關係人交易普遍存在於臺灣的集團企業當中,它可以幫助創建企業內部的資本市場,從而減少對於外部融資的依賴性。然而,它也可能提高大股東侵占小股東利益的動機或是增加外部投資大眾和集團企業之間的資訊不對稱。因此,本研究將探討組臺灣企業投資現金流敏感性和集團企業之關係人的關係,並且探討其中之原因。這項研究結果發現集團企業比起非集團企業更加仰賴內部資金內部融資。此外,當企業具有較高的Q值、較高的控制權與盈餘權之偏離,或是更多的關係人交易時,集團企業比起非集團企業更加仰賴內部融資,表示集團企業比起非集團企業存在較多的代理問題或是資訊不對稱。
Related party transaction is very common for group firms in Taiwan as it can help create an internal capital market and therefore reduce the dependence on external financing. However, it may also encourage large shareholders’ expropriation of small shareholders and strengthen the information asymmetry between outside shareholders and managers. Therefore, this study explores the relationship between investment-cash flow sensitivity and related party transaction for group firms in Taiwan. The results will clarify which argument dominates. This study explorers that group firms do rely on more internal financing than non-group firms. Besides, group firms with higher Tobin’s Q, higher excess control right or more related party transactions will rely on more internal financing than non-group firms, indicating that group firms have more agency problems or information asymmetry than non-group firms.