內部流動性與超額價值

Abstract

摘要 本研究使用了1993到2008年共33496個樣本研究公司的內部流動性對超額價值的影響以及是否多角化公司和單部門公司的流動性存在顯著的差異。本文的實證結果顯示公司的內部流動性和超額價值有正向的影響，和financial slack 的論點一致。此外本文也發現多角化公司的內部流動性會低於單部門公司，尤其是當公司有較高的內部流動性水準時，此結果和Duchin (2010)提及的共保效應的論點相呼應。

Abstract This study employs a sample of 33496 year-firm observations from year 1993 through 2008 to explore the effects of internal liquidity on firm’s excess value and whether they are different between diversified (multidivisional) and focused firms. Empirical results reveal that a firm’s internal liquidity level positively relates to its firm excess value, which is consistent with the financial slack argument. This study also finds that internal liquidity of diversified firms is smaller than focused ones, especially more significant for firms with a higher internal liquidity level, which is consistent with coinsurance assertion of Duchin (2010).