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| Title: | 金融自由化,投資者保護與現金價值
Financial Liberalization, Investor Protection and Value of Cash Holdings |
| Authors: | 周楷涵
Chou, Kai-Han |
| Contributors: | 陳嬿如
Chen, Yenn-Ru
周楷涵
Chou, Kai-Han |
| Keywords: | 金融自由化
現金價值
投資者保護
抵換理論
金融發展
Financial liberalization
Value of cash
Investor protection
Tradeoff theory
Financial development |
| Date: | 2018 |
| Issue Date: | 2019-03-04 19:25:27 (UTC+8) |
| Abstract: | 本研究之目的主要在探討金融自由化對公司現金價值之影響。當國家金融自由化時，公司將會降低持有現金的交易動機，增加預防動機。而當公司具有投資人保護時是否夠降低國際投資人對當地金融市場風險的看待，進而減少金融自由化所增加的預防動機。透過檢驗金融自由化對現金價值的影響，本研究發現，金融自由化會降低公司現金價值，這代表金融自由化帶來的交易動機的下降大於預防動機的增加。而當投資人保護較好的時候，將能袛消金融自由化所帶來的預防動機的增加，並且進一步的減少交易動機使得金融自由化對現金價值減少得更明顯。另外我們並沒有發現現金價值在金融發展對於金融自由化有帶來明顯的變化。最後，我們也發現對於愈不容易從外部取得資金的公司，減少現金價值的效果更明顯。
This paper examines the impact of financial liberalization on market value of corporate cash holdings. Financial liberalization can lower the transaction motive of cash holdings but it may increase the precautionary motive of cash holdings. In an environment with good investor protection, the concern of international investors in local market is lower, this in turn lowers the precautionary motive of firms. Our findings show that the impact of financial liberalization on market value of cash holdings is negative, this means that the decrease in transaction motive is larger than the increase of precautionary motive. We also find that market value of cash between environments of good and bad investor protection is significantly different. Better investor protection not only lowers the concern of international investors but also lower the cost of external fund. Therefore, the value of cash decrease more in better environment. We adapt country-level and firm-level investor protection, both measurements produced the same results and meet our hypothesis. However, we do not find a consistent result that better market development can lower the concern of investor protection and further decrease the value of cash in financial liberalization. Finally, we find that the value of cash of financially constrained firms decrease more in financial liberalization, because of better access to capital market after financial liberalization. |
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| Description: | 碩士
國立政治大學
財務管理學系
105357034 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G1053570341 |
| Data Type: | thesis |
| DOI: | 10.6814/THE.NCCU.Finance.002.2019.F07 |
| Appears in Collections: | [Department of Finance] Theses
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