, and Cash Shortage
Authors:	盧雅馨 Lu, Ya Hsin
Contributors:	吳啟銘 Wu, Chiming 盧雅馨 Lu, Ya Hsin
Keywords:	現金增資市場時機企業生命週期 Seasoned equity offering Market Timing Corporate Life cycle
Date:	2009
Issue Date:	2010-12-08 01:52:05 (UTC+8)
Abstract:	本研究主要是探討台灣上市櫃公司從事現金增資之決策是否受公司所處生命周期及市場時機影響，並進一步探討增資公司是否因市場時機有囤積現金的現象。本研究檢視民國83年1月1日至95年12月31日止，共十三年期間台灣發生之現金增資。本研究以羅吉斯回歸檢定企業生命週期與市場時機之替代變數，發現兩者對台灣上市櫃公司增資意願之影響皆為顯著，而企業生命週期對增資之影響比市場時機的影響更大。雖然生命週期與市場時機的替代變數皆為顯著，但迴歸的預測模型對增資機率的解釋力低，因此本研究進一步探討增資公司於增資前後的現金水準變化。最後發現台灣增資公司利用市場時機進行增資而短期現金水準提高的現象並不算常態，多數公司於增資後會用盡增資現金，且多數公司若未進行增資則可能面臨現金短缺的狀況。因此，本研究之實證結果顯示，市場時機與公司所處生命週期雖會影響現金增資之機率，但只能解釋為一小部分的增資動機，而大部分的公司之所以從事現金增資是因為面臨現金短缺，為避免進一步的財務危機而向資本市場籌資。
Reference:	Altman, E. I. (1968). Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy. The Journal of Finance, 23(4), 589-609. Asquith, P., & Mullins, D. W. (1986). Equity issues and offering dilution. Journal of Financial Economics, 15(1-2), 61-89. Baker, M., & Wurgler, J. (2002). Market Timing and Capital Structure. The Journal of Finance, 57(1), 1-32. Bender, R., & Ward, K. (Eds.). (2002). Corporate Financial Strategy: Butterworth Heinemann. Black, E. L. (1998). Life-cycle impacts on the incremental value-relevance of earnings and cash flow measures. Journal of Financial Statement Analysis, 4(1), 40. DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2010). Seasoned equity offerings, market timing, and the corporate lifecycle. Journal of Financial Economics, 95(3), 275-295. Haire, M. (1959). Biological models and empirical history of the growth of organizations. Modern organizational Theory. Kim, W., & Weisbach, M. S. (2008). Motivations for public equity offers: An international perspective. Journal of Financial Economics, 87(2), 281-307. Loughran, T., & Ritter, J. R. (1995). The New Issues Puzzle. The Journal of Finance, 50(1), 23-51. Loughran, T., & Ritter, J. R. (1997). The Operating Performance of Firms Conducting Seasoned Equity Offerings. The Journal of Finance, 52(5), 1823-1850. 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. C., Pinkowitz, L. F., Stulz, R. M., & Williamson, R. G. (1997). The Determinants and Implications of Corporate Cash Holdings. SSRN eLibrary. Pashley, M. M., & Philippatos, G. C. (1990). Voluntary divestitures and corporate life-cycle: some empirical evidence. Applied Economics, 22(9), 1181 - 1196. Selling, T. I., & Stickney, C. P. (1989). The Effects of Business Environment and Strategy on a Firm`s Rate of Return on Assets. Financial Analysts Journal, Vol. 45, No. 1 (Jan. - Feb., 1989), 43-52. 梁火在. (1996). 台灣上市櫃公司現金增資之動機. 中興大學高階經理人碩士在職專班碩士論文.
Description:	碩士國立政治大學企業管理研究所 97355018 98
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0097355018
Data Type:	thesis
Appears in Collections:	[企業管理學系] 學位論文

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