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http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/84239完整後設資料紀錄
| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 朴寶卿(Bokyung Park) | |
| dc.contributor.author | Nabelia Yukita | en |
| dc.contributor.author | 陳如育 | zh_TW |
| dc.date.accessioned | 2023-03-19T22:06:52Z | - |
| dc.date.copyright | 2022-07-05 | |
| dc.date.issued | 2022 | |
| dc.date.submitted | 2022-06-24 | |
| dc.identifier.citation | References Chen, M. H., Jang, S. S., & Kim, W. G. (2007). The impact of the SARS outbreak on Taiwanese hotel stock performance: an event-study approach. International Journal of Hospitality Management, 26(1), 200-212. Cho-Min, L., Min-Lee, C., & Hui-Wen, C. (2017). Cash holdings and cash flow uncertainty. Journal of Applied Finance & Banking, 7(6), 45-70. Fahlenbrach, R., Rageth, K., & Stulz, R. M. (2021). How valuable is financial flexibility when revenue stops? Evidence from the COVID-19 crisis (No. w27106). National Bureau of Economic Research. Hadlock, C. J., & Pierce, J. R. (2010). New evidence on measuring financial constraints: Moving beyond the KZ index. The Review of Financial Studies, 23(5), 1909-1940. Hoberg, G., & Maksimovic, V. (2015). Redefining financial constraints: A text-based analysis. The Review of Financial Studies, 28(5), 1312-1352. Hsu, J., Young, W., & Huang, Y. W. (2021). Investors' reactions and firms' actions in the Covid-19 period: The case of Taiwan. International Review of Financial Analysis, 78, 101905. Huang, R., & Ritter, J. R. (2021). Corporate cash shortfalls and financing decisions. The Review of Financial Studies, 34(4), 1789-1833. Kaplan, S. N., & Zingales, L. (1997). Do investment-cash flow sensitivities provide useful measures of financing constraints?. The quarterly journal of economics, 112(1), 169-215. Kuo, H. C., Yang, L., Lie-Huey, W., & Chia-Yu, D. (2006). Flexibility and performance of MNEs: Evidence from Taiwan. International Journal of Business, 11(4), 417. Lin, Y. C. (2007). The cash flow sensitivity of cash: evidence from Taiwan. Applied financial economics, 17(12), 1013-1024. Lin, Y. H., Hu, S. Y., & Chen, M. S. (2005). Managerial optimism and corporate investment: Some empirical evidence from Taiwan. Pacific-Basin Finance Journal, 13(5), 523-546. Shiau, H. L., Chang, Y. H., & Yang, Y. J. (2018). The cash holdings and corporate investment surrounding financial crisis: The cases of China and Taiwan. The Chinese Economy, 51(2), 175-207. Shiaua, H. L., Huanga, W. C., & Changa, Y. H. R&D and Cash Holdings in Taiwan and China. Tang, C. H., Chin, C. Y., & Lee, Y. H. (2021). Coronavirus disease outbreak and supply chain disruption: Evidence from Taiwanese firms in China. Research in International Business and Finance, 56, 101355. Teng, X., Chang, B. G., & Wu, K. S. (2021). The Role of Financial Flexibility on Enterprise Sustainable Development during the COVID-19 Crisis—A Consideration of Tangible Assets. Sustainability, 13(3), 1245. Whited, T. M., & Wu, G. (2006). Financial constraints risk. The Review of Financial Studies, 19(2), 531-559. Yung, K., Li, D. D., & Jian, Y. (2015). The value of corporate financial flexibility in emerging countries. Journal of Multinational Financial Management, 32, 25-41. | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/84239 | - |
| dc.description.abstract | 本文調查了在 COVID-19 大流行期間台灣收入受到意外衝擊時財務彈性是否有價值。本研究發現持有較多短期債務和長期債務的公司在崩盤期間股票報酬率較低。這種不同的報酬在復甦期間繼續存在，使得高和低財務彈性公司之間的報酬差異在復甦期結束時超過 5%。此外，受到COVID-19 高度影響的公司從現金持有中受益更多。在復甦期間，現金增加一個標準差會使得股票報酬提高2.68% 。總體而言，研究結果表明，財務彈性有助於公司獲得更好的股票表現。 | zh_TW |
| dc.description.abstract | This paper investigates whether financial flexibility is valuable when there is an unexpected shock to revenue in Taiwan during the COVID-19 pandemic. I find that firms which hold high short-term debt and long-term debt experience lower stock returns during the collapse period. This differential return continues during recovery period, making the return difference between high and low financial flexible firms over 5% at the end of recovery period. Furthermore, firms that are highly exposed to COVID-19 benefit more from cash holdings, a one-standard deviation higher cash is associated with higher stock returns of 2.68% during the recovery period. Overall, my findings suggest that financial flexibility helps firms to have better stock performance. | en |
| dc.description.provenance | Made available in DSpace on 2023-03-19T22:06:52Z (GMT). No. of bitstreams: 1 U0001-2206202211315100.pdf: 1305200 bytes, checksum: f3677a7a224319a7af1a2ca80ca57504 (MD5) Previous issue date: 2022 | en |
| dc.description.tableofcontents | Contents Master’s Thesis Acceptance Certificate i Acknowledgments ii Chinese Abstract iii English Abstract iv I. Introduction 1 II. Literature Review and Hypotheses Development 5 III. Data and Methodology 8 IV. Empirical Results 11 4.1 Financial Flexibility and Rebound in Stock Prices During Recovery Period 11 4.2 Financial Flexibility and Cross-Sectional of Stock Returns During Collapse and Recovery Period 12 4.3 Financial Flexibility, Stock Return and Most Affected Industries 14 4.4 COVID-19 Exposures Measures, and Stock Returns 16 4.5 Stock Returns and Financial Constraints 17 V. Conclusion 19 References 21 Figure 1. Evolution of stock returns for groups of firms with high and low financial flexibility 23 Table 1. Summary Statistics 25 Table 2. Correlation Matrix 26 Table 3. Stock returns, financial flexibility measures, and stock and firm characteristics 27 Table 4. Industry characteristics by affected firms 28 Table 5. Stock returns, financial flexibility measures interacted with COVID-19 exposure measures, and stock and firm characteristics 32 Table 6. Stock returns and measures of financial constraints 33 Appendix A 34 Appendix B 36 | |
| dc.language.iso | en | |
| dc.subject | COVID-19 | zh_TW |
| dc.subject | 財務靈活性 | zh_TW |
| dc.subject | 財務約束 | zh_TW |
| dc.subject | 股票收益 | zh_TW |
| dc.subject | COVID-19 | en |
| dc.subject | Financial Flexibility | en |
| dc.subject | Financial Constraints | en |
| dc.subject | Stock Returns | en |
| dc.title | 在台灣收入下降期間，財務靈活性如何影響企業績效？ 來自 COVID-19的證據 | zh_TW |
| dc.title | How Does Financial Flexibility Affect Firm Performance During Revenue Decline in Taiwan? Evidence From COVID-19 Pandemic | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 110-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 洪志清(Chih-Ching Hung),陳聖賢(Sheng-Syan Chen) | |
| dc.subject.keyword | 財務靈活性,財務約束,股票收益,COVID-19, | zh_TW |
| dc.subject.keyword | Financial Flexibility,Financial Constraints,Stock Returns,COVID-19, | en |
| dc.relation.page | 37 | |
| dc.identifier.doi | 10.6342/NTU202201057 | |
| dc.rights.note | 同意授權(限校園內公開) | |
| dc.date.accepted | 2022-06-27 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 財務金融學研究所 | zh_TW |
| dc.date.embargo-lift | 2022-07-05 | - |
| 顯示於系所單位： | 財務金融學系 | |
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