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系統識別號 U0026-0808201021071400
論文名稱(中文) 公司治理和財務彈性
論文名稱(英文) Corporate Governance and Financial Flexibility
校院名稱 成功大學
系所名稱(中) 國際企業研究所碩博士班
系所名稱(英) Institute of International Business
學年度 98
學期 2
出版年 99
研究生(中文) 黃敏勝
研究生(英文) Min-Sheng Huang
學號 r6697115
學位類別 碩士
語文別 英文
論文頁數 45頁
口試委員 指導教授-江明憲
口試委員-劉宗其
口試委員-許永明
口試委員-陳建維
口試委員-練乃華
中文關鍵字 公司治理  財務彈性  資金結構  成長機會  生命週期 
英文關鍵字 Corporate governance  Capital structure  Financial flexibility  Growth opportunity  Life cycle 
學科別分類
中文摘要 本研究主要為探討公司治理是否能影響財務彈性,以及企業要透過種方法而成為財務彈性公司,同時也加入成長機會和生命週期這兩個會影響財務彈性的因素來進行研究,探討這兩個因素是否會影響公司治理和財務彈性之間的關係。在本研究中發現G-index以及E-index和財務槓桿呈現正相關,但是和公司現金持有數量呈現負相關,本研究證實公司治理會正向影響財務彈性,即企業擁有較佳的公司治理,其財務彈性也相對大,同時也得到企業可以透過維持低財務槓桿或是持有較多的現金以達到財務彈性。從結果得知成長機會和生命週期不會影響到公司治理和財務彈性之間的關係,但是這兩個因素各自都會影響到財務彈性,擁有高成長機會的公司會保有較大的財務彈性,在之後面臨投資機會時便可以利用先前所擁有的舉債能力來進行投資;而公司在不同的生命週期階段其資金結構都會改變,所需的財務彈性大小也都不同,因此,生命週期確實會影響財務彈性。從實證的結果得知即使加入成長機會和生命週期來探討,企業的公司治理好壞才是影響財務彈性最重要的因素。
英文摘要 In this study, we investigate whether and how corporate governance could affect financial flexibility. Further we add two dominant elements, growth opportunity and life cycle, in the study to discuss the relation between corporate governance and financial flexibility. From the empirical results, we find that G-index and E-index have significantly positive affect leverage ratios, but negative with cash holdings. In this study, we find that firms with strong corporate governance have relatively higher financial flexibility, and firms maintain low leverage ratios and/or high cash holdings to achieve financial flexibility. Then, we reveal that growth opportunity and life cycle do not affect the relation between corporate governance and financial flexibility, but they have their own influence with financial flexibility. Firms with greater growth opportunities might preserve more debt capacity ex ante, when they facing the investment opportunities they could use the debt capacity they preserve to invest the projects. Firms in different stages have different financial flexibility needs, so life cycles also affect firms’ financial flexibility. From the empirical results, we conclude that the level of corporate governance is the major reason that could affect financial flexibility.
論文目次 Chapter 1 Introduction 1
1.1 Research Background and Motivation 1
1.2 Research Objective 6
Chapter 2 Literature Review and Hypothesis 7
2.1 Literature Review 7
2.1.1 Pecking order and trade-off 7
2.1.2 Firm size and leverage 8
2.1.3 Corporate governance and financial flexibility 9
2.1.4 Growth opportunity 13
2.1.5 Firm life cycle 14
2.2 Hypothesis 16
Chapter 3 Data and methodology 20
3.1 Data collected 20
3.2 Variable definitions 21
3.3 Methodology 23
Chapter 4 Empirical Results 25
4.1 Univariate Result 25
4.2 Multivariate Result 26
4.2.1 Results for Hypothesis 1 26
4.2.2 Results for Hypothesis 2 29
4.2.3 Results for Hypothesis 3 34
Chapter 5 Conclusions 40
5.1 Conclusions 40
5.2 Suggestions 42
Reference 43
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