- 學位論文
公司債發行前後營運績效變化與自由現金流量假說
On Free Cash Flow Hypothesis And Firm's Operating Performance After Issuing Corporate Bond
摘要
本文研究之目的,在探討上市公司因投資目的發行公司債後,其長期營運績效的變化,並分析其與自由現金流量假說的關係。依據公司發行公司債前後財務數據,使用成對資料之T檢定及迴歸分析,結果發現: 1.公司債後公司營運績效顯著下降。 2.除自由現金流量外, 本研究另加入三項變數;固定資產變動率,負債比率,及總資產取自然對數其分別代表公司規模之變動狀況,財務結構,公司規模之可能影響,分析結果發現自由現金流量比例對發行公司債前後營運績效差異具顯著影響且係數為負數, 也就是說實證結果支持自由現金流量假說。 3.整體而言,固定資產變化率與負債比率對公司債發行前後績效變動的解釋能力並不顯著,而規模大小則具解釋能力。
並列摘要
The purposes of this study are to explore the effect of issuing corporate bond for investment activity on long term operation performance, and to testify the validity of the free cash flow hypothesis. Using financial figures obtained before and after those corporations issuing bond and performing Paired T-test and the regression analysis, we found that: (1)the operating performance declines for the first four years after issuing bond ; (2)the decline in operating performance results from four possible reasons: free cash flow, investment activity, the ratio of liability, and the scale of the corporation.. These factors represent four different theories, respectively: the free cash flow hypothesis, the influence of issuing corporate bond in investment activity, the financial situation, and the theory of information asymmetry. The result of this paper shows that the effect of free cash flow has a significantly negative impact on the long term operation performance. the free cash flow hypothesis is supported by this research. (3)As general, the variety of investment activity and the ratio of liability cannot explain various phenomena of issuing bonds. However, the scale of the corporation has an excellent explantion in this research.