董事結構對投資與現金流量敏感度之影響

The impact of Board Composition on Investment and Cash Flow Sensitivity

李昕妤(Hsin-Yu Lee)

指導教授 ： 林允永

淡江大學/商管學院/財務金融學系碩士班/碩士(2019年)

https://doi.org/10.6846/TKU.2019.00353

摘要

Myers and Majluf (1984)所提出的融資順位理論說明企業進行融資時，會先選擇內部融資再向外部融資，投資人與經理人間的資訊不對稱，會導致向外融資的成本增加，企業將面臨財務受限，Fazzari, Hubbard and Petersen(FHP, 1988)首先提出現金流量敏感度和投資的關係，得出財務受限公司的投資現與金流量敏感度較高的結果，之後也陸陸續續有學者延續這篇論文提出許多關於投資與現金流量敏感度的看法。Jensen (1986) 發現較為嚴重的代理問題，會使投資與現金流量敏感性越高，若想降低代理成本可以透過財務激勵計劃、公司治理、內控稽核制度、外部會計師審稽以及財報透明度等等方式。
本篇研究採用Hovakimian(2009)的事後(ex post)模型，在模型中加入公司治理中的董事結構變數，先計算調整後的投資與現金流量敏感度，再依現金流量敏感度的高低進行分組，判斷各組別的財務受限與非受限的情況，並觀察公司治理變數對現金流量敏感度的影響，最後再以Spearman相關係數檢定觀察研究變數與現金流量敏感度之間的相關性。本研究發現，財務受限公司的現金流量敏度與董監質押股比率顯著正相關，且與獨立董事比率呈負相關。

關鍵字

公司治理 ； 投資與現金流量敏感度 ； 財務受限

並列摘要

The pecking order theory proposed by Myers and Majluf (1984) explains that when financing is necessary, companies prefer the source with the lowest transaction cost; hence, they will use retained earnings first, then debt, and lastly equity issuance. Because the market is not perfect and frictionless, the information asymmetry between investors and managers will increase the cost of external financing, causing financial constraints to the companies. Fazzari, Hubbard and Petersen (FHP, 1988) are the first to identify the relationship between cash flow sensitivity and investment. Based on an ex ante method, they divide a sample by a pre-selected proxy variable into financially constrained and non-financially constrained companies to explore the sensitivities in each group. Their findings show that financially constrained companies are associated with higher investment-cash flow sensitivities. Many later scholars have also used their study as a foundation to provide numerous views on investment-cash flow sensitivity. Jensen (1986) argues that a serious agency problem may lead to higher investment-cash flow sensitivity. The agency costs can be reduced through adoption of a financial incentive program, corporate governance, an internal audit system, external accountant review or improvement of the transparency of financial reports.
This study employs the ex post model in Hovakimian (2009) and additionally considers corporate governance as a variable in the model. The adjusted investment-cash flow sensitivities are first estimated. Later, the sample firms are grouped by cash flow sensitivity level to determine the financially constrained status in each group and observe how corporate governance is related to cash flow sensitivity. Finally, Spearman’s correlation coefficient test is used to observe the correlations between the research variables and cash flow sensitivity. Results indicate that cash flow sensitivity is positively and significantly related to the ratio of pledged shares of directors and supervisors and negatively and significantly related to the ratio of independent directors.

並列關鍵字

Investment and cash flow sensitivity ； financially constrained ； the trend of investment and cash flow sensitivity ； corporate governance

參考文獻

國外文獻:

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2. Baglioni, Angelo and Luca Colombo, 2011, The Efficiency View of Corporate Boards: Theory and Evidence, Applied Economics, 45, pp.497-510.

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4. Fazzari, S. M., Hubbard, R., and Petersen, B. C., (1988), “Financing constraints and corporate investment”, Brookings Paper Econ. Act., 141-95.