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系統識別號 U0026-1306201623205000
論文名稱(中文) 公司現金持有與過度投資:以CEO性別為觀點探討
論文名稱(英文) Corporate cash holdings and over-investment – from perspective of CEO gender
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 104
學期 2
出版年 105
研究生(中文) 紀鵬威
研究生(英文) Peng-Wei Chi
學號 R86024087
學位類別 碩士
語文別 英文
論文頁數 27頁
口試委員 指導教授-林軒竹
口試委員-梁少懷
口試委員-謝喻婷
中文關鍵字 CEO性別  公司現金持有  過度投資  自由現金流量 
英文關鍵字 CEO gender  corporate cash holdings  over-investment  free cash flow 
學科別分類
中文摘要 在此篇文章中,我實際地發現台灣上市公司所任用之CEO的性別將會影響公司的現金持有以及自由現金流量的過度投資。因此,所使用的樣本期間為2012年至2014年,共有179筆為女性CEO及2149筆為男性CEO的樣本。實證結果表示女性CEO會有較高比例的公司現金持有,相較於男性CEO而言,女性CEO會因預警動機而有較高的公司現金持有,同時也較不在意持有較高公司現金持有的機會成本。此外,也發現女性CEO可有效地減少自由現金流量下的過度投資問題,並再次顯示女性CEO較男性CEO來的保守。
英文摘要 In this paper, I empirically investigate how CEO gender affects corporate cash holdings and the over-investment of free cash flow among Taiwan listed firms. Thereby, I utilize a sample of 179 listed firms with female CEOs and a sample of 2149 listed firms with male CEOs during 2012 to 2014. The empirical results show that female CEOs are associated with a higher level of corporate cash holdings. Compared with male CEOs, female CEOs are more concerned with the precautionary motive of cash, while they care less about the opportunity cost of cash. Besides, I find that female CEOs moderate the over-investment problem of free cash flow, again indicating that they are more conservative than male CEOs.
論文目次 Abstract……………………………………i
摘要…………………………………………….ii
Acknowledgements………….iii
致謝…………………………………………….iv
Contents…………………………………….v
Table of contents…………….vi
I. Introduction……………………………………………..1
II. Literature review and hypothesis development………………….4
1. Corporate cash holdings and CEO gender………………………………….4
2. Over-investment of free cash flow and CEO gender……….5
III. Methodology…………………………………………………………………….…….6
1. Data and sample……………………………………………………………...6
2. Variables and measurements………………………………………7
3. Models………………………………………………………………………….......13
IV. Empirical results………………………………………………………………14
1. Multiple regression analysis…………………………………14
2. CEO gender and corporate cash holdings………14
3. The mitigation role of CEO gender on over-investment of free cash flow…...19
V. Conclusion…………………………………………………………………………...22
References……………………………………………………………………………….........24
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