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研究生： 張哲瑋
Chang, Che-Wei
論文名稱： 企業在不同生命週期下之現金持有
Corporate Cash Holding under Life-Cycle
指導教授： 林軒竹
Lin, Hsuan-Chu
學位類別： 碩士
Master
系所名稱： 管理學院 - 財務金融研究所
Graduate Institute of Finance
論文出版年： 2011
畢業學年度： 99
語文別： 英文
論文頁數： 45
中文關鍵詞： 生命週期 、現金持有 、現金的邊際價值
外文關鍵詞： Life-cycle, cash holding, marginal value of cash holding
相關次數： 點閱：155  下載：7 
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    • 本研究旨在探討企業的生命週期如何影響企業的現金持有以及持有現金所帶來的邊際價值，資料來源為1991至2009美國的上市公司。對於公司現金持有的決定因子而言，本研究的實證結果顯示在不同的生命週期下，公司會使用不同的投資、融資以及股利政策進而影響公司的現金持有。對於現金持有的邊際價值而言，實證結果顯示不論在哪一個週期下，現金對於公司價值的貢獻都是顯著而且大於$1。此外，衰退期的現金價值比成長期的高$3.643。會造成以上的差異，主要是因為公司的性質在公司的現金持有和現金所帶來的價值扮演重要的角色。

    This paper examines the impact of corporate life-cycle on the determinants and marginal value of corporate cash holding by public firms of U.S in the 1991-2009. The evidence shows that the investment, finance, and dividend policies influence the cash holding under different life-cycle stages. The contribution of cash holding to firms' value is significant and positive under different life-cycle stages. Moreover, this paper finds the marginal value of cash holding is $3.643 in stagnant stage than growth one. The main reason is that the nature of company plays an important role in the determinants and value of cash holding.

    摘要 I ABSTRACT II 誌謝 III CONTENTS IV LIST OF TABLES V LIST OF FIGURES VI 1. INTRODUCTION 1 2. LITERATURE REVIEW AND HYPOTHESIS DEVELOPMENT 6 2.1 CASH HOLDING 6 2.2 CORPORATE LIFE-CYCLE 9 2.3 HYPOTHESIS DEVELOPMENT 9 3. DATA AND METHODOLOGY 10 3.1 CLASSIFICATION OF LIFE-CYCLE STAGES 10 3.2 EMPIRICAL METHODOLOGY 12 3.2.1 MAIN DETERMINANTS REGRESSION 12 3.2.2 MAIN VALUATION REGRESSION 14 4. EMPIRICAL RESULTS 16 4.1 RESULT OF DETERMINANTS REGRESSION 16 4.2 RESULT OF VALUATION REGRESSION 17 5. CONCLUSION 19 6. REFERENCES 20

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