投資現金流量敏感度與法人說明會

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姓名

蔡明翰(Ming-han Cai) 查詢紙本館藏

畢業系所

企業管理學系

論文名稱

投資現金流量敏感度與法人說明會
(Investment-cash flow sensitivity and conference calls)

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摘要(中)

過去的研究指出資訊不對稱問題易導致公司有較高融資成本而有較高的投資現金流量敏感度，因而影響到公司的投資或融資決策，使得公司投資易受到內部資金多寡的影響，因此高投資現金流量敏感度的公司是否愈願意透過自發性揭露來降低資訊不對稱的影響。本研究以2002至2009年國內上市櫃公司為研究對象，並以法人說明會作為自發性揭露的代理變數，探討投資現金流量敏感度與自發性揭露之間的關係，研究結果發現高投資現金流量敏感度的公司愈願意召開法人說明會且頻率愈大。

摘要(英)

Prior research documents that information asymmetry increases the sensitivity of investment to internal funds and thus affects a firm’s investment or financing decisions. Therefore, firms with higher investment-cash flow sensitivity are more likely to voluntarily disclose in order to reduce information asymmetry and cost of capital. This study views conference calls as a voluntary disclosure mechanism and examines how investment-cash flow sensitivity influences the likelihood and frequency of conference calls. The results show that, due to higher information risk and financing cost, firms with higher investment-cash flow sensitivity are more likely to hold conference calls than those with lower investment-cash flow insensitivity firms.

關鍵字(中)

★ 投資現金流量敏感度
★ 法人說明會

關鍵字(英)

★ conference calls
★ investment-cash flow sensitivity

論文目次

中文摘要 i
Abstract ii
目錄 iii
表目錄 iv
第一章緒論 1
第二章文獻探討與假說發展 4
第三章研究方法 7
第一節資料來源與選取 7
第二節檢測假說之迴歸 7
第四章實證結果與分析 13
第一節選樣 13
第二節樣本敘述統計 15
第二節迴歸模型之結果 19
第三節穩健性測試 21
第五章結論 25
參考文獻 27

參考文獻

中文文獻
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2. 廖益興、陳彥綺與王貞靜，2011，年報資訊揭露與資訊不對稱：來自私有資訊交易之證據，經濟研究，第四十一期一月， 45-96。
英文文獻
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5. Bowen, R. M., A. K. Davis and D. A. Matsumoto, 2002, “ Do conference calls affect analysts’ forecasts?” Accounting Review, 77(2), 285-316.
6. Brown, S., S. A . Hillegeist, and K. Loc, 2004, "Conference calls and information asymmetry." Journal of Accounting and Economics, 37. 343-366.
7. Bushee, B. J., D. A. Matsumoto, and G. S. Miller, 2003, "Open versus closed conference calls: The determinants and effects of broadening access to disclosure", Journal of Accounting and Economics, 34, 149-180.
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20. Lang, M., and R. Lundholm, 1993, "Cross-sectional determinants of analyst ratings of corporate disclosures" Journal of Accounting Research, 31, 246-271.
21. Lang, M., and R. Lundholm, 1996, “Corporate disclosure policy and analyst behavior”. The Accounting Review, 71(4), 467-492.
22. Lamont, O., C. Polk, and J. Saa-Requejo, 2001, “Financial constraints and stock returns” Review of Financial Studies, 14, 529-554.
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26. Pawlina, G., L. Renneboog, 2005, "Is investment-cash flow sensitivity caused by agency costs or asymmetric information? evidence from the UK", European Financial Management, 11(4), 483-513
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指導教授

曹壽民(Shou-min Tsao)

審核日期

2011-6-29

推文