企業生命週期可否解釋投資與現金流量的敏感度？

Whether Enterprise Life Cycle can Interpret the Sensitivity of Investment and Cash Flow?

詹家昌(Chia-Chung Chan) ； 許月瑜(Yueh-Yu Hsu)

《中山管理評論》 20卷3期 (2012/09) Pp. 909-944

https://doi.org/10.6160/2012.09.06

摘要

雖然過去有許多文獻對於投資與現金流量敏感度的意義有不同的解釋，但投資與現金流量的敏感度亦持續成為文獻探討的主題。本文除了延續過去的研究外，亦強調個別公司條件差異在解釋敏感度的重要性，觀察重點則在是否不同的公司生命週期會造成不同的投資與現金流量敏感度。本文結果除了發現公司之生命週期階段差異有助於提升模型的解釋能力外，亦發現在成長前期階段，融資限制是造成敏感度的主因，此與Kaplan & Zingales（1997）的主張一致，高融資限制公司顯著較低的敏感度。至於衰退後期亦有發現類似情況，但此時形成敏感度的主因則是投資的需求，與資金的需求無關，融資限制也不是造成敏感度的主因。整體而言，市場不完美程度僅能解釋成長前期的投資與現金流量敏感度，若未控制公司特徵的差異，除了可能造成如文獻的不同結果外，亦可能無法掌握造成敏感度的主因。

關鍵字

生命週期 ； 融資限制 ； 投資 ； 現金流量

並列摘要

Although there were various interpretations from many articles about the meanings of sensitivity of investment and cash flow, the sensitivity of investment and cash flow still continues to become the main topic in many research articles. The paper not only extends the past studies but also emphasizes the difference among the individual corporations how to explain the importance of the sensitivity. The main point is to observe whether various enterprise life cycles will manage to different sensitivities of investment and cash flow. The conclusion of the article not only finds out the phase variety of life cycle which can promote the explanation capacity of the module, but also can prove that finance constraints from banking system at pre-growth phase is the main point to cause sensitivity. This finding has the same result as Kaplan & Zingales (1997). However, at regression -post phase, sensitivity situation has been found too. At the phase, the main reason to cause sensitivity is the requirement for investment, not the requirement of the finance support. Moreover, finance constraints also are not the main reason for causing sensitivity. As far as the integration is concerned, sensitivity of the investment and cash flow at pre-growth phase only can be explained from the degree of imperfect market. If the difference of the special features from various companies has not been controlled, the consequence from various articles will be different and the reason of causing sensitivity also can not be handled.

並列關鍵字

Life Cycle ； Financial Constraints ； Investment ； Cash flow

參考文獻

詹家昌、莊文議、游志成(2007)。市場不完美對投資與現金流量敏感度影響之研究。管理評論。26(3)，1-26。

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