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系統識別號 U0026-3006201611541800
論文名稱(中文) 外部資本充裕度對公司投資-現金流敏感性之影響:以房地產業探討
論文名稱(英文) The Impact of External Capital Adequacy on Firm’s Investment-cash Flow Sensitivity:Evidence from Real Estate Industry
校院名稱 成功大學
系所名稱(中) 經濟學系
系所名稱(英) Department of Economics
學年度 104
學期 2
出版年 105
研究生(中文) 朱栩謝駿
研究生(英文) XuXieJun Zhu
學號 U56033017
學位類別 碩士
語文別 中文
論文頁數 84頁
口試委員 指導教授-蔡群立
口試委員-王富美
口試委員-陳政芳
中文關鍵字 投資-現金流敏感性  融資限制  外部資本充裕度  過度投資  房地產產業 
英文關鍵字 investment-cash flow sensitivity  financing constraints  external capital adequacy  overinvestment problems  real estate industry 
學科別分類
中文摘要 自從Fazzari, Hubbard, Petersen(1988)提出投資-現金流敏感性和公司融資限制存在相關性,學界關於投資-現金流敏感性的探討不斷持續。近幾年來,學者認為投資-現金流敏感性與公司融資限制間的關係變得有所不同。但考慮資本市場外部融資衝擊,進行探討投資-現金流敏感性的文章較少,目前只有Niclas and Hakan(2015)研究能源產業其投資-現金流敏感性是否受到石油價格衝擊而改變。而美國房地產業在財務金融危機前後其房地產價格之差異,也創造另一個非常好的外部資本衝擊的自然環境,可供我們觀察房地產產業公司投資-現金流敏感性的變化,以驗證投資-現金流敏感性與公司融資限制在外部資本衝擊下是否仍然存在相關性。
本文首先對投資-現金流敏感性的相關研究進行整理;接著透過對文獻研究方法與模型設定的回顧,借鑒參考基礎上提出本文的模型設定。使用Compustat資料庫取得美國房地產相關產業1990-2014年財務資料,並將樣本分為大、小公司,以外部融資變化分別對樣本前、中、後期間的變化進行探討,透過基礎模型與模型的擴展進行實證研究,最後對實證結果進行分析解釋。
本文實證結果顯示,公司投資與現金流間存在正向關係,在1990-2007年投資-現金流敏感性可以較好衡量公司融資限制程度。在2007年之後公司外部融資資本緊縮,投資-現金流敏感性無法較好衡量公司融資限制程度。透過進一步檢定投資-現金流敏感性的產生原因,發現大公司存在過度投資現象,即其投資行為存在低效率。
英文摘要 This study mainly examined the relationship between cash flow and investment, and examined whether the investment-cash flow sensitivity varies with changes of the external financing or not.

Using the panel data model of real estate to verify whether investment-cash flow sensitivity is a measure of financing constraints in 1990-2014.

The result shows that there is a positive relationship between cash flow and investment, and investment-cash flow sensitivity can measure the financing constraints when capital becomes abundant. Moreover, large firms are indeed more likely to suffer overinvestment problems.
論文目次 第一章 緒論...........................................1
第一節 研究背景.....................................1
第二節 研究動機與目的................................3
第三節 研究流程與架構................................6
第二章 文獻回顧........................................8
第一節 關於融資投資行為的假說論述.......................8
第二節 關於投資-現金流敏感性存在原因的兩大解釋理論.........9
第三節 投資-現金流敏感性與融資限制的關係................13
第四節 小結........................................22
第三章 研究方法.......................................25
第一節 模型建立.....................................25
第二節 變數設定與說明................................31
第三節 模型假設.....................................35
第四章 實證結果.......................................37
第一節 樣本與資料來源................................37
第二節 敘述統計.....................................39
第三節 實證結果.....................................48
第五章 結論..........................................73
第一節 全文總結.....................................73
第二節 研究展望.....................................74
參考文獻.............................................76
附錄................................................81
附錄A.............................................81
附錄B.............................................83
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