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http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/18928完整後設資料紀錄
| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 洪茂蔚 | |
| dc.contributor.author | Hsin-Ting Peng | en |
| dc.contributor.author | 彭心婷 | zh_TW |
| dc.date.accessioned | 2021-06-08T01:39:53Z | - |
| dc.date.copyright | 2016-08-31 | |
| dc.date.issued | 2016 | |
| dc.date.submitted | 2016-08-21 | |
| dc.identifier.citation | Acharya, V., Almeida, H., & Campello, M., 2007, Is Cash Negative Debt? A hedging perspective on corporate financial policies. Journal of Financial Intermediation 16, 515–54.
Almeida, H., Campello, M., & Weisbach, M. S., 2004, The cash flow sensitivity of cash. Journal of Finance 59, 1777–1804. Bates, T. W., Kahle, K. M., & Stulz, R. M., 2009, Why do U.S. firms hold so much more cash than they used to? Journal of Finance 64, 1985–2021. Denis, D. J., & Sibilkov, V., 2010, Financial Constraints, Investment, and the Value of Cash Holdings. The 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. Fama, E. F., & French K. R., 1993, Common risk factors in the returns on stocks and bonds, Journal of Financial Economics 33, 3–56. Faulkender, M., & Petersen, M. A., 2006, Does the source of capital affect capital structure? Review of Financial Studies 19, 45–79. Faulkender, M., & Wang, R., 2006, Corporate financial policy and the value of cash. Journal of Finance 61, 1957–1990. Fazzari, S. M., & Hubbard, R. G., and Petersen, B., 1988, Financing constraints and corporate investment. Brooking Papers on Economic Activity 1, 141–195 Gamba, A., & Triantis, A., 2008, The Value of Financial Flexibility. Journal of Finance 63, 2263–2296. Harford, J., 1999, Corporate cash reserves and acquisitions. Journal of Finance 54, 1969–1997. Harford, J., Mansi, S., & Maxwell, W., 2008, Corporate governance and firm cash holdings. Journal of Financial Economics 87, 535–555. Jensen, M., 1986, Agency cost of free cash flow, corporate finance, and takeovers. American Economic Review 76, 323–329. Kim, C., Mauer, D. C., & Sherman, A. E., 1998, The determinants of corporate liquidity: Theory and evidence. Journal of Financial and Quantitative Analysis 33, 335–359. Nikolov, B., & Whited, T. M., 2014, Agency Conflicts and Cash: Estimates from a Dynamic Model. Journal of Finance 69, 1883–1921. Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R., 1999, The determinants and implications of cash holdings. Journal of Financial Economics 52, 3–46. Pinkowitz, L., & Williamson, R., 2002, What is a dollar worth? The market value of cash holdings. Working paper, Georgetown University. Pinkowitz, L., Stulz, R., & Williamson, R., 2006, Does the contribution of corporate cash holdings and dividends to firm value depend on governance? A cross-country analysis. Journal of Finance 61, 2725–2751 | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/18928 | - |
| dc.description.abstract | 本篇研究主要是探討對股東而言，公司現金的價值，以及影響此價值的公司特徵。我首先探討現金的利益以及成本，並以它們建立一系列有關現金價值的假說。透過研究每年超額報酬的變化，我發現，在2001年到2012年間，平均而言，當公司增加現金一元，股東會認為其有大於一元的價值。此外，現金的邊際價值隨著公司較少的投資機會、較高的負債比率、較多的現金、較高的稅率，以及較低的外部融資成本而下降。 | zh_TW |
| dc.description.abstract | I examine the marginal value of cash for shareholders and firm characteristics that affect the value. I begin by showing the benefits and costs of cash holdings, and derive a set of intuitive hypotheses to test empirically. By examining the variation in excess stock returns over the fiscal year, I find that on average, a dollar increase in cash is valued at a premium to face value during the period of 2001 to 2012. In addition, the marginal value of cash declines with lower investment opportunities, higher leverage ratio, larger cash holdings, higher marginal tax rate, and better access to capital markets. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-08T01:39:53Z (GMT). No. of bitstreams: 1 ntu-105-R03724014-1.pdf: 477451 bytes, checksum: 7b920f1f4fe3de8e115e0d1175df85ac (MD5) Previous issue date: 2016 | en |
| dc.description.tableofcontents | Table of Contents
中文摘要 1 Abstract 2 List of Tables 4 1. Introduction 5 2. Literature review and hypothesis 9 3. Data and Summary Statistics 17 3.1 Data formation 17 3.2 Summary statistics 18 3.3 Firm characteristics measures 20 3.3.1 Investment opportunity measures 20 3.3.2 Agency conflict measures 21 3.3.3 Financial constraints measures 23 3.3.4 Hedging needs measures 24 4. Methodology and Empirical results 26 4.1 Empirical methodology 26 4.2 Empirical results 30 4.2.1 Leverage, Cash level, Tax rate and the Value of Cash 30 4.2.2 Agency costs and the Value of Cash 35 4.2.3 Investment opportunities and the Value of Cash 37 4.2.4 Financial constraints and the Value of Cash 38 4.2.5 Constrained and Unconstrained firms with high M/B and the Value of Cash 41 4.2.6 Constrained firms with Different Hedging need and the Value of Cash 43 5. Conclusion 46 References 56 | |
| dc.language.iso | en | |
| dc.title | 公司特徵與現金價值 | zh_TW |
| dc.title | Firm Characteristics and the Value of Cash Holdings | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 104-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 顏汝芳,蔡佳芬,蔡豐澤 | |
| dc.subject.keyword | 現金價值,投資機會,負債,稅率,代理成本,現金,資本市場, | zh_TW |
| dc.subject.keyword | Value of Cash,Investment Opportunities,Leverage,Tax Rate,Agency Cost,Cash holdings,Capital Market, | en |
| dc.relation.page | 57 | |
| dc.identifier.doi | 10.6342/NTU201603420 | |
| dc.rights.note | 未授權 | |
| dc.date.accepted | 2016-08-22 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 國際企業學研究所 | zh_TW |
| 顯示於系所單位： | 國際企業學系 | |
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