投資和現金流量敏感度之相關實證研究

• Main Authors: HSIEH, YI-LIN, 謝亦琳
• Other Authors: 詹家昌
• Format: Others
• Language: zh-TW
• Published: 2007
• Online Access: http://ndltd.ncl.edu.tw/handle/22885348389396383812

碩士 === 東海大學 === 企業管理學系碩士班 === 95 === The purpose of the past researches about cash flow sensitivity of investment is to make sure if it can be the substitute index of financial constraints that companies face. With the information of 297 listed companies in Taiwan in 1995 to 2004, the research brings up a method that is different from the past ones to explore the connection between cash flow sensitivity of investment and financial constraints in a reverse-proofing way. By double segmenting the samples with cash flow sensitivity of investment and cash flow, the research identify whether sensitivity or cash flow is the best substitute index to explain financial constraints in a company. The research also searches for company investment, growth, external finance, and internal flow. The research discovers that：(1)Cash flow sensitivity cannot explain if a company suffers financial constraints. Instead, the level of cash flow can be the substitute index to explain if a company suffers financial constraints. (2)The companies with high level of cash flow sensitivity of investment spend more in capital in the year of high cash flow than in the year of low cash flow. However, the companies with low level of cash flow sensitivity of investment make no significant differences in capital expense in the years of high and low cash flow. (3)Cash flow sensitivity of investment cannot explain the growth of a company, but with the classification of cash flow, the level of cash flow can represent the level of the growth in a company in certain year. (4) When a company takes financial equity activity, it prefers to release stocks in the year of high equity Price/Book price. When a company takes liability financial activity, it prefers to hold external liability in the year of low financial leverage. (5)The dividend policy in a company and its cash flow can tell the level of financial constraints that a company suffers.