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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/50819
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/50819


    Title: 股票市場發展對企業現金持有決策之探討
    The effect of development of the stock market on the decision of corporate cash holdings
    Authors: 謝明諺
    Contributors: 屠美亞
    謝明諺
    Keywords: 預防性動機
    代理問題
    交易成本的考量
    稅賦考量
    現金比率
    The Precautionary Motive
    The Agency Motive
    The Transaction Motive
    The Tax Motive
    Cash Ratio
    Date: 2010
    Issue Date: 2011-09-29 16:47:43 (UTC+8)
    Abstract: Bates et al.(2009)之實證發現,美國公司自1980年至2006年之間,平均現金比率有大幅上升的現象,但由於全球資本市場逐漸走向自由化與國際化,因此任一國家的資本市場若受到了某些衝擊,將會迅速地影響、擴散到其他國家,因此本研究認為,現金持有量的改變可能並非單一存在於某幾個國家,而是更廣泛地存在於世界各國;另外,就公司企業的融資決策而言,由於公司本身所持有之現金可能與企業融資決策的改變有較為直接的關係,因此當融資方式有所改變的時候,將較容易於現金比率上反映出來,據此,研究資本市場的變化對企業現金比率的影響,將對瞭解企業融資方式的改變有所助益。因此,本研究以世界35國國內之上市公司為樣本,分析使企業現金比率產生變化的可能原因。
    本研究所選用之財務指標以及非財務指標之參數估計值為顯著者,均符合預防性動機(The Precautionary Motive)、代理問題(The Agency Motive),或是Bates et al.(2009)所提出的「交易成本的考量」等論點;另外,研究結果亦顯示,不論是依循Fama and French (1998)之計量方法,或是使用時間序列截面迴歸(TSCSREG: Time Series Cross Section Regression)之分析方式,在1996年之後,一直到2008年為止,公司的現金比率均會因為股票市場的相對發展程度較高而較高,本研究認為上述現象可能與公司於股票市場上取得資金所需承擔的發行成本之高低有關,此結論亦與前述預防性動機之推論相符合(The Precautionary Motive)。
    Reference: 中文文獻
    張欽順,2002,股票面額制度之研究,朝陽科技大學財務金融學系碩士論文。
    金成隆、林修葳、洪郁珊,2003,無形資產、新股折價與內部人持股關係之研究,會計評論,第36期,頁23-53。
    國立臺灣大學法律學系暨研究所,2004,資本三原則之檢討──英國法與我國法之比較,行政院國家科學委員會專題研究計畫成果報告。

    西文文獻
    Acharya, Viral A., Heitor Almeida, and Murillo Campello, 2007, Is cash negative debt? A hedging perspective on corporate financial policies, Journal of Financial Intermediation 16: 515–554.
    Bates, Thomas W., Kahle, Kathleen M., and Stulz, Rene M., 2009, Why do U.S. firms hold so much more cash than they used to? The Journal of Finance, Volume 64, Number 5.
    Booth, Laurence, Aivazian, Varouj, Demirguc-Kunt, Asli, Maksimovic, Vojislav, 2001, Capital Structures in Developing Countries, The Journal of Finance, Volume 56: 87-130.
    Brandt, MichaelW., Alon Brav, John R. Graham, and Alok Kumar, 2010, The idiosyncratic volatility puzzle: Time trend or speculative episodes? Review of Financial Studies.
    Brockman, Paul, and Unlu, Emre, 2009, Dividend policy, creditor rights, and the agency costs of debt, Journal of Financial Economics 92: 276–299.
    Brown, Gregory, and Nishad Kapadia, 2007, Firm-specific risk and equity market development, Journal of Financial Economics 84: 358–388.
    Campbell, John Y., Martin Lettau, Burton G. Malkiel, and Yexiao Xu, 2001, Have individual stocks become more volatile? An empirical exploration of idiosyncratic risk, The Journal of Finance, Volume 56: 1–43.
    Demirguc-Kunt, Asli and Levine, Ross, 1999, Bank-based and market-based financial systems: cross-country comparisons, Working Paper.
    Dittmar, Amy, and Jan Mahrt-Smith, 2007, Corporate governance and the value of cash holdings, Journal of Financial Economics 83: 599–634.
    Dittmar, Amy, Jan Mahrt-Smith, and Henri Servaes, 2003, International corporate governance and corporate cash holdings, Journal of Financial and Quantitative Analysis 38: 111–133.
    Fama, Eugene F., and Kenneth R. French, 1998, Taxes, financing decisions, and firm value, The Journal of Finance, Volume 53: 819–843.
    Fama, Eugene F., and Kenneth R. French, 2001, Disappearing dividends: Changing firm characteristics or lower propensity to pay? Journal of Financial Economics 60: 3–43.
    Fama, Eugene F., and Kenneth R. French, 2004, New lists: Fundamentals and survival rates, Journal of Financial Economics 73: 229–269.
    Foley, C. Fritz, Jay Hartzell, Sheridan Titman, and Garry J. Twite, 2007, Why do firms hold so much cash? A tax-based explanation, Journal of Financial Economics 86: 579–607.
    Jensen, Michael, 1986, Agency costs of free cash flow, corporate finance and takeovers, American Economic Review 76: 323–329.
    Opler, Tim, Pinkowitz, Lee, Stulz, Rene, and Williamson, Rohan, 1997, The Determinants and Implications of Corporate Cash Holdings, NBER Working Paper no. 6234.
    Pinkowitz, Lee, Stulz, Rene M., and Williamson, Rohan, 2003, Do firms in countries with poor protection of investor rights hold more cash? NBER Working Paper no. 10188.
    Pinkowitz, Lee, Stulz, Rene, and Williamson, Rohan, 2006, Does the contribution of corporate cash holdings and dividends to firm value depend on governance? A cross-country analysis, The Journal of Finance, Volume 61, Number 6.
    Description: 碩士
    國立政治大學
    財務管理研究所
    98357006
    99
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0098357006
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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