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  1. NTU Theses and Dissertations Repository
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請用此 Handle URI 來引用此文件: http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/34316
標題: 公司上櫃轉上市是否影響其投資對現金流量之敏感度
-美國股市實證分析
Does Switching from NASDAQ to the NYSE Affect
a Firm’s Investment Sensitivity to Cash Flow?
作者: Po-Wei Lu
呂柏維
指導教授: 楊朝成(Chau-Chen Yang)
關鍵字: 上櫃轉上市,投資對現金流量之敏感度,融資限制,
listing switch,investment sensitivity to cash flow,financing constraints,
出版年 : 2006
學位: 碩士
摘要: Baker and Edelman (1992a, 1992b) and Baker, Powell, and Weaver (1999b) find a positive relationship between listing switches and visibility. Improved visibility suggests greater flow and accessibility of information about a firm, which in turn may reduce information asymmetry and the uncertainty about a firm’s prospects. Reducing information asymmetry and risk may enable firms to lower their cost of external capital and to reduce their financing constraints. Accordingly, when firms can easily acquire less expensive external capital, their investment sensitivity to cash flow should decrease.
We examine the relationship between listing switches and the investment sensitivity to cash flow for switching firms. We hypothesize that firms switching their listing from NASDAQ to the NYSE have significantly lower investment sensitivity to cash flow due to improved visibility, and hence improved cost of external equity. Based on a sample of 157 switching firms during 1992-2002, the evidence shows that a firm’s visibility and liquidity increase after switching to a larger exchange. These benefits of switching may enable firms to reduce their financing constraints by reducing information asymmetry.
URI: http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/34316
全文授權: 有償授權
顯示於系所單位:經濟學系

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