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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
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dc.contributor.advisor | 謝德宗 | |
dc.contributor.author | Yen-Han Kuo | en |
dc.contributor.author | 郭彥含 | zh_TW |
dc.date.accessioned | 2021-06-07T23:44:21Z | - |
dc.date.copyright | 2014-07-15 | |
dc.date.issued | 2014 | |
dc.date.submitted | 2014-07-09 | |
dc.identifier.citation | Barclay, M.J., & Smith Jr., C.W. (1996), “On financial architecture: Leverage ,maturity, and priority” Journal of Applied Corporate Finance, Vol. 8, pp. 4-17.
Dittmar,A.,J. Mahrt-Smith and H. Servaes(2003), “International Corporate Governance and Corporate Cash Holdings” Journal of Finance and Quantitative Analysis, Vol. 38, pp.111-133. Ferreira, M.A. and A. Vilela (2004), “Why Do Firms Hold Cash? Evidence from EMUCountries” European Financial Management, Vol. 10, pp. 295-319. Garcia-Teruel P.J. and Martunez-Solano P. (2008),“On the Determinants of SME Cash Holdings:Evidence from Spain”, Journal of Finance & Accounting, Vol. 35, pp.127-149. Harford, J.(1999), “Corporate cash reserves and acquisitions”, Journal of Finance, Vol.54, pp.1969-1977. Keynes, J.M.(1936), “The General Theory of Employment, Interest and Money”, Harcourt Brace, London Kim, C.S., D. Mauer and A.E. Sherman (1998), “The Determinants of Corporate Liquidity: Theory and Evidence” , Journal of Finance and Quantitative Analysis, Vol. 33, pp.335-359. 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, Vol.20, pp. 293-315. Opler, T., L. Pinkowitz, R. Stulz and R. Williamson (1999), “The Determinants and Implications of Corporate Cash Holdings”, Journal of Financial Economics, Vol.52, pp.3-46 Ozkan, A. and N. Ozkan (2004), “Corporate cash holdings: An Empirical Investigation of UK companies”, Journal of Banking & Finance, Vol.28, pp.2103-2134 李豔珍(2009), 持有現金的決定因子:台灣之實證研究, 國立成功大學會計學研究所碩士論文 林秀玲(2004), 現金持有與經營績效, 朝陽科技大學財務金融系碩士論文 施閔偉(2005), 公司現金持有因素與涵義之跨國比較分析, 國立暨南國際大學財務金融研究所碩士論文 郭振雄、何怡澄(2010), 非營利醫院的負債融資與營運效率及資本投資效率之關聯性, 經濟研究(Taipei Economic Inquiry), 46(1), 141-170 陳明進、陳瑞斌(2002), 公司流動性之決定因素, 企銀季刊, 第二十五卷第二 期,173-190 黃俊傑(2010), 公司現金持有的決定因素探討---以台灣市場為例, 國立中正大學財 務金融研究所碩士論文 | |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/16719 | - |
dc.description.abstract | 企業營運過程中,現金管理一直是個值得探討的重要議題。而在台灣眾多產業中,電子業一直被視為最有競爭力產業,面對市場不斷創新,該產業應需足夠 資金投入研發及資本支出幫助企業成長。有鑑於現金管理之重要性及電子業為台灣重要產業,本研究為探討影響台灣電子業上市公司現金持有因素,利用2002-2012 年台灣經濟新報資料庫資料進行實證研究,並以一般最小平方法與 Panel data 迴歸模型進行分析,進一步檢定出本研究研究資料以固定效果模型為佳。最後探討在 2008 年金融海嘯前後,現金持有決定因素影響方向是否出現改變。
實證結果發現,現金持有率與淨營運資金比率、負債比率、資本支出比率、利率呈負相關,和現金流量比率、工業生產指數呈正相關。在一般最小平方法迴歸模型和時間固定效果模型中,公司規模顯著負向影響現金持有率、研發費用率顯著正向影響現金持有率。在個體固定效果模型中,公司規模顯著正向影響現金持有率,研發費用率顯著負向影響現金持有率。 | zh_TW |
dc.description.abstract | Cash management is an important issue in the process of business operations. The electronic industry has been regarded as the most competitive industry in Taiwan. Facing of market innovation, the industry should have sufficient funds into research and development to support business grow. In view of the importance of cash management and
electronic industry as an important industry in Taiwan, this paper investigated the factors that affect cash holdings of listed companies in Taiwan electronics industry. This paper use TEJ database during the period of 2002-2012 and use panel data model to analyze. Then, testing fixed effect model and random effect model which is suitable for the research data. Finally, we discuss whether the cash holding determinants will change direction or not after the 2008 financial crisis. The Empirical results shows that it has a negative correlation between cash holdings with net working capital ratio、debt ratio、capital expenditures ratio and interest rates. It has a positive correlation between cash holdings with cash flow ratio and the index of industrial production. In OLS and time fixed effect model, the correlation between cash holdings with size is negative and the correlation between cash holdings with R&D ratio is positive. In individual fixed effect model, the correlation between cash holdings with size is positive and the correlation between cash holdings with R&D ration is negative. | en |
dc.description.provenance | Made available in DSpace on 2021-06-07T23:44:21Z (GMT). No. of bitstreams: 1 ntu-103-R01323030-1.pdf: 974313 bytes, checksum: c39f89fd1818ca0dae09606999a80947 (MD5) Previous issue date: 2014 | en |
dc.description.tableofcontents | 謝辭 ......................................................i
中文摘要...................................................ii ABSTRACT ................................................iii 目錄......................................................iv 圖目錄 .....................................................v 表目錄 ....................................................vi 第一章 緒論.................................................1 1.1 研究背景與動機 ......................................1 1.2 研究目的 ...........................................3 1.3 研究架構 ...........................................3 第二章 文獻探討..............................................5 2.1 現金持有動機 ........................................5 2.2 現金持有相關理論 .....................................5 2.3 國外現金持有相關文獻 .................................6 2.4 國內現金持有相關文獻 .................................7 第三章 研究方法..............................................9 3.1 Panel Data 模型....................................9 3.2 Panel Data 模型選擇................................12 3.3 資料來源與變數處理 ..................................14 第四章 實證結果分析 .........................................23 4.1 敘述統計分析 .......................................23 4.2 相關係數分析 .......................................23 4.3 一般最小平方法迴歸估計結果 ...........................25 4.4 Panel Data 迴歸模型估計.............................29 第五章 結論與建議 ...........................................47 5.1 結論 .............................................47 5.2 後續研究建議 .......................................48 參考文獻 ..................................................49 | |
dc.language.iso | zh-TW | |
dc.title | 台灣電子業上市公司現金持有因素之實證研究 | zh_TW |
dc.title | Determinant Factors of Cash Holdings in Taiwan’s Listed Electronic Companies | en |
dc.type | Thesis | |
dc.date.schoolyear | 102-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 李顯峰,羅光達 | |
dc.subject.keyword | 電子業,現金持有,追蹤資料,固定效果模型, | zh_TW |
dc.subject.keyword | Electronics Industry,cash holdings,panel data,fixed effect model, | en |
dc.relation.page | 50 | |
dc.rights.note | 未授權 | |
dc.date.accepted | 2014-07-10 | |
dc.contributor.author-college | 社會科學院 | zh_TW |
dc.contributor.author-dept | 經濟學研究所 | zh_TW |
顯示於系所單位: | 經濟學系 |
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