融資限制對投資行為的影響

The Impact of Financial Constraints on Investors’ Behaviors

林馥三(Fu-San Lin)

指導教授 ： 倪衍森

淡江大學/商管學院/管理科學學系企業經營碩士班/碩士(2021年)

https://doi.org/10.6846/TKU.2021.00667

摘要

本文主要探討當公司受到融資限制時，對於其投資人持股的變動，實證結果如下，其一、以負債比率過高作為公司融資限制的代理變數對外資和投信持股率有負向顯著影響，其二、本研究也顯示出當流動比率過低會使外資持股率降低，其三、當現金流量為負數時，外資和投信並不偏好持有該公司股票，其四、研究發現公司每股淨值不及五元和外資持股率呈正向顯著關係，其五、公司每股盈餘連續虧損三年表示該公司營運不善，對於外資、自營商持股率呈負向顯著關係。

關鍵字

融資限制 ； 投資行為 ； 負債比率 ； 流動比率

並列摘要

This paper explores whether company financial constraints would have impacts on investment behavior, and then derive the following important findings. First, we show that foreign shareholding ratio would be negatively impacted by higher debt ratio, one of the financial constraints. Second, we also disclose low current ratio would reduce foreign shareholding ratio. Third, when the cash flow is negative, foreign investors and investment trust don’t prefer to hold shares in the company. Fourth, the study found net asset value per share less than five dollar has a positive effect on foreign shareholding ratio. And lastly, the company’s earnings per share loss for three consecutive years evinced its grim operation, and the influence of earnings per share loss for three consecutive years may lead to the foreign shareholding ratios and dealers shareholding ratios would be negatively impacted.

並列關鍵字

Financial Constraints ； Investment Behavior ； Debt Ratio ； Current Ratio

參考文獻

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