A STUDY OF DETERMINING FACTORS OF BUSINESS FRESS CASH FLOWS IN THE OPTOELECTRONICS IDNUSTRY

• Main Authors: Cheng Ming-Han, 鄭名涵
• Other Authors: Jan Yuh-Ling
• Format: Others
• Language: zh-TW
• Published: 2008
• Online Access: http://ndltd.ncl.edu.tw/handle/19839145984391818910

碩士 === 國立臺北大學 === 企業管理學系 === 96 === The optoelectronics industry with the impressive ratio of growth, the total output from Taiwan has reach 17% at 2007. It is a great contribution to the growth of economy in Taiwan. Free cash flow has always been a factor to measure the business value, but with few academic researches. This study aims to debate the role played by free cash flow and how it influences in the optoelectronics industry with high capital intensity. Considering the industry still appears the growing momentum, therefore, this study includes the firm size, the growth rate, Patent Royalty-SG&A and credit rating as influence factors to free cash flow. The proposition researches about the relationship among free cash flow, influence factors and corporate value. The data used in the study is from the five-year records of listed company from Taiwan Economic Journal Data Bank, experiments by Seemly Unrelated Regressions (SUR). The result of empirical evidence presents the assorted free cash flow under different firm size. The larger size of firm has the contrary result in terms of the size of free cash. The free cash flow also affects the value of business in the future. The study has approved the time lag effect on the business value resulted by the factor of free cash flow. Meanwhile, the evidence showing the existence of free cash flow will lower the influence on value of business. It also approves that the free cash flow has the part of mediating effects between influence factors and business value.