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系統識別號 U0026-0308201714421500
論文名稱(中文) 公司現金管理政策之研究-以台灣上市櫃紡織業為例
論文名稱(英文) The Analysis of Corporate Cash Management Policy-Evidence in Taiwanese Textile Industry
校院名稱 成功大學
系所名稱(中) 財務金融研究所碩士在職專班
系所名稱(英) Graduate Institute of Finance (on the job class)
學年度 105
學期 2
出版年 106
研究生(中文) 洪國維
研究生(英文) Kuo-Wei Hung
學號 r87021147
學位類別 碩士
語文別 中文
論文頁數 53頁
口試委員 指導教授-王澤世
口試委員-顏盟峯
口試委員-劉裕宏
口試委員-姜ㄧ銘
中文關鍵字 現金持有  靜態抵換理論  融資順位理論  代理理論 
英文關鍵字 Cash holding  Static trade-off theory  financial hierarchy theory  agency theory 
學科別分類
中文摘要 本研究主要探討我國紡織業現金持有政策。由於過去文獻顯示,Opler et al.(1999)實證證實現金持有之靜態抵換理論與融資順位理論關係。Chen (2008)指出,現金持有政策為一種經理人的裁量權,當公司面臨高成長機會且依賴密集的投資以進行公司價值的創造時,企業很難決定何為最適的現金持有程度,所以有較高的動機去保留較多的現金,透過密集的投資來創造公司價值,此行為與股東的利益一致。因此,抵換理論也許不能解釋他們的現金持有政策,可加入代理理論來解釋。本研究以一般公司特徵變數及股權結構變數與現金持有比率存在靜態抵換理論、融資順位理論及代理理論關係進行研究。
本研究以2010至2015年,台灣上市上櫃紡織業為研究對象,探討一般公司特徵變數與股權結構變數與現金持有比率之關係,以迴歸分析方法進行實證。
實證結果顯示,紡織業從傳統產業走向新經濟產業型態,一般公司特徵變數與現金持有比率存在靜態抵換理論與融資順位理論關係,唯在代理理論關係方面則較不明顯。
英文摘要 This study focused on Taiwan's Textile industry cash holding policy. In the past, the literature Opler et al (1999) pointed out that cash holding of firms have static trade-off theory and financial hierarchy theory relationship. Chen (2008) point out company’s cash-holding policy is a matter of managerial discretion. For capital-intensive firms with high-return investment opportunities, it is difficult to determine an optimal level of cash. Thus, they have strong incentives to retain high levels of cash in order to pursue firm value creation through intensive capital investments, which serves their shareholders best. Accordingly, trade-off theory may not explain cash policies in these firms. Corporate cash holdings can also be explained by agency theory, in relation to these two economic theories. This study will explore corporate general of characteristics variable and ownership structure variable to explore the relationship between cash holding ratio have static trade-off theory、financial hierarchy theory and agency theory relationship studied.
In this study, from 2010 to 2015, Taiwan's listed textile industry as the research object, Corporate general of characteristics variable and ownership structure variable to explore the relationship between cash holding ratio to conduct empirical regression analysis.
The empirical results show that textile industry firms from old economic to new economy industry firms. Corporate general of characteristics variable related with cash holding ratio have static trade-off theory and financial hierarchy theory relationship, but not obvious relationship with agency theory.
論文目次 第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 2
第三節 研究流程及架構 3
第二章 文獻探討 6
第一節 紡織業產業分析 6
第二節 現金持有相關文獻 7
第三節 股權結構相關文獻 11
第四節 文獻探討小結 14
第三章 研究方法 18
第一節 實證模型設計 18
第二節 變數說明 20
第三節 資料來源及樣本選取 27
第四章 實證結果分析 30
第一節 樣本資料分析 30
第二節 多元迴歸分析 38
第五章 結論與建議 49
第一節 研究結論 49
第二節 研究限制與建議 50
參考文獻 51





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黃俊傑,2010,「公司現金持有的決定因素探討-以台灣市場為例」,國立中正大學財務金融研究所碩士論文。

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