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    Title: 影響公司持有現金的因素之實證分析-以NYSE上市企業為例
    The Determinants of The Firm's Cash Holdings in NYSE
    Authors: 徐曼鈞
    Contributors: 謝淑貞
    徐曼鈞
    Keywords: 現金持有因素
    Cash holdings
    Date: 2012
    Issue Date: 2014-03-03 15:33:38 (UTC+8)
    Abstract: 隨著2007年美國次貸危機爆發而引起的金融海嘯,對全球經濟造成了巨大的負面衝擊,至今仍還未完全恢復。在後金融海嘯時代下,企業從外部資本市場可獲得的融資往往較為困難,資本市場的流動性短缺成為常態,因此導致企業本身的資本累積更為重要。在此情況中,許多企業傾向於持有大量的現金及約當現金。
    本研究旨在探討1992年至2012年間的美國企業之現金影響因子,並檢視各個現金持有影響因子對現金比率之影響方向,並把樣本分別以企業規模大小、有無財務限制和年度進行實證分析。
    本研究實證指出在全體樣本的迴歸結果,可以發現影響美國企業現金持有比率的影響因子主要有:企業規模、負債比率、總資產報酬率、淨營運資金比率、研究發展費用佔淨銷售額比率、併購佔總資產比率、資本支出比率、市值對淨值比率與股利發放情形,只有現金流量比率不具顯著性。實證結果支持動機理論、融資順位理論和資訊不對稱理論,並符合預期之變動方向。
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    Description: 碩士
    國立政治大學
    國際經營與貿易研究所
    100351017
    101
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0100351017
    Data Type: thesis
    Appears in Collections:[國際經營與貿易學系 ] 學位論文

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