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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 何耕宇 | zh_TW |
| dc.contributor.advisor | Keng-Yu Ho | en |
| dc.contributor.author | 賴志玫 | zh_TW |
| dc.contributor.author | Chih-Mei Lai | en |
| dc.date.accessioned | 2023-07-24T16:06:17Z | - |
| dc.date.available | 2023-11-09 | - |
| dc.date.copyright | 2023-07-24 | - |
| dc.date.issued | 2023 | - |
| dc.date.submitted | 2023-06-18 | - |
| dc.identifier.citation | Alam, P., Walton, K. S., 1995. Information Asymmetry and Valuation Effects of Debt Financing. The Financial Review 30, 289-311.
Alderson, M. J., Betker, B. L., 1996. Liquidation Costs and Accounting Data. Financial Management 25. Bates, T. W., Chang, C.-H., Chi, J. D., 2018. Why Has the Value of Cash Increased Over Time? Journal of Financial and Quantitative Analysis 53, 749-787. Bates, T. W., Kahle, K. M., Stulz, R. M., 2009. Why Do U.S. Firms Hold So Much More Cash than They Used To? The Journal of Finance 64, 1985-2021. Brown, J. R., Petersen, B. C., 2011. Cash holdings and R&D smoothing. Journal of Corporate Finance 17, 694-709. Denis, D. J., Sibilkov, V., 2010. Financial Constraints, Investment, and the Value of Cash Holdings. Review of Financial Studies 23, 247-269. Dittmar, A., Mahrt-Smith, J., 2007. Corporate Governance and the Value of Cash Holdings. Journal of Financial Economics 83, 599-634. Falato, A., Kadyrzhanova, D., Sim, J., Steri, R., 2013. Rising Intangible Capital, Shrinking Debt Capacity, and the U.S. Corporate Savings Glut. The Journal of Finance 77, 2799-2852. Faulkender, M., Wang, R., 2006. Corporate Financial Policy and the Value of Cash. The Journal of Finance 61, 1957-1990. Ferreira, M. A., Vilela, A. S., 2004. Why Do Firms Hold Cash? Evidence from EMU Countries. European Financial Management 10, 295-319. Hall, B. H., 1990. The Manufacturing Sector Master File: 1959-1987. National Bureau of Economic Research Working Paper Series No. 3366. Harford, J., 1999. Corporate Cash Reserves and Acquisitions. The Journal of Finance 54, 1969-1997. Harford, J., Li, K., Zhao, X., 2008. Corporate Boards and the Leverage and Debt Maturity Choices. International Journal of Corporate Governance 1, 3. He, Z. Z., Wintoki, M. B., 2016. The Cost of Innovation: R&D and High Cash Holdings in US Firms. Journal of Corporate Finance 41, 280-303. Himmelberg, C. P., Petersen, B., 1994. R&D and Internal Finance: A Panel Study of Small Firms in High-Tech Industries. The Review of Economics and Statistics 76, 38-51. Jensen, M. C., 1986. Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review 76, 323-329. Keynes, J. M., 1936. The General Theory of Employment, Interest and Money. Harcourt, Brace and Company, United Kingdom. Mulligan, C. B., 1997. Scale Economies, the Value of Time, and the Demand for Money: Longitudinal Evidence from Firms. Journal of Political Economy 105, 1061-1079. Myers, S. C., 1984. The Capital Structure Puzzle. The Journal of Finance 39, 574-592. Opler, T., Pinkowitz, L., Stulz, R., Williamson, R., 1999. The Determinants and Implications of Corporate Cash Holdings. Journal of Financial Economics 52, 3-46. Ozkan, A., Ozkan, N., 2004. Corporate Cash Holdings: An Empirical Investigation of UK Companies. Journal of Banking & Finance 28, 2103-2134. Pinkowitz, L., Stulz, R., Williamson, R., 2016. Do U.S. Firms Hold More Cash than Foreign Firms Do? Review of Financial Studies 29, 309-348. Pinkowitz, L., Williamson, R., 2002. What is a Dollar Worth? The Market Value of Cash Holdings. Working paper, Georgetown University Pinkowitz, L., Williamson, R., 2007. What is the Market Value of a Dollar of Corporate Cash? Journal of Applied Corporate Finance 19, 74-81. Whited, T. M., Wu, G., 2006. Financial Constraints Risk. The Review of Financial Studies 19, 531-559. 國家科學及技術委員會, 2022. 科學技術統計要覽(2022年版). 蕭育仁, 羅德謙, 楊念慈, 陳俊文, 2021. 研發創新成本：台灣生技產業的研發投資與高現金持有水準之現象. 中山管理評論 29, 11-32. 蘇玄啟, 羅仙法, 施懿宸, 李汶育, 2016. 台灣上市公司的現金持有、現金持有價值與公司生命週期：預防性動機假說之驗證. 臺大管理論叢 26, 173-209. 黃玟綺, 2018. 研發對現金持有決策影響之研究-以台灣與中國公司為例. 東海大學財務金融學系碩士論文. | - |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/87853 | - |
| dc.description.abstract | 本文以2011-2022年台灣上市公司作為研究對象，透過線性迴歸模型，探討公司研發活動對其現金持有與現金價值的影響。實證發現公司研發活動與其現金持有呈正相關，而該相關性在與財務受限有關的現金持有動機下會更為顯著。另外，研發公司增加之現金持有會讓公司產生超額報酬，表示公司研發活動對其現金價值呈正相關，該相關性在與成長機會有關的現金持有動機下會更為顯著。本文驗證了預防動機中成長機會與財務受限對研發公司現金持有及價值的影響，且在研發活動有關的現金政策中，並不存在代理問題。 | zh_TW |
| dc.description.abstract | Employing a sample of Taiwan listed firms during 2011-2022, this paper investigates the association among corporate R&D activities, cash holdings, and their value of cash. The empirical results show that R&D activities have a positive and significant effect on cash holdings, and the relation will be more significant under financial constraints. In addition, the increase in cash holdings of R&D firms will generate abnormal returns, indicating that R&D activities are positively related to its value of cash, and this relation is amplified under the cash holding motives related to growth opportunities. Overall, this paper verifies the impact of precautionary motive related to both financial constraints and growth opportunities on the corporate cash holdings and cash value, and shows that agency problems do not exist. | en |
| dc.description.provenance | Submitted by admin ntu (admin@lib.ntu.edu.tw) on 2023-07-24T16:06:16Z No. of bitstreams: 0 | en |
| dc.description.provenance | Made available in DSpace on 2023-07-24T16:06:17Z (GMT). No. of bitstreams: 0 | en |
| dc.description.tableofcontents | 中文摘要 i
Abstract ii 目 錄 iii 表目錄 iv 圖目錄 iv 第一章 緒論 1 第二章 文獻回顧與假說建立 3 第一節 現金持有動機 3 第二節 研發活動與現金持有 5 第三節 研發活動與現金價值 6 第三章 樣本與研究方法 7 第一節 資料樣本選取 7 第二節 研究方法及變數定義 7 第四章 實證結果 11 第一節 敘述性統計分析 11 第二節 研發活動對公司現金持有的影響分析 14 第三節 研發活動對公司現金價值的影響分析 16 第四節 現金持有動機對研發公司現金持有及價值的影響 17 第五章 結論 19 參考文獻 20 附錄 22 | - |
| dc.language.iso | zh_TW | - |
| dc.subject | 現金價值 | zh_TW |
| dc.subject | 研發活動 | zh_TW |
| dc.subject | 現金持有政策 | zh_TW |
| dc.subject | 現金持有動機 | zh_TW |
| dc.subject | R&D | en |
| dc.subject | Cash Policy | en |
| dc.subject | Value of Cash | en |
| dc.subject | Cash Holdings Motive | en |
| dc.title | 公司研發費用與現金持有政策之研究 | zh_TW |
| dc.title | R&D Expenditure and Corporate Cash Policy | en |
| dc.type | Thesis | - |
| dc.date.schoolyear | 111-2 | - |
| dc.description.degree | 碩士 | - |
| dc.contributor.oralexamcommittee | 王衍智;尤琳蕙 | zh_TW |
| dc.contributor.oralexamcommittee | Yan-Zhi Wang;Lin-Hui Yu | en |
| dc.subject.keyword | 研發活動,現金持有政策,現金價值,現金持有動機, | zh_TW |
| dc.subject.keyword | R&D,Cash Policy,Value of Cash,Cash Holdings Motive, | en |
| dc.relation.page | 40 | - |
| dc.identifier.doi | 10.6342/NTU202301071 | - |
| dc.rights.note | 未授權 | - |
| dc.date.accepted | 2023-06-20 | - |
| dc.contributor.author-college | 管理學院 | - |
| dc.contributor.author-dept | 財務金融學系 | - |
| 顯示於系所單位： | 財務金融學系 | |
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| ntu-111-2.pdf 未授權公開取用 | 1.13 MB | Adobe PDF |
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