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系統識別號 U0026-2707201609134300
論文名稱(中文) 影響公司現金持有因素之研究-傳統與科技產業之比較
論文名稱(英文) The Determinants of Corporate Cash Holdings-A Comparison between Traditional and Tech Industries
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 104
學期 2
出版年 105
研究生(中文) 何美慧
研究生(英文) Mei-Hui Ho
學號 R87031257
學位類別 碩士
語文別 中文
論文頁數 46頁
口試委員 指導教授-楊朝旭
口試委員-黃炳勳
口試委員-蔡柳卿
中文關鍵字 現金持有  規模效應  規模經濟  現金流量  科技產業 
英文關鍵字 cash holding  size effect  economies of scale  cash flow  tech industry 
學科別分類
中文摘要 在過去幾十年中,國內外有很多關於探討公司持有現金的文獻,其結論都傾向支持公司持有現金具有規模經濟的效果,但在最近的十年裡,許多研究都指出公司持有越來越多的現金。本研究的主要目的在檢測台灣上市科技產業及傳統產業的規模效應及比較公司持有現金因素的差異。在對總計842家上市公司實證分析,其結果顯示,在傳統產業方面,公司持有現金的規模效應存在顯著的負相關,即愈大的公司持有現金比率愈低,愈小的公司持有現金比率愈高,與先前文獻的研究結果一致,認為公司在持有現金有規模經濟之效果,並支持現金抵換理論之論點。而在科技產業方面,其規模效應則顯著為正,顯示規模愈大的公司,其現金持有比率反而愈高,此結果證實本研究認為科技產業在持有現金的思維上已經改變的推測。
英文摘要 For decades, there are many literatures discussing about corporate cash holdings and the results inclined to support the size effect of corporate cash holdings is negative. However, many researches indicated an increasing trend of corporate cash holdings in recent years. The main purpose of this study is to explore the difference of corporate cash holdings between tech and traditional industries. This paper compares 842 Taiwan-listed nonfinancial firms over the period 2001 to 2014 and the results demonstrated that there is a significant negative correlation between cash holdings and firm size in traditional industries. It meant the bigger firms have a lower rate of cash holdings and the smaller firms have a higher rate of cash holdings. This result is in line with previous studies and supported Static trade-off theory as well. However, the size effect presented significant positive impact in tech industry. It meant that the bigger firms it is, the higher rate of cash holdings. The result verifies that the concept of cash holdings had changed in tech industry.
論文目次 目錄
摘要………………………………………………………………………… I

Abstract……………………………………………………………………… II

誌謝…………………………………………………………………………. VI
目錄…………………………………………………………………………. VII
圖目錄……………………………………………………………………… VIII
表目錄……………………………………………………………………… IX
第一章 緒論……………………………………………………………… 01
第一節 研究背景與動機…….................................................................. 01
第二節 研究目的………………………………………………………. 06
第三節 研究架構…….…………………………………………………. 07
第二章 文獻回顧…………………………………………………................ 08
第一節 公司持有現金之相關理論…………………………………… 08
第二節 影響公司現金持有因素之相關研究………………………… 14
第三章 研究方法…………………………………………………................ 16
第一節 資料來源與樣本選取………………………………………… 16
第二節 變數與變數定義……………………………………………… 16
第三節 實證模型……………………………………………………… 23
第四章 實證結果與分析…………………………………………............. 25
第一節 敘述性統計…………………………………………………… 25
第二節 自變數之相關係數矩陣……………………………………… 27
第三節 迴歸結果分析………………………………………………… 31
第五章 結論與建議………………………………………………............... 39
第一節 研究結論……………………………………………………… 39
第二節 研究限制與建議……………………………………………… 41
參考文獻…………………………………………………………………… 42
中文………………………………………………………………………. 42
英文……………………………………………………………………… 42
參考文獻 參考文獻
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