English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 110934/141854 (78%)
Visitors : 47773654      Online Users : 787
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    政大機構典藏 > 商學院 > 金融學系 > 學位論文 >  Item 140.119/87561
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/87561


    Title: 融資限制對公司投資的影響─由廠商屬性分析
    The Impact of Financing Constraints on Corporate Investment
    Authors: 許經仕
    Hsu, Ching Shin
    Contributors: 沈中華
    朱浩民

    許經仕
    Hsu, Ching Shin
    Keywords: 融資限制
    公司投資
    廠商屬性
    Financing Constraints
    Corporate Investment
    Date: 1995
    Issue Date: 2016-04-28 15:11:24 (UTC+8)
    Abstract: 在不完美的資本市場下,廠商的內外部融資彼此間為不完美的替代品,此時即使廠商有淨現值大於零的投資計畫,若外部資金因成本過高而無法取得,而其內部資金也已使用完畢,則廠商只好放棄此項投資計畫.此種因為資金不足而使投資計畫所受到的限制,我們稱為融資限制(Financing Constraints). 對於面臨融資限制的廠商而言,由於其投資較依賴內部資金,故我們在其投資方程式中加入流動性變數時,此變數之係數應顯著.而對於未面臨融資限制的廠商而言,由於其投資較不依賴內部資金,故其投資方程式中流動性變數之係數應不顯著.
    Reference: 中文部份
    1.中華徵信所,"台灣地區集團企業研究",中華徵信所出版,民國83/84年版。
    2 周本鄂, "台灣地區上市公司董監事持股比率和公司T。bin`sQ 關係之實證研究",私立中原大學企業管理研究所未出版碩士論文,民國82 年6月。
    3 林炯垚,"半強勢效率市場按定之實證方法"管理評論,民國77年7月,pp.45-68。
    4 洪昆惠,"購併宣告對股東財富的影響-Jensen 閒餘現金流量與T。bin`s Q 兩假說之驗證"私立東吳大學企業管理研究所未出版碩士論文,民國84年6月。
    5. 陳慧娟11 我國上市公司資本結構、成長與T。bin`s Q關連之研究"私立東吳大學會計研究所未出版碩士論文,民國84年6月。
    6. 鄭慧美, "Q比率與企業投資、融資決策之關係"私立東吳大學經濟研究所未出版碩士論文民國84年6月。
    7. 謝劍平"企業購併決策與Tobin`s Q 比率之相關性研究刊,行政院國家科學委員會專題研究計畫成果報告,民國84年3月。

    西文部份
    l.Atiase, R., 1985, "Predisclosure information, firm capitalization
    and security price behaviour around earning announcement",
    Journal of Accounting Research 23, pp.21-36.
    2.Barry, C.B. and S.J. Brown, 1984, "Differential information and
    the small firm effect", Journal of Financial Economics 13,
    pp.282-294.
    3.Chirinko, R.S. and H. Schaller, 1995, "Why does liquidity matter
    in investment equations", Journal of Money, Credit and Banking
    27, pp.527-548.
    4.Clark, P.K., 1979, "Investment in the 1970s : theory, performance,
    and predicition", Brookings Papers on Economic Activity,
    pp.73-113.
    5.Devereux, M. and F. Schiantarelli, 19.89, "Investment, financial
    factors and cash flow: evidence from U.K. panel data", NBER
    Working Paper no.3116.
    6.Elliott, J.W., 1973, "Theories of corporate investment behavior
    revisited", American Economic Review 63, pp.195-207.
    7.Fazzari, S.M. and M.J. Athey, 1987, "Asymmetric information,
    financing constraints, and investments", Review of Economics
    and Statistics 69, pp.481-487.
    8.Fazzari, S.M., R.G. Hubbard and B.C. Petersen, 1988, "Financing
    constraints and coporate investment", Brookings Papers on
    Economic Activity, pp. 73-113 .
    9.Galeotti, M., F. Schiantarelli and F. Jaramillo, 1994, "Investment
    decisions and the role of debt, liquid assets and cash flow :
    evidence from Italian panel data", Applied Financial Economics
    4, pp.I21-132.
    10.Hoshi, T., A. Kashyap and D. Scharfstein, 1991, "Corporate
    structure, liquidity and investment : evidence from Japanese
    industrial groups", Quartely Journal of Economics 106, pp.33-60.
    ll.Jorgenson, D.W. and C.D. Siebert, 1968, "A comparsion of
    alternative theories of corporate investment behaviors",
    American Economic Review 58, pp.681-712.
    12.Lang, H.P.L. and R.H. Litzenberger, 1989, . "Dividend
    announcement", Journal of Financial Economics 24, pp.181-
    191.
    I3.Meyer, J. and E. Kuh, 1957, "The investment decisions",
    Cambridge: Havard University Press.
    14.Modigliani, F. and M.H. Miller, 1958, "The cost of capital,
    corporation finance and the theory of investment", American
    Economic Review 48, pp .261-297.
    15.Mundlak, Y., 1978, "Pooling of time-series and cross sectional
    data", Econometrica 46, pp.69-85.
    16.Ramirez, C.D., 1995, "Did J.P.Morgan`s Men add liquidity?
    corporate investment, cash flow, and financial structure at the
    turn of the twentieth century", Journal of Finance vol.L,
    pp.661-678.
    17 .Richardson, M. and J.R. Stock, 1989, "Drawing inferences from
    statistics based on multi-year asset returns", Journal of
    Financial Economics 25, pp.323-348 .
    18.Schaller, H., 1993, "Asymmetric information, liquidity
    constraints and Canadian investment", Canadian Journal of
    Economics vol.XXVI, pp.552-574.
    19.5hepherd, W.G., 1986, "Tobin`s q and the structure-performance
    relationship comment", American Economic Review 76,
    pp.1205-1210.
    20. Vanees, H. and R. Garvetsen, 1994, "Liquidity and business
    investment : evidence from Dutch panel data", Journal of
    Macroeconomics 16, pp .613-627.
    21. Whited, T .M., 1992, "Debt, liquidity constraints and corporate
    investment", Journal of Finance vol. XL VII, pp.1425-1460.
    Description: 碩士
    國立政治大學
    金融研究所
    83357009
    Source URI: http://thesis.lib.nccu.edu.tw/record/#B2002002878
    Data Type: thesis
    Appears in Collections:[金融學系] 學位論文

    Files in This Item:

    File SizeFormat
    index.html0KbHTML2251View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    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.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback