自由現金流量,融資順位與Tobin's Q之實證研究

Abstract

本研究探討現金流量與投資的相關性, 並驗證自由現金流量假說, 融 資順位假說與Tobin's Q的關聯性, 以民國七十八年至八十二年國內上市 公司製造業的資料, 進行結合時間序列與橫斷面的迴歸分析。實證結果: 一、現金流量與資本支出的投資有顯著的正相關。二、整體國內上市公司 製造業較符合自由現金流量假說。 三、無股利及低股利政策的公司較符 合自由現金流量假說。四、董監事持股比率在40%以下的公司, 較符合自 由現金流量假說。五、公司規模並非顯著因素。六、現金流量與R&D的投 資相關性並不顯著。 The purpose of this study is to explore, and to test two hypotheses aboutthis relationship, i.e. free cash flow hypothesis and pecking order hypothesis. To test how cash flow affects the investment, we use Tobin's Q as company's performance measure. Using pooled time-series and cross- sectional data from 98manufacturing companies in Taiwan's stock market over the period 1989-1993.Theempirical results find the evidence of a strong relationship between cash flowand capital investment, and they tend to accord with free cash flow hypothesis. This paper can help the management to make proper investment, financing anddividend decisions.