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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/99326
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/99326

    Title: 家族企業接班與現金持有政策
    Family Succession and Cash Holding Policy
    Authors: 王湘綺
    Wang, Hsiang Chi
    Contributors: 陳嬿如
    Chen, Yenn Ru
    Wang, Hsiang Chi
    Keywords: 家族企業接班
    Family succession
    Cash holding
    Value of cash
    Date: 2016
    Issue Date: 2016-07-20 17:12:21 (UTC+8)
    Abstract: 本研究旨在探討家族企業接班與接班人類型對於公司現金來源及現金價值的影響。本研究使用於1992年至2015年被列於S&P 1500指數的公司為樣本進行實證研究。實證結果顯示家族企業接班後將減少使用發行股票為公司現金的來源。此外,當接班人為家族成員時,企業接班後的邊際現金價值會較低;然而於財務限制的家族企業,企業接班將使當年度的邊際現金價值提高。本研究結果顯示資本市場對於家族企業接班投以較高的關注,尤其當接班人為家族成員時程度更為顯著。
    This study examines the effect of succession on the cash saving behavior and the value of cash holdings for family firms. By examining the Standard and Poor 1500 indexed firms from 1992 to 2015, we find that cash savings from equity issuance decrease around successions, and the decreasing effect lasts longer with family related successors. In addition, the marginal value of cash holdings will be lower after succession if the successor is associated with the family. But if family firms are financial constrained, the marginal value of cash holdings will be higher with family firms with succession at the year of succession but not after. These findings indicate that the capital markets are concerned with the succession implication for family firms more than non-family firms, especially when the successors are family members.
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    Description: 碩士
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0103357011
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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