資產銷售為資產回溯性的一種方式，提供公司經理人可以將表現不佳的投資資產予以處份變賣。本篇論文探討資產銷售如何影響公司理財上的兩個層面。論文第一部份標題為”資產銷售如何影響投資對現金流量的敏感性?＂即在探討是否來自於資產銷售的現金流量可以提高公司債務能力及減少低度投資的問題，在此，以檢測資產銷售公司的投資現金敏感性之變化。另外，公司是否具有財務限制對投資回溯性的差異影響也同時被探討。實證結果發現，投資對現金敏感性在資產銷售之後降低，另外，相對於沒有財務限制的公司，有財務限制的公司其財產出售對公司投資影響較大，這些檢定結果在控制公司特性及成長機會因素後仍然穩健。

　　關於資產銷售之後，公司改善了流動性及投資效率，此時，出售公司對於銷售收入如何分配應用將是現金流量管理的重要議題。論文第二部份，以標題為＂公司資產銷售與後續舉債融資方法＂，即利用美國資產出售公司的樣本來研究銷售後資金使用與該期間公司資訊不對稱程度之相關性，及其如何影響出售公司後續負債融通行為。實證結果顯示，使用現金資金償付債務的公司，其銷售後市場資訊不對稱程度較高，且公司傾向利用私募短期債務方式來融通。相反地，以進行投資計劃為目的之出售公司，其資訊不對稱較低，且融通方式以公開募集長期債務為主。

Asset sales as a form of investment reversibility provide managers with an option to unwind unwise investment assets. This thesis explores the impacts of assets sales on two corporate finance issues. The first essay with the title of “How do asset sales influence investment-cash flow sensitivities?” is to investigates whether or not the cash flows from assets sales complement a firm’s debt capacity and reduce the underinvestment problem, in which, the changes in investment-cash flow sensitivities for those firms selling assets are examined. In addition, the reversibility differences between constrained and unconstrained firms are examined to gauge investment behavior. The empirical results suggest that investment-cash flow sensitivities decrease after asset sales, in which constrained firms have greater divestiture effect 　on investment than unconstrained firms, and the evidences are robust when controlling for firm characteristics and growth opportunities.
With regard to the improvement in firms’ liquidity and investment efficiency after asset sales, divesting firms’ decisions about sales proceeds distribution raise an important issue of cash flow management. Using the sample of U.S. divesting firms, the second essay with the title of “Debt financing methods of divesting firms” is to investigate how sales proceeds usages relates to the magnitude of firms’ information asymmetry during post-sales periods, and how it influences the divesting firms’ following debt financing behavior. The empirical evidence shows that firms using cash funds paying down debt have higher post-sales information asymmetry, and they are tend to raise private debt with short-term maturities. On the other hand, firms taking more investment projects have lower information asymmetry, and they are likely to raise public debt with long-term maturities.

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