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題名:持續性高現金儲備政策對公司長期營運績效與股價之影響
書刊名:創新與管理
作者:許溪南郭玟秀 引用關係張介銘
作者(外文):Hsu, HsinanKuo, Wen-hsiuChang, Chieh-ming
出版日期:2008
卷期:6:1
頁次:頁119-156
主題關鍵詞:持續性高現金儲備經營績效股價報酬公司成長Persistent large cash holdingsOperating performanceStock returnFirm growth
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(3) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:3
  • 共同引用共同引用:31
  • 點閱點閱:55
本文旨在探討持續性高現金儲備政策對台灣上市公司長期營運績效與長期股價之關係,且設計出三組「同產業、同規模」,但是分別採取不同現金管理政策的公司做為對比公司,來檢視在不同現金管理政策下的公司特徵變數以及公司長期營運績效是否存有顯著差異。此外,本文也應用Spiess and Affleck-Graves (1995)衡量長期股價報酬的方法來檢視台灣上市公司採持續性高現金儲備政策後的長期報酬。研究結果顯示採取「持續性保守型」現金管理政策並不會傷害股東利益和扼殺公司績效表現,相反的,可以利用龐大現金部位支持公司的成長與發展。這對企業界、監理機關、投資人均有重大的意義。
The purpose of this paper is to investigate the effects of persistent policy of large cash holdings on the long-run operating performance and stock returns. In addition, this paper sorts three groups of firms by size, industry and different cash management policies to examine whether there exists difference in long-run performance. Also, this paper employs long-run adjusted return proposed by Spiess and Affleck-Graves (1995) to test if there is long-run abnormal returns for persistent policy of large cash holdings. Our results indicate that firms with persistently large cash holdings can use large cash to support growth opportunities and have comparable or greater performance than those of size-and industry-matched control groups. These results have a profound implication to business firms, government, and investors.
期刊論文
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2.張大成、薛人瑞、黃建隆(20030100)。財務危機模型之變數選取研究。貨幣觀測與信用評等,39,96-105。  延伸查詢new window
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6.Mikkelson, W. H.、Partch, M. M.(2003)。Do Persistent Large Cash Reserves Hinder Performance?。Journal of Financial and Quantitative Analysis,38(2),275-294。  new window
7.王詠心、蕭巧玲(20000300)。淺析傳統產業在證券集中市場資金配置情形。經濟情勢暨評論,5(4),65-78。  延伸查詢new window
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9.Smith, C.(1977)。Alternative Methods for Raising Capital: Rights Versus under Written Offerings。Journal of Financial Economics,5,273-307。  new window
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13.John, Teresa A.(1993)。Accounting Measures of Corporate Liquidity, Leverage, and Costs of Financial Distress。Financial Management,22(3),91-100。  new window
14.Harford, Jarrad(1999)。Corporate Cash Reserves and Acquisitions。The Journal of Finance,54(6),1969-1997。  new window
15.Denis, Diane K.、McConnell, John J.(2003)。International corporate governance。Journal of Financial and Quantitative Analysis,38(1),1-36。  new window
16.Gertner, R.、Scharfstein, D.(1991)。A theory of workouts and the effects of reorganization law。Journal of Finance,46(4),1189-1222。  new window
17.Spiess, D. Katherine、Affleck-Graves, John(1995)。Underperformance in long-run stock returns following seasoned equity offerings。Journal of Financial Economics,38(3),243-267。  new window
18.Leland, Hayne E.、Pyle, David H.、Brealey, Richard(1977)。Informational Asymmetries, Financial Structure, and Financial Intermediation。The Journal of Finance,32(2),371-387。  new window
19.Anderson, Ronald C.、Reeb, David M.(2003)。Founding-family ownership and firm performance: Evidence from the S&P 500。The Journal of Finance,58(3),1301-1328。  new window
20.Eberhart, Allan C.、Maxwell, William F.、Siddique, Akhtar R.(2004)。An Examination of Long-Term Abnormal Stock Returns and Operating Performance following R&D Increases。The Journal of Finance,59(2),623-650。  new window
21.王元章(20011000)。內部人持股、風險、股利、負債、投資與公司價值。證券市場發展季刊,13(3)=51,29-70。new window  延伸查詢new window
22.La Porta, Rafael、López-de-Silanes, Florencio、Shleifer, Andrei、Vishny, Robert W.(1998)。Law and Finance。Journal of Political Economy,106(6),1113-1155。  new window
23.Jensen, Michael C.(1986)。Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers。The American Economic Review,76(2),323-329。  new window
24.Opler, Tim、Pinkowitz, Lee、Stulz, René M.、Williamson, Rohan(1999)。The determinants and implications of corporate cash holdings。Journal of Financial Economics,52(1),3-46。  new window
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學位論文
1.郭素菱(2002)。機構投資人與財務報表攸關性之研究(碩士論文)。國立成功大學。  延伸查詢new window
2.陳銀貴(2003)。我國一線主機板廠競爭優勢之研究(碩士論文)。國立臺北大學。  延伸查詢new window
3.郭敏華(1996)。資訊不對稱對負債資金成本之影響--以銀行借款為實證(博士論文)。國立政治大學。new window  延伸查詢new window
4.楊俊中(1998)。股權結構與經營績效相關性之研究(碩士論文)。國立臺灣大學。  延伸查詢new window
圖書
1.林財源(2000)。財務報表分析。台北:華泰文化事業。  延伸查詢new window
 
 
 
 
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