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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/99538
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/99538


    Title: 多角化、CEO更替與公司現金持有決策
    Diversification, CEO Turnover and Cash Holding Policy
    Authors: 林佳賢
    Lin, Chia Hsien
    Contributors: 陳嬿如
    Chen, Yenn Ru
    林佳賢
    Lin, Chia Hsien
    Keywords: 現金持有
    多角化
    經理人更替
    固守職位理論
    能力配對理論
    cash holding
    diversification
    CEO turnover
    entrenchment
    ability-matching
    Date: 2016
    Issue Date: 2016-08-02 15:58:25 (UTC+8)
    Abstract: 本研究使用固守職位理論(Entrenchment theory)解釋在經理人更替後因風格不同及代理人問題造成繼任者有現金持有動機的轉換,此項交乘效果將造成公司現金持有決策的轉變。同時本研究使用多角化公司的財務決策轉變作為例子,解釋在能力配對理論(Ability-matching theory)中不同公司性質造成CEO更替之後決策轉變的原因。研究結果顯示在兩種理論之下,被強制替換或自動離職的狀況將會帶來經理人風格轉變、前任代理人問題減輕或在公司狀況不同下使得現金持有因素有顯著的增減。然而整體實證結果因增減效果彼此抵消,CEO更替對於現金持有的影響並不顯著。
    Our research used entrenchment theory to explain the changing in cash holding after CEO turnover can be caused by different managerial style and agency problem. The interaction of turnover and entrenchment effect will transform motivations of holding cash and further changing the liquidity policy. Meanwhile, we used the ability-matching theory to explain the changing of financial decision in diversified companies to show how different company characteristics affect corporate financial strategy after CEO turnover. Our results showed that based on the two theory, CEO characteristics, agency problem and firm characteristic will significantly affect the financial variables. However, the total effect of CEO turnover on cash holding policy is insignificant because the different effects off set the total effect.
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    Description: 碩士
    國立政治大學
    財務管理研究所
    103357014
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0103357014
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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