台灣飯店業現金持有水平的決定因素

Determinants of corporate cash-holding levels of Taiwan’s hotel industry

戴寶華(Pou-Wa Tai)

指導教授 ： 陳明祥 ； 郭良瑋

國立中正大學/管理學院/財務金融學系/碩士(2013年)

並列摘要

Abstract

This study examines the determinants of cash-holding levels of Taiwan’s hotel industry. The cash-holding determinants are firm size, leverage, investment opportunities, liquid asset substitutes, capital expenditures and cash flow. Examining a panel data set obtained from seven publicly traded Taiwanese hotel firms from 1991Q4 through 2012Q3, we use panel regression model to test the six firm-specific factors in determining corporate cash-holding levels. Panel regression test results show that investment opportunities, liquid asset substitutes and capital expenditures have a negative effect on cash holdings, while cash flow has a positive impact. Lastly, this is an extension of earlier investigations of whether the response of firm-specific factors to cash-holding levels in business cycle recession is statistically different from what those levels are in periods of business cycle expansion. Further, although the influence of firm-specific factors on cash-holdings is unrelated to business cycle during expansion periods, firm-specific factors of capital expenditures can significantly increase cash-holdings during recession periods.

並列關鍵字

Firm-specific ； Panel regression ； Taiwan ； Hotels ； Cash-holding ； Business cycle

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