內部流動性與超額價值

Internal Liquidity and Excess Value

鄭湘蓉(Hsiang-Jung Cheng)

指導教授 ： 廖咸興

國立臺灣大學/管理學院/財務金融學研究所/碩士(2011年)

https://doi.org/10.6342/NTU.2011.10738

摘要

摘要
本研究使用了1993到2008年共33496個樣本研究公司的內部流動性對超額價值的影響以及是否多角化公司和單部門公司的流動性存在顯著的差異。本文的實證結果顯示公司的內部流動性和超額價值有正向的影響，和financial slack 的論點一致。此外本文也發現多角化公司的內部流動性會低於單部門公司，尤其是當公司有較高的內部流動性水準時，此結果和Duchin (2010)提及的共保效應的論點相呼應。

關鍵字

多角化 ； 超額價值 ； 內部流動性

並列摘要

Abstract
This study employs a sample of 33496 year-firm observations from year 1993 through 2008 to explore the effects of internal liquidity on firm’s excess value and whether they are different between diversified (multidivisional) and focused firms. Empirical results reveal that a firm’s internal liquidity level positively relates to its firm excess value, which is consistent with the financial slack argument. This study also finds that internal liquidity of diversified firms is smaller than focused ones, especially more significant for firms with a higher internal liquidity level, which is consistent with coinsurance assertion of Duchin (2010).

並列關鍵字

Diversification ； Excess value ； Internal liquidity

參考文獻

1. Berger, P.G., Ofek, E., 1995, “Diversification’s effect on firm value,” Journal of Financial Economics 37, 39-65.

3. Chen, T.K., Liao, H.H., Tsai, P.L., 2011, “Internal liquidity risk in corporate bond yield spreads” Journal of Banking & Finance 35,978–987

4. Comment, R., Jarrell, G., 1995. “Corporate focus and stock returns.” Journal of Financial Economics 37, 67–87

5. Duchin, R., 2010, “Cash Holdings and Corporate Diversification,” Journal of Finance 65, 955-992.

6. Hyland, D.C., Diltz*, J.D., 2002, “Why Firms Diversify: An Empirical Examination,” Financial Management 31, 51-81