投資現金流量敏感度與法人說明會

Investment-cash flow sensitivity and conference calls

蔡明翰(Ming-han Cai)

指導教授 ： 曹壽民

國立中央大學/管理學院/企業管理學系/碩士(2011年)

摘要

過去的研究指出資訊不對稱問題易導致公司有較高融資成本而有較高的投資現金流量敏感度，因而影響到公司的投資或融資決策，使得公司投資易受到內部資金多寡的影響，因此高投資現金流量敏感度的公司是否愈願意透過自發性揭露來降低資訊不對稱的影響。本研究以2002至2009年國內上市櫃公司為研究對象，並以法人說明會作為自發性揭露的代理變數，探討投資現金流量敏感度與自發性揭露之間的關係，研究結果發現高投資現金流量敏感度的公司愈願意召開法人說明會且頻率愈大。

關鍵字

投資現金流量敏感度 ； 法人說明會

並列摘要

Prior research documents that information asymmetry increases the sensitivity of investment to internal funds and thus affects a firm’s investment or financing decisions. Therefore, firms with higher investment-cash flow sensitivity are more likely to voluntarily disclose in order to reduce information asymmetry and cost of capital. This study views conference calls as a voluntary disclosure mechanism and examines how investment-cash flow sensitivity influences the likelihood and frequency of conference calls. The results show that, due to higher information risk and financing cost, firms with higher investment-cash flow sensitivity are more likely to hold conference calls than those with lower investment-cash flow insensitivity firms.

並列關鍵字

conference calls ； investment-cash flow sensitivity

參考文獻

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2. 廖益興、陳彥綺與王貞靜，2011，年報資訊揭露與資訊不對稱：來自私有資訊交易之證據，經濟研究，第四十一期一月， 45-96。

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