Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/60304
|
| Title: | 融資政策、股利政策及自由現金流量與企業成長機會關聯性之研究-以連接器產業為例
The association beween corporate financial policies and growth opportunities-Take the connector industry as the example |
| Authors: | 林雅惠 |
| Contributors: | 林良楓
林雅惠 |
| Keywords: | 融資政策
股利政策
自由現金流量
成長機會 |
| Date: | 2009 |
| Issue Date: | 2013-09-05 14:03:12 (UTC+8) |
| Abstract: | 本文企圖剖析連接器產業以何種財務策略取得穩健之資金來源，及適量的自由現金流量水準來維持企業之成長機會。實證結果發現，國內上市櫃連接器公司多數以保有營運活動所產生的高現金部位成長機會較高，建議業者應減少舉債降低利息支出，並利用充裕現金進行研發及具生產性的投資計畫，加強公司競爭能力帶動公司未來盈餘成長，進一步提高公司的價值。
This article attempts to analyze the connector industry to obtain the steady capital by financial plan, and the appropriate of free cash flows to maintain the growth of opportunity in the enterprise. The analysis discovered that the listed connector company most holds the high operational cash flow to keep higher growth, therefore, we suggest they should reduce loans to lower the interest expenses, and carries on the research and development and the production plan by using the abundant cash. It will strengthen competitive ability of the company to lead the growth of profit and enhance company`s value in the further. |
| Reference: | 一、國內文獻
1.王世明，2004，電子連接器產業經營策略之研究-以個案公司為例，國立政治大學經營管理碩士學程企管組未出版碩士論文。
2.王美珍，2007，2008連接器產業展望，11月，工研院IEK產業報告。
3. ，2008，2009連接器產業展望，11月，工研院IEK產業報告。
4.王祝三，2004，我國上市公司偏好發放股票股利程度之決定因素及其對長期股價之影響，風險管理學報，第6卷第3期: 307-352。
5.何明裕，2007，連接器產業經營策略分析-以某科技公司為例，國立臺灣科技大學管理研究所未出版碩士論文。
6.吳曉蕊，2003，從平衡計分卡觀點探討金控公司換股比率之決定因素，國立成功大學會計學系研究所未出版碩士論文。
7.呂照斌，2004，台灣連接器產業現況，工研院IEK產業報告。
8.宋旻錞、林江亮，2009，自由現金流量對私立大學校院成長機會之影響，教育研究集刊，第55輯第2期: 69-98。
9.周美玲，2009，企業成長機會對於融資決策、現金流量、企業價值影響之研究－以我國TFT-LCD產業為例，國立成功大學高階管理碩士在職專班未出版論文。
10.林謀河，2007，台灣連接器產業策略聯盟之探討－以Ａ公司為例，國立中央大學管理學院高階主管企管碩士班未出版碩士論文。
11.金鼎證券投資顧問股份有限公司，2007，連接器產業研究報告，8月。
12.洪振虔，1988，台灣地區上巿公司股利發放之探討，國立中山大學企業管理研究所未出版碩士論文。
13.晁群祥，1993，公司成長機與融資、股利政策之實證研究－以台灣上市公司為例，國立中山大學企業管理研究所未出版碩士論文。
14.袁万丁，2005，台灣地區連接器產業經營策略之研究，國立中央大學管理學院高階主管企管研究所未出版碩士論文。
15.張簡麗萍，2006，內部人持股比例變動與經營績效關聯性之研究，國立臺北大學會計系未出版碩士論文。
16.張育菁，2007，1998年兩稅合一實施後影響我國上市公司股利政策因素之研究，國立成功大學企業管理學系未出版碩士論文。
17.許溪南、郭玟秀與張介銘，2008，持續性高現金儲備政策對公司長期營運績效與股價之影響，創新與管理，第6卷第1期: 119-158。
18.連偉熊，2006，建構連接器產業對模具廠之效益評估架構及實證研究 ，國立清華大學工業工程與工程管理學系研究所未出版碩士論文。
19.郭敏華，1996，資訊不對稱對負債資金成本之影響 -以銀行借款為實證，國立政治大學企業管理研究所未出版博士論文。
20.陳正煌，2006，台灣中小型企業電子連接器產業經營策略之研究-以個案公司為例，國立政治大學經營管理碩士學程未出版碩士論文。
21.陳嘉桓，2003，金融機構跨業合併與合併溢價之實證研究，國立政治大學金融研究所未出版碩士論文。
22.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，第57期，6月: 49-77頁。
23.黃旭輝，2002，成長機會與可支配現金流量對海外投資宣告影響之研究─大陸與東南亞投資的實證，管理評論，第21卷第2期: 103-119。
24.黃旭輝、陳隆麒與謝劍平，2001，公司成長機會對經理人持股與董事會組成影響之研究，中山管理評論(春季)，第9卷第1期: 37-59。
25.黃孟嬌，2007，2006年全球連接器主要廠商動態分析，工研院IEK-ITIS計畫。
26.黃家慶，2004，我國連接器廠商大陸投資狀況，工研院IEK產業報告。
27. ，2006，2005年我國連接器市場回顧與展望，工研院IEK產業報告。
28.葉春岑，2001年，成長機會、資訊不對稱與可支配現金流量對股利政策影響之研究，私立朝陽科技大學企業管理研究所未出版碩士論文。
29.電子時報，2009，台連接器廠產業結構與競爭優劣關鍵點分析，12月.17日。
30.劉玉珍、劉維琪，1989，融資順位理論之發展與實證，管理評論，第8卷: 7-22。
31.劉啟群、陳維慈、林純央，2005，台灣金融控股公司換股比率決定因素之研究，會計評論，第41期: 1-32。
32.劉維琪、李怡宗，1993，融資順位理論之調查研究，管理評論，第12卷，7月: 120-139。
33.鄭沂蓉，2005，股本膨脹與盈餘資訊內涵之關聯性研究─以兩岸上市公司為例，國立成功大學會計學系未出版碩士論文。
34.鄭桂蕙，2005，庫藏股買回對股利發放之影響，會計評論，第41期: 77-101。
35.謝明翰，2000，企業成長機會與融資政策、股利政策及高階主管酬勞之關聯性研究」，國立台灣大學會計學研究所未出版碩士論文。
36.簡元堂，2007，台灣電子連接器產業的創新策略與經營績效及其相關因素之研究，私立世新大學資訊傳播學系研究所未出版碩士論文。
37.闕河士，1996，股票股利訊號發射模式與宣告效果之研究，國立政治大學企業管理研究所博士論文。
38.闕河士，黃旭輝，1997，成長機會與股票股利關係之實證研究－代理問題觀點，管理與資訊學報，第2期: 133-148 。
39.蘇文台，2004，連接器產業之競爭策略研究-以個案公司為例，私立天主教輔仁大學管理學研究所未出版碩士論文。
二、國外文獻
1. Alex, K., Y. K. Lee and A. Marcus. 1984. Earnings and Dividend Announcements: Is There a Corroboration Effect?. Journal of Finance 39(4): 99-1091.
2.Baber, W. R., S. N. Janakiraman and S. H. Kang. 1996. Investment Opportunities and the Structure of Executive Compensation. Journal of Accounting and Economics 21(3): 297-318.
3.Baker, G. P. 1993. Growth, Corporate Policies, and the Investment Opportunity Set. Journal of Accounting and Economics 16: 161-165.
4.Barclay, M. J. and C. W. Smith. 1995. The Maturity Structure of Corporate Debt. Journal of Financial Economics 50(2): 609-631.
5.Barnea, A., R. Haugen and L. Senbet. 1985. Agency Problems and Financial Contracting. In Foundations of Finance Series, Englewood Cliffs, New Jersey: Prentice Hall.
6.Baskin, J. 1987. Corporate Liquidity in Games of Monopoly Power. Review of Economic and Statistics 69: 312-319.
7. . 1989. An Empirical Investigation of the Pecking Order Hypoesis. Financial Management. Spring: 26-35.
8.Belsley, D. 1991. Conditioning Diagnostics: Collinearity and Weak Data in Regression, New York: John Wiley and Sons.
9.Bhattacharya, S. 1979. Imperfect Information, Dividend Policy, and the Bird-in-the-Hand Fallacy. Bell Journal of Economics 10(1): 259-270.
10.Brewer, B., W. E. Jackson and J. A. Jagtiani. 2000. Impact of Independent Directors and the Regulatory Environment on Bank Merger Prices: Evidence from Takeover Activity in the 1990s. Working Paper, Federal Reserve Bank of Chicago.
11.Cheng, D. C., B. E. Gup and L. D. Wall. 1989. Financial Determinants of Bank Takeovers. Journal of Money, Credit and Banking 21(4): 524-536.
12.Christie, A. 1989. Equity Risk, the Opportunity Set, Production Cost and Debt. Working Paper (University of Rochester, Rochester, NY).
13.Chung, K. H. and C. Charoenwong . 1991. Investment Options, Assets in Place, and the Risk of Stocks. Financial Management 20(3): 21-33.
14.Collins, D. W. and S. P. Kothari. 1989. An Analysis of Intertemporal and Cross-sectional Determinants of Earnings Respond Coefficients. Journal of Accounting and Economics 11(2): 143-181.
15.DeAngelo, H. and R. Masulis. 1980. Optimal Capital-structure Under Corporate and Personal Taxation. Journal of Financial Economics 8(1): 3-29.
16.Diane K. S. and L. D. Barney. 1994. Using Dividend Policy and Managerial Ownership to Reduce Agency Costs. The Journal of Financial Research 17: 363-373.
17.Dittmar, A., J. Mahrt-Smith and H. Servaes. 2003. International Corporate Governance and Corporate Cash Holdings. Journal of Financial and Quantitative Analysis 38: 111-133.
18.Donaldson, G. 1985. Financial Goals and Strategic Consequences. Harvard Business Review: 57-66.
19.Fraser, D. R., and J. W. Kolari. 1988. Pricing Small Bank Acquisitions. Journal of Retail Banking 10 (4): 23-28.
20.Ferreira, M.A. and A. S. 2004. Why Do Firms Hold Cash? Evidence from EMU Countries. European Financial Management 10(2), 295-319.
21.Gaver, J. J. and K. M. Gaver. 1993. Additional Evidence on the Association between the Investment Opportunity Set and Corporate Financing, Dividend and Compensation Policies. Journal of Accounting and Economics 16(1): 125-160.
22.Gay, G. D. and J. Nam. 1998. The Underinvestment Problem and Corporate Derivatives Use. Financial Management 27(4): 53-69.
23.Greene, W. H., Econometric Analysis, Fifth edition, New Jersey: Prentice Hall.
24.Harford, J. 1999. Corporate Cash Reserves and Acquisitions. Journal of Finance 54: 1969-1997.
25.Hausman, J. A. 1978. Specification Tests in Econometrics. Econometrica 46(6): 1251-1271.
26.Henderson, H., and A. Gart. 1999. Key Variables Explaining Acquisition Premiums for Large Commercial Banks. Bank Accounting & Finance 12 (4): 29-33.
27.Holmstrom, B. and J. Tirole. 1989. The Theory of the Firm. Handbook of Industrial Organization: 61–133.
28.Jensen, M. C. 1986. Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review 76(2): 323-329.
29.Jensen, M. C. and J. C. Smith. 1985. Stockholder, Manager and Creditor Interests: Applications of Agency Theory. Recent Advances in Corporate Finance. E. I. Altman and M. G. Subrahmanyam. Homewood, Illinois, Irwin: 93-131.
30.Jensen, M. C. and R. Ruback. 1983. The Market for Corporate Control: The Scientific Evidence. Journal of Financial Economics 11: 5-50.
31.Jensen, M. C. and W. H. Meckling. 1976. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics 3: 5-60.
32.John, T. A. 1993. Accounting Measures of Corporate Liquidity, Leverage, and Costs of Financial Distress. Financial Management 22: 91-100.
33.Kester, W. C. 1986. An options approach to corporate finance. Ch. 5 in: E. I. Altman, ed., Handbook of Corporate Finance, Wiley, New York, NY: 3-35.
34.Kim, C., D. Mauer and A. Sherman. 1998. The Determinants of Corporate Liquidity：Theory and Evidence. Journal of Financial and Quantitative Analysis 33: 335-359.
35.Kim, E. 1978. A Mean-Variance Theory of Optimal Capital Structure and Corporate Debt Capacity. Journal of Finance 33: 45-63.
36.Lehn, K. and A. Poulsen. 1989. Free Cash Flow and Stockholder Gains in Going Private Transactions. Journal of Finance 44: 771-787.
37.Lewellen, W., C. Loderer and K. Martin .1987. Executive Compensation Contracts and Executive Incentive Problem: An Empirical Analysis. Journal of Accounting and Economics 9(3): 287-310.
38.Lintner, J. 1956. Distribution of Incomes of Corporations among Dividends, Retained Earnings, and Taxes. American Economic Review 46 (2): 97-113.
39.Long, M. and I. Malitz. 1985. The Investment-Financing Nexus: Some Empirical Evidence. Midland Corporate Finance Journal 3(1): 53-59.
40.Mason, S. P., and R. C. Merton. 1985. The Role of Contingent Claims Analysis in Corporate Finance. Recent Advances in Corporate Finance, Homewood, IL: Richard D. Irwin: 7-54.
41.Masten, S. E., and K. J. Crocker. 1996. Regulation and Administered Contracts Revisited: Lessons from Transaction-Cost Economics for Public Utility Regulation. Journal of Regulatory Economics 9(1): 5-39.
42.Milgrom, P. and J. Roberts. 1992. Economics, Organization & Management, Englewood Cliffs, N. J. : Prentice-Hall Inc.
43.Miller, M. H. 1977. Debt and Taxes. Journal of Finance 32(2): 261-275.
44.Mitchell, S. C. 1999. Trimethylaminuria: Susceptibility of Heterozygotes. Lancet, 354: 2164-2165.
45.Modigliani, F. and M. H. Miller. 1963. Corporate Income Taxes and the Cost of Capital: Correction. American Economics Review 53(3): 433-443.
46. . 1958. The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review 48.
47.Myers, S. 1977. Determinants of Corporate Borrowing. Journal of Financial Economics 5(2): 147-175.
48.Myers, S. 1984. The Capital Structure Puzzle. Journal of Finance 3(3): 147-175.
49.Myers, S. C., and N. S. Majluf. 1984. Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have. Journal of Financial Economics 13: 187-221.
50.Nielsen, J. F., and R. W. Melicher. 1973. A Financial Analysis of Acquisition and Merger Premiums. The Journal of Financial and Quantitative Analysis 8 (2): 139-148.
51.Opler, T., L. Pinkowitz, R. Stulz, and R. Williamson. 1999. The Determinants and Implications of Corporate Cash Holdings. Journal of Financial Economics 52: 3-44.
52.Palia, D. 1993. The Managerial, Regulatory, and Financial Determinants of Bank Merger Premiums. The Journal of Industrial Economics 41 (1): 91-102.
53.Pinegar, J. Michael and W. Lisa. 1989. What Manages Think of Capital Structure. Financial Management (Winter): 82-91.
54.Ross, S. 1977. The Determinations of Financial Structure: The Incentive-signaling Approach. Bell Journal of Economics 8(1): 23-40.
55.Rozeff, M. S. 1982. Growth, Beta, and Agency Costs as Determinants of Dividend Payout Ratios. Journal of Financial Research 5(3): 249-259.
56.Ryan, J. and E. J. Walsh. 1997. Agency and Tax Explanations of Security Issuance Decisions. Journal of Business Finance and Accounting 24(7): 943-961.
57.Scott, J. H. 1976. A Theory of Optimal Capital Structure. Bell Journal of Economics 7: 33-54.
58.Skinner, D. J. 1993. The Investment Opportunity Set and Accounting Procedure Choice. Journal of Accounting and Economics 16(4): 407-443.
59.Smith, C. W. and J. Warner. 1979. On the Financial Contracting: An Analysis of Bond Covenants. Journal of Financial Economics 7(2): 117-161.
60.Smith, C. W. and R. L. Watts .1992. The Investment Opportunity Set and Corporate Financing, Dividend and Compensation Policies. Journal of Financial Economics 32(3): 263-292.
61.Smith, C.W. and R. Stulz. 1985. The Determinants of Firm’s Hedging Policy. Journal of Financial and Quantitative Analysis 20(4): 391-405.
62.Stiglitz, J. E. 1973. Incentives and Risk-Sharing in Sharecropping. Cowles Foundation Discussion Papers 353, Cowles Foundation, Yale University.
63.Titman, S. and R. Wessels. 1988. The Determinants of Capital Structure Choice. Journal of Finance 43(1): 1-19.
64.Varaiya, N. P. 1987. Determinants of Premiums in Acquisition Transactions. Managerial and Decision Economics 8: 175-184.
65.Woolridge, J. 1983. Stock Dividends as Signals. Journal of Financial Research 6(1): 1-12.
三、網頁部份
1. 台灣電子連接產業協會 http://www.e-teca.org.tw/
2. 公開資訊觀測站 http://www.newmops.tse.com.tw/
3. 工研院產業情報網 http://www.ieknet.itri.org.tw/
4. Bishop Report http://www.connectorstats.com/
5. 電子時報 http://www. digitimes.com.tw/ |
| Description: | 碩士
國立政治大學
經營管理碩士學程(EMBA)
97932221
98 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0097932221 |
| Data Type: | thesis |
| Appears in Collections: | [經營管理碩士學程EMBA] 學位論文
|
Files in This Item:
| File |
Description |
Size | Format | |
|---|
| 222101.pdf | | 1397Kb | Adobe PDF2 | 974 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
