A Study of the Impact of Banking Relationships on Investment-cash Flow Sensitivity

碩士 === 東海大學 === 財務金融學系 === 102 === Most of the past literatures which discussed the research of financial constraints whether affect investment-cash flow sensitivity. Although all of them examined market’s information asymmetry, there are different results about the relationship between financial...

Full description

Bibliographic Details
Main Authors: Chen Yuan-Hao, 陳元晧
Other Authors: Chan Chia-Chung
Format: Others
Language:zh-TW
Published: 2014
Online Access:http://ndltd.ncl.edu.tw/handle/58235681938116440046
id ndltd-TW-102THU00304020
record_format oai_dc
spelling ndltd-TW-102THU003040202016-02-21T04:21:03Z http://ndltd.ncl.edu.tw/handle/58235681938116440046 A Study of the Impact of Banking Relationships on Investment-cash Flow Sensitivity 銀行關係對投資與現金流量敏感度影響之研究 Chen Yuan-Hao 陳元晧 碩士 東海大學 財務金融學系 102 Most of the past literatures which discussed the research of financial constraints whether affect investment-cash flow sensitivity. Although all of them examined market’s information asymmetry, there are different results about the relationship between financial constraints and investment-cash flow sensitivity. In addition, there are few papers used the off-balance sheets information. The effects between banking relationship and investment-cash flow sensitivity are the most important aims of this paper. This paper used FHP(1988) as the empirical and fundamental models to evaluate the investment-cash flow sensitivity. In addition, this paper added the concepts of bank relationship into FHP model. Moreover, we considered financial constraints and financial flexibility into the robust test. The empirical results and this paper’s contributions are following. First, companies who have good banking relationship can reduce the pressures of the internal cash and the investment-cash flow sensitivity. Second, companies with good banking relationship who have financial constraints or who have no financial flexibility can have lower cash flow sensitivity. Third, companies with low financial flexibility can mitigate the effects between banking relationship and investment-cash flow sensitivity. Chan Chia-Chung 詹家昌 2014 學位論文 ; thesis 37 zh-TW
collection NDLTD
language zh-TW
format Others
sources NDLTD
description 碩士 === 東海大學 === 財務金融學系 === 102 === Most of the past literatures which discussed the research of financial constraints whether affect investment-cash flow sensitivity. Although all of them examined market’s information asymmetry, there are different results about the relationship between financial constraints and investment-cash flow sensitivity. In addition, there are few papers used the off-balance sheets information. The effects between banking relationship and investment-cash flow sensitivity are the most important aims of this paper. This paper used FHP(1988) as the empirical and fundamental models to evaluate the investment-cash flow sensitivity. In addition, this paper added the concepts of bank relationship into FHP model. Moreover, we considered financial constraints and financial flexibility into the robust test. The empirical results and this paper’s contributions are following. First, companies who have good banking relationship can reduce the pressures of the internal cash and the investment-cash flow sensitivity. Second, companies with good banking relationship who have financial constraints or who have no financial flexibility can have lower cash flow sensitivity. Third, companies with low financial flexibility can mitigate the effects between banking relationship and investment-cash flow sensitivity.
author2 Chan Chia-Chung
author_facet Chan Chia-Chung
Chen Yuan-Hao
陳元晧
author Chen Yuan-Hao
陳元晧
spellingShingle Chen Yuan-Hao
陳元晧
A Study of the Impact of Banking Relationships on Investment-cash Flow Sensitivity
author_sort Chen Yuan-Hao
title A Study of the Impact of Banking Relationships on Investment-cash Flow Sensitivity
title_short A Study of the Impact of Banking Relationships on Investment-cash Flow Sensitivity
title_full A Study of the Impact of Banking Relationships on Investment-cash Flow Sensitivity
title_fullStr A Study of the Impact of Banking Relationships on Investment-cash Flow Sensitivity
title_full_unstemmed A Study of the Impact of Banking Relationships on Investment-cash Flow Sensitivity
title_sort study of the impact of banking relationships on investment-cash flow sensitivity
publishDate 2014
url http://ndltd.ncl.edu.tw/handle/58235681938116440046
work_keys_str_mv AT chenyuanhao astudyoftheimpactofbankingrelationshipsoninvestmentcashflowsensitivity
AT chényuánhào astudyoftheimpactofbankingrelationshipsoninvestmentcashflowsensitivity
AT chenyuanhao yínxíngguānxìduìtóuzīyǔxiànjīnliúliàngmǐngǎndùyǐngxiǎngzhīyánjiū
AT chényuánhào yínxíngguānxìduìtóuzīyǔxiànjīnliúliàngmǐngǎndùyǐngxiǎngzhīyánjiū
AT chenyuanhao studyoftheimpactofbankingrelationshipsoninvestmentcashflowsensitivity
AT chényuánhào studyoftheimpactofbankingrelationshipsoninvestmentcashflowsensitivity
_version_ 1718193731178332160