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來源文獻資料
摘要
外文摘要
引文資料
題名:
基於會計盈餘資訊性的融資限制
書刊名:
會計評論
作者:
林世傑
作者(外文):
Lin, Shih-chieh
出版日期:
2015
卷期:
61
頁次:
頁121-144
主題關鍵詞:
融資限制
;
盈餘資訊性
;
投資現金流量敏感度
;
領域交替迴歸
;
Financial constraints
;
Informativeness of accounting earnings
;
Investment cash flow sensitivity
;
Regime switching regression
原始連結:
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相關次數:
被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
排除自我引用:0
共同引用:0
點閱:102
融資限制指的是:公司無法按照最適投資所要求的條件來取得外部資金,以致無法達到最適投資。本研究建構一個基於盈餘資訊性的融資限制之理論模型,說明盈餘資訊性與投資現金流量敏感度(融資受限程度指標)之間的關係,並運用領域交替迴歸模型進行實證。實證結果顯示:當公司融資未受限時,盈餘資訊性本身與融資限制無關;但當公司融資受限時,此融資受限程度會隨盈餘資訊性的增加而減少。此外本研究亦發現高成長機會的公司有較高的融資限制。本研究的結論對財務工作的重要義涵在於:管理當局應增加其會計盈餘的情報量,進而擴大融資乘數以提高投資上限,以避免公司產生融資限制而成長受限。
以文找文
Financial constraint refers to the situation under which the firm cannot obtain the required external funds to achieve the optimal investment. In this study, I construct a theoretical financial constraint model based on informativeness of accounting earnings to explore the relationship between the informativeness of accounting earnings and investment cash flow sensitivity (a measure for the degree of financial constraints). Using the regime switching regression model, this study empirically tests the proposition derived from the above theoretical financial constraint model. The empirical result indicates that investment cash flow sensitivity is irrelevant to the informativeness of accounting earnings itself for a firm without financial constraint. However, when a firms is financially constrained, the investment cash flow sensitivity decreases as the informativeness of accounting earnings increases. In addition, the evidence also indicates that firms with higher growth opportunity have higher financial constraints. The important implication of this study to financial management is that management should increase the informativeness of accounting earnings to enhance the investment upper limit through financing multiplier, so that the firm would not suffer financial constraints and thus affect its growth.
以文找文
期刊論文
1.
Cleary, Sean(1999)。The relationship between firm investment and financial status。The Journal of Finance,54(2),673-692。
2.
Fazzari, S.、Hubbard, R. G.、Petersen, B.(2000)。Investment-cash Flow Sensitivities are not Useful: A Comment on Kaplan and Zingales。The Quarterly Journal of Economics,115(2),695-705。
3.
Hubbard, Robert Glenn(1998)。Capital-Market Imperfections and Investment。Journal of Economic Literature,36(1),193-225。
4.
Biddle, G. C.、Hilary, G.、Verdi, R. S.(2009)。How does financial reporting quality relate to investments efficiency?。Journal of Accounting and Economics,48(2/3),112-131。
5.
Hope, Ole-Kristian、Thomas, Wayne B.(2008)。Managerial empire building and firm disclosure。Journal of Accounting Research,46(3),591-626。
6.
Hovakimian, G.、Titman, S.(2006)。Corporate investment with financial constraints: Sensitivity of investment to funds from voluntary asset sales。Journal of Money, Credit, and Banking,38(2),357-374。
7.
Li, F.(2011)。Earnings quality based on corporate investment decisions。Journal of Accounting Research,49(3),721-752。
8.
Hu, X.、Schiantarelli, F.(1998)。Investment And Capital Market Imperfections: A Switching Regression Approach Using U.S. Firm Panel Data。Review of Economics and Statistics,80(3),466-479。
9.
Kaplan, S.、Zingales, L.(2000)。Investment-cash flow sensitivities are not valid measures of financial constraints。The Quarterly Journal of Economics,115(2),707-712。
10.
Aboody, David、Hughes, J. S.、Liu, J.(2005)。Earnings Quality, Insider Trading, and Cost of Capital。Journal of Accounting Research,43(5),651-673。
11.
Holmstrom, Bengt、Tirole, Jean(1997)。Financial Intermediation, Loanable Funds, and the Real Sector。The Quarterly Journal of Economics,112(3),663-691。
12.
McNichols, Maureen F.、Stubben, Stephen R.(2008)。Does earnings management affect firms' investment decisions?。The Accounting Review,83(6),1571-1603。
13.
Lamont, Owen、Polk, Christopher、Saá-Requejo, Jesús(2001)。Financial Constraints and Stock Returns。The Review of Financial Studies,14(2),529-554。
14.
Biddle, Gary C.、Hilary, Gilles(2006)。Accounting quality and firm-level capital investment。The Accounting Review,81(5),963-982。
15.
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。
16.
Kaplan, Steven N.、Zingales, Luigi(1997)。Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?。The Quarterly Journal of Economics,112(1),169-215。
17.
Lang, Larry、Ofek, Eli、Stulz, Rene M.(1996)。Leverage, investment and firm growth。Journal of Financial Economics,40(1),3-29。
18.
Chen, Feng、Hope, Ole-Kristian、Li, Qingyuan、Wang, Xin(2011)。Financial reporting quality and investment efficiency of private firms in emerging markets。The Accounting Review,86(4),1255-1288。
19.
Kiyotaki, Nobuhiro、Moore, John(1997)。Credit Cycles。Journal of Political Economy,105(2),211-248。
20.
Almeida, Heitor、Campello, Murillo(2007)。Financial Constraints, Asset Tangibility, and Corporate Investment。The Review of Financial Studies,20(5),1429-1460。
21.
Oliner, Stephen D.、Rudebusch, Glenn D.(1992)。Sources of the Financing Hierarchy for Business Investment。The Review of Economics and Statistics,74(2),643-654。
研究報告
1.
Almeida, H.、Campello, M.(2002)。Financial constraints and investment-cash flow sensitivities: New research directions。University of Illinois。
圖書
1.
Tirole, J.(2006)。The theory of corporate finance。Princeton NJ:Princeton University Press。
2.
Scott, W. R.(2009)。Financial accounting theory。New Jersey, NJ:Pearson Prentice Hall。
3.
Horngren, C. T.、Foster, G.、Datar, S. M.(1994)。Cost Accounting: A Managerial Emphasis。Englewood Cliffs, NJ:Prentice-Hall。
圖書論文
1.
Maddala, G. S.(1986)。Disequilibrium, Self Selection, and Switching Models。Handbook of Econometrics。New York, NY:North-Holland Publishing Company。
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