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    政大機構典藏 > 商學院 > 企業管理學系 > 學位論文 >  Item 140.119/95035
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/95035


    Title: 不同的經營環境下,現金政策如何影響企業價值?
    Authors: 陳彥安
    Contributors: 李志宏
    陳彥安
    Keywords: 現金持有
    股價異常報酬率
    金融海嘯
    Date: 2009
    Issue Date: 2016-05-09 14:43:01 (UTC+8)
    Abstract: 本論文以2004年至2009年共582家台灣企業為範圍,分析在金融海嘯發生前後,超額現金持有比率對於股價異常報酬是否有所影響。本論文所採用的分析方法分為兩階段,在第一階段以複迴歸分析來評估企業在一般情況下之正常現金持有比率。第二階段,將企業分為低超額現金持有比率企業及高超額現金持有比率企業兩組,分別以複迴歸分析及獨立樣本T檢定來檢視超額現金持有比率對於股價異常報酬率的影響為何。本研究發現,在金融海嘯發生前,低超額現金持有比率企業在股價異常報酬率之表現較高超額現金持有比率企業佳。金融海嘯發生後,低超額現金持有比率企業之股價異常報酬率呈現下降趨勢,但高超額現金持有比率企業之股價異常報酬率則呈現上升趨勢。此發現有別於過去文獻所認為的,高現金持有政策能夠使企業之績效表現較佳。
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    Description: 碩士
    國立政治大學
    企業管理學系
    96355050
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0096355050
    Data Type: thesis
    Appears in Collections:[企業管理學系] 學位論文

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