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博碩士論文 etd-0625111-145637 詳細資訊
Title page for etd-0625111-145637
論文名稱
Title
現金流量波動度對企業價值的影響
The effect of cash flow volatility on firm value
系所名稱
Department
畢業學年期
Year, semester
語文別
Language
學位類別
Degree
頁數
Number of pages
55
研究生
Author
指導教授
Advisor
召集委員
Convenor
口試委員
Advisory Committee
口試日期
Date of Exam
2011-06-22
繳交日期
Date of Submission
2011-06-25
關鍵字
Keywords
現金流量波動度、盈餘波動度、盈餘管理、企業價值
cash flow volatility, earning volatility, earning management, firm value
統計
Statistics
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中文摘要
根據過去的相關文獻,發現鮮少有直接探討現金流量波動度對企業價值關係的文獻,且現金流量波動度的議題也相對於盈餘波動度的議題來的弱勢,這引起本研究的興趣。因此本研究使用台灣上市櫃公司資料,藉由使用Pooled Regression方法,來驗證現金流量波動度對於企業價值的影響,也藉由使用現金流量、負債比率以及資產規模為分層,來驗證現金流量波動度在那個情況下較為顯著,最後則透過驗證盈餘波動度和盈餘管理對於企業價值的影響,來說明現金流量波動度對於企業價值的影響較為有效。

本研究的實證結果顯示,現金流量波動度對於企業價值為負相關,且此結果在小資產規模、低負債比率和大現金流量的公司較為顯著。但本研究實證結果卻發現,盈餘波動度對於企業價值無顯著影響,和盈餘管理對企業價值的影響是無效果的,這結果間接說明現金流量波動度是個較為有效的指標外,也說明經理人透過盈餘管理來增加企業價值是沒有意義的。

根據本研究的實證結果,經理人如果繼續透過盈餘管理的方式平穩盈餘,反而得不到好處,還不如建立穩定的現金流量的效果。投資人如果繼續把盈餘波動當作挑選企業的方式,最後結果可能不如觀察現金流量波動度。故本研究實證結果,提供給經理人和投資人一個評論企業價值的指標之一。
Abstract
According to the existing literatures, there are few directly discussions about the relations of cash flow volatility on firm value and the issues of cash flow volatility are relatively disadvantage to those of earning volatility, arousing the interest of this study.Therefore, this study verifies the effect of cash flow volatility on firm value by using data of listed companies in Taiwan and the method of Pooled Regression. Also, the number of companies are divided up based on the median of cash flow、debt ratio and total asset, and examine which circumstances are more significant statistically. Finally, this study verifies the effect of earning volatility and earning management on firm value to explain that cash flow volatility is more effective on firm value.

The empirical results show that cash flow volatility is negatively on firm value, and the effects are more significant statistically in small asset firms、low debt ratio firms and high cash flow firms. But earning volatility is not significant statistically on firm value, and earning management is ineffective on firm value. The results indirectly explain that cash flow volatility is a more effective indicator on firm value and explain that managers managing earning to increase firm value are useless.

According to the empirical results, there is no benefit when managers continue stabilizing earnings based on earning management. If investors continue selecting companies to invest based on earning volatility, the effects could be less than the ones of cash flow volatility. Therefore, the empirical results provide one indicator of the evaluations of firm value with managers and investors.
目次 Table of Contents
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 研究貢獻 4
第四節 研究流程與架構 5
第二章 文獻探討 7
第一節 現金流量波動度對企業價值影響的相關文獻 7
第二節 盈餘管理對企業價值影響的相關文獻 11
第三章 研究方法 15
第一節 波動度的衡量 15
第二節 資料來源和樣本期間 15
第三節 變數說明 17
第四節 研究設計和實證模型 24
第四章 實證分析 28
第一節 敘述統計量分析 28
第二節 現金流量波動度對企業價值的關係 31
第三節 盈餘波動度對企業價值的關係 38
第五章 結論 40
第一節 研究結論 40
第二節 研究限制與建議 41
參考文獻 43
參考文獻 References
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