Sun Yat-Sen Management Review

  Journal Fullview

Sun Yat-Sen Management Review  2012/9

Vol. 20, No.3  p.909-944


Title
企業生命週期可否解釋投資與現金流量的敏感度?
Whether Enterprise Life Cycle can Interpret the Sensitivity of Investment and Cash Flow?
(634909281206703798.pdf 3,047KB)

Author
詹家昌、許月瑜/東海大學財務金融系、靜宜大學會計系
Chia-Chung Chan, Yueh-Yu Hsu/

Department of Finance, Tunghai University , Department of Accounting, Providence University


Abstract(Chinese)

雖然過去㈲許多文獻對於投㈾與現㈮流量敏感度的意義㈲不同的解釋,但 投㈾與現㈮流量的敏感度亦持續成為文獻探討的主題。本文除了延續過去的研 究外,亦強調個別公司條件差異在解釋敏感度的重要性,觀察重點則在是否不 同的公司生命週期會造成不同的投㈾與現㈮流量敏感度。本文結果除了發現公 司之生命週期階段差異㈲助於提升模型的解釋能力外,亦發現在成長前期階 段,融㈾限制是造成敏感度的主因,此與 Kaplan & Zingales (1997) 的主張㆒ 致,高融㈾限制公司顯著較低的敏感度。㉃於衰退後期亦㈲發現類似情況,但 此時形成敏感度的主因則是投㈾的需求,與㈾㈮的需求無關,融㈾限制也不是 造成敏感度的主因。整體而言,市場不完美程度僅能解釋成長前期的投㈾與現 ㈮流量敏感度,若未控制公司㈵徵的差異,除了可能造成如文獻的不同結果 外,亦可能無法掌握造成敏感度的主因。

(634909280492172548.pdf 136KB)

KeyWord(Chinese)

生命週期、融資限制、投資、現金流量


Abstract(English)

Although there were various interpretations from many articles about the meanings of sensitivity of investment and cash flow, the sensitivity of investment and cash flow still continues to become the main topic in many research articles. The paper not only extends the past studies but also emphasizes the difference among the individual corporations how to explain the importance of the sensitivity. The main point is to observe whether various enterprise life cycles will manage to different sensitivities of investment and cash flow. The conclusion of the article not only finds out the phase variety of life cycle which can promote the explanation capacity of the module, but also can prove that finance constraints from banking system at pre-growth phase is the main point to cause sensitivity. This finding has the same result as Kaplan & Zingales (1997). However, at regression -post phase, sensitivity situation has been found too. At the phase, the main reason to cause sensitivity is the requirement for investment, not the requirement of the finance support. Moreover, finance constraints also are not the main reason for causing sensitivity. As far as the integration is concerned, sensitivity of the investment and cash flow at pre-growth phase only can be explained from the degree of imperfect market. If the difference of the special features from various companies has not been controlled, the consequence from various articles will be different and the reason of causing sensitivity also can not be handled.

(634909280492172548.pdf 136KB)

KeyWord(English)

Life Cycle, Financial Constraints, Investment, Cash flow


Policy and management implications
(Available only in Chinese)

本文探討的主題是過去以來,常被提及有關市場不完美情況下,如何影響公司投資決策的相關議題。因為許多文獻所得到的結果不同,更引發後續文獻競相以不同的觀點,希望能夠更釐清相關的議題。本文即以企業個別條件差異的控制為訴求的重點,希望引用過去對企業生命週期的研究文獻結果,將生命週期的不同階段納入控制,進而觀察在不同的投資與融資條件下,是否會有不同的投資與現金流量敏感度。 本文實證結果發現可以補充過去許多文獻的差異,尤其在討論有關投資與現金流量的文獻上,過去文獻較少做個別公司條件差異的控制,本文結果可以部分釐清過去文獻的差異。如Fazzari et al. (1988) 與Kaplan & Zingales (1997) 在投資對現金流量的敏感度中得到不同結果,而本文以投資水準與現金流量多寡的角度觀之,則發現成長前期與Kaplan & Zingales (1997) 的結果類似。再則Baker et al. (2003) 發現融資限制公司的投資與股價具顯著的敏感度,而本文則發現此結果亦出現在成長前期之融資限制公司,原因除了有迫切的投資需求外,股價反應成長較易有高估的表現,因此亦出現較高之投資與股價敏感度。對於企業的公司治理而言,可以針對本文結果,引導企業做好財務規劃,避免因為融資限制而放棄可以增加公司價值的投資計畫。 針對政府而言,本文結果說明了企業生命週期前期,的確有因市場不完美而導致公司投資不足的現象,尤其企業位居成長初期,由於規模較小而有資訊不對稱的問題,在資產又缺乏流動性的情況下,將威脅公司的成長與競爭力,在無法取得廉價的資金成本下,企業將難以成長與發展。過去文獻曾經提及以投資與現金流量的敏感度,來衡量市場不完美程度的可能性。而本文在考慮企業的生命週期後,認為僅有部分企業適用。針對融資機構而言,則可能要考慮到企業的不同階段所面臨的問題,尤其協助企業成長初期時,在無法取得強而有力的融資保證下,如何協助企業取得資金。本文在不同階段所呈現的數據,應使金融機構對企業的融資行為與條件有進一步的認識。


References