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Title:	經理人能力與現金持有的關聯—以日本企業為例 The Association between Managerial Ability and Cash Holdings: Evidence from Japan
Authors:	楊于萱 Yang, Yu-Hsuan
Contributors:	潘健民 Pan, Chien-Min 楊于萱 Yang, Yu-Hsuan
Keywords:	經理人能力現金持有 Managerial ability Cash holdings
Date:	2018
Issue Date:	2018-07-10 15:33:18 (UTC+8)
Abstract:	本研究以2005年至2017年之日本東京證券交易所上市公司為研究對象，主要探討日本企業之經理人能力與現金持有之關聯性。實證結果發現，日本企業之經理人能力與超額現金持有量具正向關聯性。在分析整體企業樣本時，經理人能力與企業超額現金持有量呈顯著正相關，意即經理人能力愈好，則企業之超額現金持有量愈多。在分析超額現金持有量為正之企業樣本時，實證結果亦相同，意即當企業現金持有量超過正常現金持有量時，經理人能力愈好，則企業超額現金持有量愈多。然而，在分析超額現金持有量為負之企業樣本時，經理人能力與企業超額現金持有量並不具顯著之關聯性。 Using data of firms listed in the Tokyo Stock Exchange from 2005 to 2017, I investigate the association between managerial ability and cash holdings. The empirical results show that there is a positive relationship between managerial ability and excess cash holdings of Japanese firms. This result suggests that managers with higher abilities tend to hold more excess cash. I also find that managerial abilities are positively associated with excess cash holdings for firms that have positive excess cash, but I do not find significant results for firms that have negative excess cash holdings.
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Description:	碩士國立政治大學會計學系 105353012
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0105353012
Data Type:	thesis
DOI:	10.6814/THE.NCCU.ACCT.014.2018.F07
Appears in Collections:	[Department of Accounting] Theses

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