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系統識別號 U0026-0107202000495300
論文名稱(中文) 資金成本對於投資現金流敏感度及集團政策的影響
論文名稱(英文) The Impact of Capital Cost on Investment–cash flow sensitivity and Group policies
校院名稱 成功大學
系所名稱(中) 財務金融研究所
系所名稱(英) Graduate Institute of Finance
學年度 108
學期 2
出版年 109
研究生(中文) 董懷中
研究生(英文) Huai-Chung Tung
學號 R86071034
學位類別 碩士
語文別 中文
論文頁數 36頁
口試委員 指導教授-王澤世
口試委員-劉裕宏
口試委員-林囿成
中文關鍵字 資金成本  投資對現金流敏感度  集團政策  融資限制 
英文關鍵字 Cost of capital  Investment-cash flow sensitivity  Group policy  Financial constraints 
學科別分類
中文摘要 從2008年至今十餘年,各國央行的利率持續處於極低、甚至是負利率的水準,同樣地台灣也不例外。低廉的資金成本將更進一步影響到企業的資金運用,也是企業在決定資金來源及籌資方案的一項重要依據。本研究之主要目的在於探討低利率所導致低廉的資金成本對於台灣上市櫃企業的投資對現金流量敏感度的影響。
另外,集團企業對於整體社會與經濟而言相當重要,在國外持續有學者在探討此議題,然而在過去國內研究少有討論融資限制與集團特性將如何影響公司的融資與投資決策,透過本研究可對此議題有更進一步的了解。
本研究取樣2004至2007年及2011至2018年,共12年之台灣上市櫃公司資料,排除2008年至2010年金融海嘯期間,並將樣本分為集團及非集團企業、大公司及小公司。本研究的實證結果發現:集團企業能夠透過創造「內部資本市場」來減少集團成員在研發費用及實體投資上的支出,並進一步降低集團成員的融資限制。然而公司規模大小所呈現的結果卻與集團企業有明顯的差異,顯示了公司規模越大卻反而不具備降低企業投資對現金流敏感度的效果;另外,當企業面臨融資限制時,因為外部資金的取得不易,會選擇將內部資金全部投入於投資支出上,因此將提升企業的投資對現金流量敏感度。最後,在低利率期間,隨著資金成本的降低能夠有效地降低企業的投資對現金流敏感度。
英文摘要 In the past, few domestic scholars have discussed how financing restrictions and group characteristics will affect the company's financing and investment decisions. Neither one of these issues has been extensively studied in the literature. Through this thesis, we can have a further understanding of those topic and find out how the low cost of capital affect firm’s investment-cash flow sensitivity.
The empirical results of this thesis found that: Group companies can reduce the research and development expenses and physical investment expenditures by creating "internal capital markets", and further reduce the financing restrictions of group members. However, the results presented by the size of the company are significantly different, which shows that the larger the company is, it can’t effectively reduce the firm’s investment-cash flow sensitivity. In addition, when the firm is faced with financing constraints, because it is not easy to obtain external funds, it will choose to invest all the internal funds in the investment expenditure, and further improve the firm’s investment-cash flow sensitivity. Finally, during the period of low interest rate, with the decrease of capital cost, the sensitivity of investment-cash flow can be effectively reduced.
論文目次 目錄
第一章 緒論......1
第一節 研究背景與動機......1
第二節 研究目的......3
第三節 論文架構......5
第二章 文獻探討與假說發展......6
第一節、資金成本與融資限制及投資對現金流敏感度......6
第二節、集團企業之相關文獻......7
第三節、融資限制之相關文獻......10
第四節、假說發展......12
第三章 研究方法......14
第一節 樣本研究期間、選樣準則與資料來源......14
第二節 融資限制之衡量......15
第三節 變數衡量......17
第四節 實證模型......20
第四章 實證結果......22
第一節 敘述性統計......22
第二節 實證結果分析......24
第五章 研究結論與建議......30
第ㄧ節、研究結論......30
第二節、研究限制與建議......31
參考文獻......32

表目錄
表1 樣本篩選......15
表2 KZ-INDEX之變數定義......16
表3 財務變數變數彙總表......19
表4 整體樣本之敘述性統計(低利率期間)......23
表5 整體樣本之敘述性統計(高利率期間)......23
表6 低利率期間,台灣上市櫃公司之研發投資對現金流敏感度......24
表7 高利率期間,台灣上市櫃公司之研發投資對現金流敏感度......25
表8 低利率期間,集團企業造成之影響 ......26
表9 低利率期間,公司規模大小造成之影響......27
表10 融資限制對公司投資現金流敏感度之影響......29



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