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系統識別號 U0026-0812200915122348
論文名稱(中文) 企業成長機會對於融資決策、現金流量、企業價值影響之研究─以我國TFT-LCD產業為例
論文名稱(英文) A Study on the Effect of Growth Opportunities of Taiwan TFT-LCD Industry on it's Financing Decision, Cash Flow and Firm Value
校院名稱 成功大學
系所名稱(中) 高階管理碩士在職專班(EMBA)
系所名稱(英) Executive Master of Business Administration (EMBA)
學年度 97
學期 2
出版年 98
研究生(中文) 周美玲
研究生(英文) Mei-Ling Chou
學號 r0796412
學位類別 碩士
語文別 中文
論文頁數 137頁
口試委員 口試委員-康信鴻
口試委員-蔡明田
指導教授-莊雙喜
中文關鍵字 企業成長機會  TFT-LCD  企業價值  現金流量  融資決策 
英文關鍵字 Financing Decision  TFT-LCD  Growth Opportunities  Cash Flow  Firm Value 
學科別分類
中文摘要 本研究旨於探討企業為提升其成長機會,必須投資金額龐大之資本支出,而對於所採行之融資決策-負債、權益,所衍生之股利政策、利息等,上述均影響其現金流量,進而使得企業價值受波動之相互影響關係。
研究之進行,係選定國內TFT-LCD廠商之奇美電子、友達、華映、彩晶及群創等五家公司為對象,針對其公開之財務資料,進行簡單與多元迴歸之研究分析,獲得之實證結論揭示如下:
1. 企業之成長機會高,其負債比率越高。
2. 企業之成長機會高,其股票股利越高,但現金股利卻越低。
3. 企業之成長機會高,其現金流量越低。
4. 企業之成長機會高,其企業價值越高。
5. 企業之負債與股票股利越高,其現金流量越低;但現金股利越高,其現金流量越高。
6. 企業之現金流量越高,其企業價值越高。
英文摘要 The purpose of this study is to explore how enterprises must invest tremendous capital expenditure to upgrade their growth opportunities, and to look at how the dividend policies and interests deriving from the financing decision towards liabilities and equity as applied by them affect the cash flow and thereby lead to the fluctuation in their firm value.
The study examines the disclosed financial information of the local TFT-LCD manufacturers, including CMO, AUO, CPT, HannStar and InnoLux, based on simple regression analysis and multiple regression analysis. The empirical results show that:
1. The enterprises with more growth opportunities have higher liability ratio.
2. The enterprises with more growth opportunities have higher stock dividends but lower cash dividends.
3. The enterprises with more growth opportunities have lower cash flow.
4. The enterprises with more growth opportunities have higher firm value.
5. The enterprises with higher liabilities and stock dividends have lower cash flow, while the enterprises with higher cash dividends have higher cash flow.
6. The enterprises with higher cash flow have higher firm value.
論文目次 第一章 緒論 1
第一節 研究背景及動機 1
第二節 研究目的 3
第三節 論文架構與研究流程 4
第二章 文獻探討 5
第一節 融資理論與影響融資決策之相關理論 6
第二節 企業成長機會之相關文獻 15
第三節 現金流量之相關文獻 19
第四節 企業價值之相關文獻 22
第五節 成長機會、融資決策、現金流量與企業價值相關文獻 26
第三章 TFT-LCD產業概況 38
第一節 產業特性 38
第二節 產業發展現況與未來趨勢 45
第三節 台灣TFT-LCD產業之未來挑戰 64
第四章 研究設計與方法 71
第一節 樣本與資料來源 71
第二節 研究架構與假說 78
第三節 研究變數操作定義 80
第四節 研究方法 85
第五章 實證結果 88
第一節 敘述統計性分析 88
第二節 相關性分析 89
第三節 多元迴歸分析 95
第六章 結論與建議 110
第一節 結論 110
第二節 研究限制 118
第三節 跨產業之研究 119
第四節 研究建議 120
參考文獻 121
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