English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113822/144841 (79%)
Visitors : 51783384      Online Users : 551
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/67852
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/67852


    Title: 臺灣上市公司財務報導品質之高低能否有效降低股利與投資支出間內部資金之競用現象
    The role of financial reporting quality in mitigating the constraining effect of dividend policy on investment decisions of listed companies in Taiwan
    Authors: 薛幃予
    Contributors: 張清福
    薛幃予
    Keywords: 股利
    資本支出
    競用資金
    融資限制
    財務報導品質
    2SLS
    內生性
    工具變數
    Date: 2013
    Issue Date: 2014-07-29 16:02:14 (UTC+8)
    Abstract: 本文研究臺灣上市公司是否存在股利與投資支出兩者間競用資金之現象,預期股利對投資金額之係數應顯著地為負,而後本研究援引Ramalingegowda, Wang, and Yu (2013)的研究方式,欲觀察模型中加入財務報導品質代理變數以後是否能夠有效地消除股利與投資支出兩者競用資金之現象,結果顯示:股利對資本支出存在競用資金之現象,加入財務報導品質代理變數能夠有效地消除前述現象;但股利對總投資支出及研究發展支出則無關聯性。
    此外,以往文獻多以二階段最小平方迴歸 (2SLS)來矯正最小平方迴歸 (OLS)產生之衡量誤差問題或因內生性造成的估計偏誤,但使用2SLS進行估計時係以人為判斷方式選取工具變數 (instrumental variable),可能仍然存在衡量誤差或偏誤的問題,也可能找不到合適的工具變數可供運用。Lewbel (2012)提出一計量經濟模型以協助研究人員解決前述問題,並由Fernihough (2014)將此計量模型撰寫成R統計軟體,本文採用Fernihough (2014)撰寫之R套件進行結果之分析,並得到較適當的估計結果。
    Reference: 一、中文參考文獻
    (一)期刊
    沈中華與王建安,2000,融資限制對公司投資的影響,經濟論文,第28卷第1期 (3月) :67-95。
    林基煌,1994,代理成本與融資決策,國立政治大學學報,68期(3月):317-346。
    林鳳麗與廖育旻,2010,臺灣上市公司自由現金流量與營收成長是否影響公司績效縱橫門檻迴歸模型之運用 ,會計與公司治理,第7卷第1期(6月):1-30。
    倪衍森與廖容岑,2006,家族企業負債代理成本及股利政策之研究-以臺灣上市公司為例,管理與系統,第13卷第2期(4月):153-179。
    彭凱璐,2009,從全球金融海嘯中重新檢視企業經營之代理問題-看「肥貓」的養成,司法新聲,81期(5月):。
    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,57期(6月):49-77。
    楊朝成,1992,臺灣上市公司現金增資決策下其投資、股利與舉債決策之交互影響,台大管理論叢,第1卷第3期(5月):173-195。
    葉憲弘,2000,經濟景氣波動下臺灣股票上市公司投資、股利與舉債決策關聯性之實證研究,中華管理評論,第3卷第3期:99-110。
    詹家昌、莊文議與游志成,2007,市場不完美對投資與現金流量敏感度影響之研究,管理評論,第26卷第3期(7月):。
    (二)論文
    陳慶隆,1989,股利,投資及融資之關係-我國上市公司之實證研究,國立臺灣大學商學研究所碩士論文。
    游雅婷,2005,融資方式與研發投資-臺灣製造業廠商實證研究,淡江大學產業經濟學系碩士論文。
    楊慧蘭,2003,研究發展投資與財務政策關聯性之實證研究,逢甲大學會計與財稅研究所碩士論文。
    詹忠衛,2002,公司品質與股利及融資政策之關係,國立成功大學財務金融研究所碩士論文。
    劉正義,2002,企業研發支出對財務政策與成長機會影響之研究-以電子資訊產業為例,東吳大學企業管理研究所碩士論文。
    蔡湛成,2002,從公司控制者的角度探討現金增資前的股利政策,國立政治大學財務管理研究所碩士論文。
    二、英文參考文獻
    Abeytrana, G. 1994. An empirical investigation of UK stock market reaction to dividend announcements in a complex signaling environment. PhD Dissertation. University of Dundee.
    Abor, J. and G. A. Bokpin. 2010. Investment opportunities, corporate finance, and dividend payout policy: Evidence from emerging markets. Studies in Economics and Finance 27(3): 180-194.
    Akerlof ,G. A. 1970. The market for "Lemons": quality uncertainty and the market mechanism. The Quarterly Journal of Economics 84(3): 488-500.
    Akhter F. and T. Ton-That. 1995. Financing constraints and firm heterogeneity in investment behavior: an application of non-nested tests. Applied Economics 27: 317-326.
    Beaver, W. 1968. The information content of annual earnings announcements. Journal of Accounting Research 11 (July): 67-95.
    Bhaduri, S. N. 2005. Investment, financial constraints and financial liberalization: Some stylized facts from a developing economy, India. Journal of Asian Economics 16(4): 704-718.
    Biddle, G., and Hilary. 2006. Accounting quality and firm level capital investment. The Accounting Review 81: 963-982.
    Brav, A., J. R. Graham, C. R. Harvey and R. Michaely. 2005. Payout policy in the 21 century. Journal of Financial Economics 77: 483-527.
    Chiarella C., T. Pham, A. B. Sim, and M. Tan. 1992. The interaction of the financing and investment decisions: preliminary results in the Australian context. Asia Pacific Journal of Management 9(2): 209-229.
    Daniel, N. D., D. J. Denis, and L. Naveen .2010. Sources of financial flexibility: evidence from cash flow shortfalls. Working Paper.
    Denis D. J., D. K. Denis and A. Sarin. 1994. The information content of dividend changes: cash flow signaling, overinvestment, and dividend clienteles. The Journal of Financial and Quantitative Analysis 29(4): 567-587.
    Devereux, Michael, and F. Schiantarelli. 1989. Investment, financial factors and cash flow: evidence from UK panel data. Working PaperNo.3116.
    Dhrymes, P. J Kurz, and Mordecai. 1967.Investment dividend and external finance behavior of firms. In Determinants of Investment Behavior. Columbia University Press. New York: 427-486.
    Easterbrook, F. H. 1984. Two agency-cost explanations of dividends. American Economic Association74(4): 650-659.
    Elston, J. A. 1996. Dividend policy and investment: theory and evidence from US panel data. Managerial and Decision Economics 17(3): 267-275.
    Fama, E., and M. Miller.1972.The Theory of Finance. Hinsdale, IL: Dryden Press.
    Fama, E., and J. MacBeth. 1973. Risk, return and equilibrium: Empirical tests. Journal of Political Economy 81: 607-636.
    Fama, E. 1974. The empirical relationship between the dividend and investment decisions of firms. American Economic Review (June): 304-318.
    Fazzari S. M., R. G. Hubbard, B. C. Peterson. 1988. Financing constraints and corporate investment. Brookings Papers on Economic Activity: 141-206.
    Fernihough, A. 2014. ivlewbel: Uses heteroscedasticity to estimate mismeasured and endogenous regressor models. R package version 1.0.
    Fluck Z. 1999. The Dynamics of the management-shareholder conflict. The Review of Financial Studies 12(2): 379-404.
    Galeotti, M., F. Schiantarelli and F. Jaramillo. 1994. Investment decisions and the role of debt, liquid assets and cash flow evidence from Italian panel data. Applied Financial Economics 4: 121-132.
    Gilchrist, S., and C. P. Himmelberg. 1995. Evidence on the role of cash flow for investment. Journal of Monetary Economics 36(October): 541-572.
    Guerard, J. B., Jr. A. S. Bean and S. Andrews. 1987. R & D management and corporate financial policy. Management Science 33(11): 1419-1427.
    Jensen, M. 1986. The agency cost of free-cash flow, corporate finance and takeovers. American Economic Review 76: 323-329.
    Kaplan, S. N. and L. Zingales. 1997. Do investment-cash Flow sensitivities provide useful measures of financing constraints? The Quarterly Journal of Economics 112(1): 169-215.
    Lewbel, A. 2012. Using heteroskedasticity to identify and estimate mismeasured and endogenous regressor models,” Journal of Business and Economic Statistics, 30, 67-80.
    Lintner, J. 1956. Distribution of incomes of corporations among dividends, retained earnings, and taxes. The American Economic Review 46(2): 97-113.
    Liu, M. and P. D. Wysocki. 2007. Cross-sectional determinants of information quality proxies and cost of capital measures. Working Paper
    Marshall, S. M. W. 1983. An examination of the empirical relationship between the dividend and investment decisions: A note. The Journal of Finance.38(5): 1659-1668 .
    McCabe, G. 1979.The empirical relationship between investment and financing: A new look. The Journal of Financial and Quantitative Analysis14(1): 119-135.
    McDonald J. G., Jacquillant B. and Nussenbaum M. 1975. Dividend, investment and financing decisions: empirical evidence on French firms. Journal of Financial and Quantitative Analysis 10: 741-755.
    Miller, M. H. and Modigliani F. 1961. Dividend policy, growth, and the valuation of shares. The Journal of Business 34 (4): 411-433.
    Morgan, I. and J. Saint-Pierre. 1978. Dividend and investment decisions of Canadian firms. The Canadian Journal of Economics11(4): 20-37.
    Mougoue , M. and T. K Mukherjee. 1994. An investigation into the causality among firms` dividend, investment, and financing decisions. Journal of Financial research 17(4): 517-530.
    Mougoue, M. 2008.An empirical re-examination of the dividend-investment relation. Quantitative Fiance 8(5): 533-546.
    Moyen, N. 2004. Investment-Cash Flow Sensitivities: Constrained versus Unconstrained Firms. The Journal of Finance 59(5): 2061-2092.
    Myers, S. C. and N. S. Majiuf. 1984. Corporate financing and investment decisions when firms have information the investors do not have. Working Paper.
    Partington, G. H. 1985. Dividend policy and its relationship to investment and financing policies: Empirical evidence. Journal of Business Finance & Accounting 12(4): 531-542.
    Pogue, T. F. 1969. The corporate dividend decision: a cross-section study of the relationship between dividends and investment. Working Paper.
    Ramalingegowda, S., C.S. Wang and Y. Yu. 2013. The role of financial reporting quality in mitigating the constraining effect of dividend policy on investment decisions. The Accounting Review 88(3):1007-1039.
    Ramirez, C. D. 1995. Did J. P. Morgan`s men add liquidity? Corporate investment, cash flow, and financial structure at the turn of the twentieth century. The Journal of Finance 50(2): 661-678.
    Rozeff, M. S. 1982. Growth, beta and agency costs as determinants of dividend payout ratios. Journal of Financial Research 5(3): 249-259.
    Sanju R., R & M. N. Ramachandran. 2011. Are dividend and investment decisions separable? Applied Financial Economics 24 (June): 1515-1524.
    Schaller, H. 1993. Asymmetric information, liquidity constrains and Canadian investment. The Canadian Journal of Economics 26(3): 552-574.
    Shleifer, A. and R. W. Vishny. 1997. A survey of corporate governance. The Journal of Finance 52(2): 737-783.
    Takeo H., A. Kashyap and D. Scharfstein. 1991. Corporate structure, liquidity, and investment: evidence from Japanese industrial groups. The Quarterly Journal of Economics 106(1): 33-60.
    Whited, T. M. 1992. Debt, liquidity constrains and corporate investment: evidence from panel data. The Journal of Finance 47(4): 1425-1460.
    Description: 碩士
    國立政治大學
    會計研究所
    101353030
    102
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0101353030
    Data Type: thesis
    Appears in Collections:[會計學系] 學位論文

    Files in This Item:

    File SizeFormat
    303001.pdf511KbAdobe PDF2624View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    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 ©   - Feedback