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題名:臺灣上市公司現金流量與投資行為關係之研究--自由現金流量假說與融資順位假說的驗證
書刊名:玄奘管理學報
作者:彭雅惠
作者(外文):Peng, Ya-hui
出版日期:2005
卷期:2:2
頁次:頁123-137
主題關鍵詞:自由現金流量融資順位理論代理理論二階段迴歸模式Free cash flowPecking order theoryAgency theoryTwo-stage least squares model
原始連結:連回原系統網址new window
相關次數:
  • 被引用次數被引用次數:期刊(1) 博士論文(1) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:1
  • 共同引用共同引用:3
  • 點閱點閱:15
本篇研究的目的是希望暸解台灣上市公司現金流量對其資本投資的影響,是支持代理理論或是支持融資順位理論。本研究還取台灣證券交易所上市公司民國87至91年的資料為樣本,利用影響投資決策的相關變數如現金流量、期初約當現金、營業收入、Tobin’sQ以及現金流量與Tobin’sQ的交互影響項等,來檢驗台灣上市公司的投資行為。研究結果發現,代理理論自由現金流量假說可解釋台灣上市公司的資本投資行為。
The paper explores the relationship between cash flow and capital investment spending in Taiwan listed firms. The samples consist of data for 452 listed firms from 1998 to 2002. Two-stage least squares model is employed and results suggest that the free cash flow hypothesis by Jensen (1986) is potential explanation for the investment/cash flow relationship.
期刊論文
1.Pinegar, J. Michael、Wilbricht, Lisa(1989)。What Managers Think of Capital Structure Theory: A Survey。Financial Management,18(4),82-91。  new window
2.Whited, Toni M.(1992)。Debt, Liquidity Constraints, and Corporate Investment: Evidence from Panel Data。Journal of Finance,47(4),1425-1460。  new window
3.謝劍平(19940100)。資本支出宣告對股東財富之影響--Jensen閒餘現金流量與Tobin's Q兩假說之驗證。中國財務學刊,1(2),37-52。new window  延伸查詢new window
4.Oliner, S.、Rudebusch, G.(1992)。Internal finance and investment: Testing the role of asymmetric information and agency cost。Review of Economics and Statistics,1992(Nov.),643-654。  new window
5.Fazzari, S. M.、Peterson, B.(1993)。Investment smoothing with working capital: New evidence on the impact of financial constraints。The RAND Journal of Economics,1993(Autumn),328-342。  new window
6.Vogt, S. C.(1994)。The Cash Flow/Investment Relationship: Evidence from U.S. Manufacturing Firms。Financial Management,23(2),3-20。  new window
7.Fazzari, Steven M.、Hubbard, R. Glenn、Petersen, Bruce C.、Blinder, Alan S.、Poterba, James M.(1988)。Financing constraints and corporate investment。Brookings Papers on Economic Activity,1988(1),141-206。  new window
8.Jensen, Michael C.(1986)。Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers。The American Economic Review,76(2),323-329。  new window
9.Myers, Stewart C.、Majluf, Nicholas S.(1984)。Corporate Financing and Investment Decisions When Firms Have Information That Investor Do Not Have。Journal of Financial Economics,13(2),187-221。  new window
圖書
1.Donaldson, G.(1961)。Corporate debt capacity: A study of corporate debt policy and the determination of corporate debt capacity。Boston, MA:Harvard University Graduate School of Business Administration。  new window
圖書論文
1.Strong, J. S.、Meyer, J. R.(1990)。Sustaining investment, discretionary investment, and valuation: A residual funds study of the paper industry。Asymmetric Information, Corporate Finance, and Investment。Chicago, IL:University of Chicago Press。  new window
2.Devereux, M.、Schiantarelli, F.(1990)。Investment, financial factors, and cash flow: Evidence from U.K. panel data。Asymmetric Information, Corporate Finance, and Investment。Chicago, IL:University of Chicago Press。  new window
 
 
 
 
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