政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/73959

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | 全文笔数/总笔数 : 110182/141115 (78%)
造访人次 : 46756343 在线人数 : 981

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

政大機構典藏 > 商學院 > 金融學系 > 期刊論文 > Item 140.119/73959

请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/73959

题名:	Does bank relationship matter for a firm`s investment and financial constraints? The case of Taiwan
作者:	Shen, Chung-Hua;Wamg, Chien-An 沈中華
贡献者:	金融系
关键词:	Bank relationships;Investment;Financial constraints;Cash-flow sensitivity
日期:	2005
上传时间:	2015-03-23 18:19:07 (UTC+8)
摘要:	This paper investigates the effects of a bank relationship on reducing a firm`s financial asymmetric information in an investment function. A bank relationship is proxied by the number of banks that a firm engages for its borrowing activities. A bank relationship is further divided into two regimes, i.e., a strong and a weak bank relationship regime, where the former is defined as one with smaller number of loan related-bank, and the latter is one with a greater number. It is expected that a strong bank relationship reduces the asymmetric information, i.e., investment cash-flow sensitivity here. Based on the examination of unique Taiwanese bank transaction data, our results show that investment is less sensitive to cash flow when a firm has a strong bank relationship. This implies that the firm holds less cash flow in hand for future investment expenditures. By contrast, when a firm has a weak bank relationship, the investment is sensitive to cash-flow. Our results are robust regardless if the bank relationship is proxied by either the loan amount or loan duration.
關聯:	Pacific-basin Finance Journal, 13(2), 163-184
数据类型:	article
DOI 連結:	http://dx.doi.org/10.1016/j.pacfin.2004.07.004
DOI:	10.1016/j.pacfin.2004.07.004
显示于类别:	[金融學系] 期刊論文

文件中的档案:

档案	描述	大小	格式	浏览次数
S0927538X0400071X.pdf		176Kb	Adobe PDF2	685	检视/开启

在政大典藏中所有的数据项都受到原著作权保护.

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

数据加载中.....