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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 廖咸興 | |
| dc.contributor.author | Hsiang-Jung Cheng | en |
| dc.contributor.author | 鄭湘蓉 | zh_TW |
| dc.date.accessioned | 2021-06-08T07:23:25Z | - |
| dc.date.copyright | 2011-08-26 | |
| dc.date.issued | 2011 | |
| dc.date.submitted | 2011-08-22 | |
| dc.identifier.citation | 1. Berger, P.G., Ofek, E., 1995, “Diversification’s effect on firm value,” Journal of Financial Economics 37, 39-65.
2. Chen, T.K., Liao, H.H., Lu, C.W., 2011. “A flow-based corporate credit model,” Review of Quantitative Finance and Accounting 36, 517–532 3. Chen, T.K., Liao, H.H., Tsai, P.L., 2011, “Internal liquidity risk in corporate bond yield spreads” Journal of Banking & Finance 35,978–987 4. Comment, R., Jarrell, G., 1995. “Corporate focus and stock returns.” Journal of Financial Economics 37, 67–87 5. Duchin, R., 2010, “Cash Holdings and Corporate Diversification,” Journal of Finance 65, 955-992. 6. Hyland, D.C., Diltz*, J.D., 2002, “Why Firms Diversify: An Empirical Examination,” Financial Management 31, 51-81 7. Jensen, M.C., 1986, “Agency costs of free cash flow corporate finance and takeovers” American Economic Review 76, 323-329 8. Larry, L., Stulz, R., 1994, “Tobin’s Q, corporate diversification, and firm performance”, Journal of Political Economy 102, 1248–1280 9. Lewellen, W.G., 1971, “A pure financial rationale for the conglomerate merger”, Journal of Finance 26, 521-537. 10. Mansi, S.A., Reeb, D.M., 2002, “Corporate diversification: what gets discounted,” Journal of Finance 57, 2167-2183. 11. Merton, R.C., 1974, “On the pricing of corporate debt: The risk structure of interest rates” Journal of Finance 29, 449-470. 12. Myers S.C., Majluf N.S., 1984, “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have,” Journal of Financial Economics 13, 187-221. 13. Sreedhar, T. B., Tyler, S., 2004 “Forecasting Default with the KMV-Merton Model” KVM corporation. 14. Thomas, B., Kahle, K., Stulz, R., 2009, “Why do U.S. firms hold so much more cash than they used to?” Journal of Finance 64, 1985–2021. | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/26740 | - |
| dc.description.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。 | zh_TW |
| dc.description.abstract | 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). | en |
| dc.description.provenance | Made available in DSpace on 2021-06-08T07:23:25Z (GMT). No. of bitstreams: 1 ntu-100-R98723026-1.pdf: 274764 bytes, checksum: 1494e9fa4d463c92d7be94a193847b73 (MD5) Previous issue date: 2011 | en |
| dc.description.tableofcontents | 致謝 1
摘要 2 Abstract 3 CONTENTS 4 TABLE LIST 6 1. Introduction 7 2. Data and Methodology 12 2.1 Variable Measures 12 2.1.1 Excess value 12 2.1.2 Internal liquidity 15 2.1.3 Control variables 16 2.2 Sample selection 17 2.2.1 Excess value 17 2.2.2 Internal liquidity 18 3. Hypotheses 19 4. Empirical result 21 4.1 Regressions of diversification on internal liquidity with fixed effects of two-digit SIC code and time 21 4.2 Regressions of internal liquidity on excess value with fixed effects of two-digit SIC code and time. 23 4.2.1 Excess value computed by Merton’s measure 23 4.2.2 Excess value computed by Berger and Ofek’s method 25 5. Conclusion 27 References 28 | |
| dc.language.iso | en | |
| dc.subject | 多角化 | zh_TW |
| dc.subject | 超額價值 | zh_TW |
| dc.subject | 內部流動性 | zh_TW |
| dc.subject | Diversification | en |
| dc.subject | Excess value | en |
| dc.subject | Internal liquidity | en |
| dc.title | 內部流動性與超額價值 | zh_TW |
| dc.title | Internal Liquidity and Excess Value | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 99-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 陳宗岡,胡星陽,陳聖賢 | |
| dc.subject.keyword | 多角化,超額價值,內部流動性, | zh_TW |
| dc.subject.keyword | Diversification,Excess value,Internal liquidity, | en |
| dc.relation.page | 36 | |
| dc.rights.note | 未授權 | |
| dc.date.accepted | 2011-08-22 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 財務金融學研究所 | zh_TW |
| 顯示於系所單位： | 財務金融學系 | |
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