Asset Tangibility and Cash Savings from Equity Issuance

實體資產與權益發行所得之現金儲蓄

Yu-Lin Huang(黃幼琳)

《財務金融學刊》 33卷1期 (2025/03) Pp. 109-151

https://doi.org/10.6545/JFS.202503_33(1).0003

摘要

This paper examines how asset tangibility affects cash savings from equity issuance. The results of investigating the U.S. sample from 1988 to 2009 demonstrate that asset tangibility mitigates the increase in equity issuance-cash savings. With more tangible assets, firms would save less cash from costly equity financing. However, such a negative relationship varies with the asset specificity. The greater asset specificity dampens the trimming effect of asset tangibility on cash savings from equity issuance. Furthermore, cash savings from equity issuance motivate high-asset-tangibility (high-AT) firms to invest more in physical assets but less in long-term growth, such as R&D expenditures.

關鍵字

Asset tangibility ； cash savings ； equity issuance

並列摘要

本文探討實體資產對權益所得現金儲蓄之影響。結果發現企業實體資產越多，將減少利用高成本之權益發行累積現金，且此負向關係會隨資產特殊性而變。當資產特殊性越高，實體資產與權益所得現金儲蓄之負向關係將被削弱。此外，相較於投資長期成長相關之研發支出，由權益所儲蓄之現金促使高實體資產公司對資本支出進行更多投資。

並列關鍵字

實體資產 ； 現金儲蓄 ； 權益發行