財務受限公司持有現金與投資策略之研究

Cash Holdings and Investment in Financially Constrained Firms

林伯羲(Po-Hsi Lin)

指導教授 ： 何耕宇

共同指導教授 ： 余峻瑜(Jiun-Yu Yu)

國立臺灣大學/管理學院/商學研究所/碩士(2017年)

https://doi.org/10.6342/NTU201701315

摘要

本文將探討臺灣資本市場中，財務受限公司的現金持有、投資與公司價值間的關係。我建立迴歸模型，檢驗現金變動量對公司超額報酬是否有顯著影響；結果顯示在財務受限公司中現金確實具有較高價值。我進一步從迴歸模型的結果發現，公司持有現金並沒有顯著增加投資；但是，財務受限公司之投資仍帶來較大的邊際效益。此結果代表財務受限公司相較於非財務受限公司，更珍惜手上的現金以進行投資。另一方面，實證結果亦支持財務受限公司持有現金有較高價值的原因，在於預防性動機；財務受限公司將倚賴較多現金以維持日常營運。

關鍵字

現金持有 ； 財務受限公司 ； 投資 ； 預防性動機

並列摘要

This research investigates the association among cash holdings, investment and the value of financially constrained firm in Taiwan stock market. I build a linear regression model to test whether change in cash plays an important role in a firm’s excess stock return. The results show that change in cash significantly affects firm value. In addition, I find that there is no significant relation between cash holdings and investment; however, the marginal value of investment in financially constrained firms is higher. I interpret these findings as the view that financially constrained firms, compared with financially unconstrained counterparts, treasure their cash holdings to undertake investment projects. On the other hand, the empirical evidence suggests that the reason for cash holdings being more valuable for financially constrained firms is due to precautionary motive; financially constrained firms rely on more cash to keep their operation.

並列關鍵字

Cash holdings ； Financially constrained firm ； Investment ； Precautionary motive

參考文獻

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