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http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/93238完整後設資料紀錄
| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 何耕宇 | zh_TW |
| dc.contributor.advisor | Keng-Yu Ho | en |
| dc.contributor.author | 陳岳謙 | zh_TW |
| dc.contributor.author | Yue-Cian Chen | en |
| dc.date.accessioned | 2024-07-23T16:26:49Z | - |
| dc.date.available | 2024-07-24 | - |
| dc.date.copyright | 2024-07-23 | - |
| dc.date.issued | 2024 | - |
| dc.date.submitted | 2024-07-10 | - |
| dc.identifier.citation | Baumol, W. J. (1952). The transactions demand for cash: An inventory theoretic approach. The Quarterly Journal of Economics, 66(4), 545–556.
Ben-David, I., Franzoni, F., & Moussawi, R. (2017). Exchange-traded funds. Annual Review of Financial Economics, 9, 169–189. Ben-David, I., Franzoni, F., & Moussawi, R. (2018). Do ETFs increase volatility? The Journal of Finance, 73(6), 2471–2535. Dittmar, A., & Mahrt-Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of Financial Economics, 83(3), 599–634. El Kalak, I., & Tosun, O. K. (2022). ETF ownership and corporate cash holdings. European Financial Management, 28(5), 1308–1346. Fama, E. F., & French, K. R. (1993). Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, 33(1), 3–56. Faulkender, M., & Wang, R. (2006). Corporate financial policy and the value of cash. The Journal of Finance, 61(4), 1957–1990. Gamba, A., & Triantis, A. (2008). The value of financial flexibility. The Journal of Finance, 63(5), 2263–2296. Glosten, L., Nallareddy, S., & Zou, Y. (2021). ETF activity and informational efficiency of underlying securities. Management Science, 67(1), 22–47. Han, S., & Qiu, J. (2007). Corporate precautionary cash holdings. Journal of Corporate Finance, 13(1), 43–57. Israeli, D., Lee, C. M., & Sridharan, S. A. (2017). Is there a dark side to exchange traded funds? an information perspective. Review of Accounting Studies, 22, 1048–1083. Keynes, J. M. (1936). The general theory of employment, interest and money. London:Macmillan. Lin, B., Mei, S., Tan, K. J. K., & Zhang, L. (2024). Do exchange traded funds affect corporate cash holdings? Journal of Business Finance & Accounting, 51(5-6), 1547–1592. Mikkelson, W. H., & Partch, M. M. (2003). Do persistent large cash reserves hinder performance? Journal of Financial and Quantitative Analysis, 38(2), 275–294. Miller, M. H., & Orr, D. (1966). A model of the demand for money by firms. The Quarterly Journal of Economics, 80(3), 413–435. 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(2), 187–221. Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52(1), 3–46. Rapp, M. S., Schmid, T., & Urban, D. (2014). The value of financial flexibility and corporate financial policy. Journal of Corporate Finance, 29, 288–302. Schauten, M. B., Van Dijk, D., & van der Waal, J.-P. (2013). Corporate governance and the value of excess cash holdings of large european firms. European Financial Management, 19(5), 991–1016. | - |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/93238 | - |
| dc.description.abstract | 本研究使用 2017 年至 2023 年間臺灣上市櫃公司的資料，分析指數股票型基金持股對公司現金政策之影響及其原因。研究結果顯示，當公司被更多的指數股票型基金持有時，其現金持有比例顯著增加，這一發現與 El Kalak and Tosun (2022) 及 Lin, Mei, Tan, and Zhang (2024) 對美國公司的研究結論一致，表明臺灣公司的現金持有比例同樣會受到指數股票型基金持股的正向影響。另外，通過對現金持有價值的分析以探討現金增持原因，本研究較傾向認為假說一為真，公司經理人因應指數股票型基金持股增加所帶來的未來不確定性，預防性地增加現金持有以保留營運彈性，然而實際何者假說成立，仍待後續加以研究。 | zh_TW |
| dc.description.abstract | This study uses data from publicly listed companies in Taiwan from 2017 to 2023 to analyze the impact of exchange-traded fund (ETF) ownership on corporate cash policies and the underlying reasons. The findings indicate that when a company has higher ETF ownership, its cash holdings significantly increase. This discovery aligns with the conclusions of El Kalak and Tosun (2022) and Lin et al. (2024) regarding U.S. companies, suggesting that the cash holdings of Taiwanese companies are positively influenced by ETF ownership. Additionally, through an analysis of the value of cash holdings to explore the reasons behind increased cash holdings, this study tends to support Hypothesis 1. It posits that corporate managers increase precautionary cash to maintain operational flexibility in response to the future uncertainties brought about by increased ETF ownership. However, further research is needed to determine which hypothesis is valid. | en |
| dc.description.provenance | Submitted by admin ntu (admin@lib.ntu.edu.tw) on 2024-07-23T16:26:49Z No. of bitstreams: 0 | en |
| dc.description.provenance | Made available in DSpace on 2024-07-23T16:26:49Z (GMT). No. of bitstreams: 0 | en |
| dc.description.tableofcontents | 口試委員會審定書 i
誌謝 ii 摘要 iii Abstract iv 目次 v 圖次 vi 表次 vii 第一章 緒論 1 1.1 研究動機 1 1.2 研究目的 3 第二章 文獻回顧 5 2.1 指數股票型基金持股對資產定價之影響 5 2.2 公司現金政策重要性 5 2.3 指數股票型基金持股與公司現金政策 7 2.4 研究假說 7 第三章 研究方法 9 3.1 研究樣本與資料 9 3.2 研究變數 11 3.3 模型建立 14 第四章 實證結果與分析 17 4.1 敘述性統計 17 4.2 指數股票型基金持股對現金持有之影響 20 4.3 現金持有價值 27 第五章 結論與建議 31 5.1 研究結論 31 5.2 研究限制與建議 32 參考文獻 33 | - |
| dc.language.iso | zh_TW | - |
| dc.subject | ETF 所有權 | zh_TW |
| dc.subject | 指數股票型基金 | zh_TW |
| dc.subject | 現金價值 | zh_TW |
| dc.subject | 現金持有 | zh_TW |
| dc.subject | Cash Value | en |
| dc.subject | ETF Ownership | en |
| dc.subject | Cash Holdings | en |
| dc.subject | Exchange Traded Funds | en |
| dc.title | 指數股票型基金持股對公司現金政策之影響 | zh_TW |
| dc.title | ETF Ownership and Corporate Cash Holdings | en |
| dc.type | Thesis | - |
| dc.date.schoolyear | 112-2 | - |
| dc.description.degree | 碩士 | - |
| dc.contributor.oralexamcommittee | 張景宏;尤琳蕙 | zh_TW |
| dc.contributor.oralexamcommittee | Ching-Hung Chang;Lin-Hui Yu | en |
| dc.subject.keyword | 指數股票型基金,ETF 所有權,現金持有,現金價值, | zh_TW |
| dc.subject.keyword | Exchange Traded Funds,ETF Ownership,Cash Holdings,Cash Value, | en |
| dc.relation.page | 34 | - |
| dc.identifier.doi | 10.6342/NTU202401220 | - |
| dc.rights.note | 未授權 | - |
| dc.date.accepted | 2024-07-11 | - |
| 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-112-2.pdf 未授權公開取用 | 1.74 MB | Adobe PDF |
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