The Impact of Government Ownership on Investment-Cash Flow Sensitivity

• Main Author: 劉珈妘
• Other Authors: Kao,Lan-Feng
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/ft5z2w

碩士 === 國立高雄大學 === 金融管理學系碩士班 === 107 === This study examines how government affects firms’ ability on external finance, and how this affection becomes when firms face a higher financial constraint. The result shows that government ownership enhances the difficulty to access external finance, which means government ownership associated with higher investment-cash flow sensitivity. However, the negative effect the government brings to firms reduces when they suffer financial constraints. Moreover, this study proves the negative effect the government brings only shows among non-family firms. For family firms, this effect doesnt seem significant.