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    Please use this identifier to cite or link to this item: http://asiair.asia.edu.tw/ir/handle/310904400/26178


    Title: 現金為王?金融危機期間全球市場之檢測
    Authors: 張眾卓
    Contributors: 管理學院;財務金融學系
    Keywords: 現金持有;金融危機;衰退;回復速度;營運績效;Cash Holdings;Financial Crisis;Recession;Speed of Recovery;Operating Performance
    Date: 2012
    Issue Date: 2013-07-18 15:36:51 (UTC+8)
    Abstract: 目前尚無文獻探究現金在金融風暴期間的持有價值,即現金持有是否能協助企業在面臨衰退、危機之際,走出谷底。1997年的亞洲金融危機、2007年的美國次級房貸風暴、2008年的全球金融危機、2009年至今的歐洲債務風暴,以及2011年的美國債務風暴,皆重創全球經濟、撼動金融市場的信心。由於在金融危機期間,現金持有的多寡將更顯重要,企業在現金儲備充足的情況下,即便面臨金融危機,仍可進行相關的投資,增進後續成長的動力,使企業的營運績效在金融危機衰退後迅速回復。 據此,本計畫擬採用1990年至2011年共二十一年為研究期間,納入曾發生貨幣危機、銀行危機、主權外債危機與國內債務危機等金融危機的國家之企業為研究樣本,驗證現金持有較高的企業,營運績效能否在金融危機後,以較快的速度回復至原水準,甚至能協助企業的營運績效超越衰退前的平均程度。不僅如此,本計畫亦將納入財務限制、公司治理、金融發展程度等考量,以加強本計畫的深度與貢獻。最後,本研究另控制內生性問題,並替代產業調整之營運績效與現金持有變數,以獲得更穩健的實證結果。

    At present, no studies in literature have discussed the value of cash holdings in a financial crisis, i.e., whether cash holdings would help business through recession, crisis, and trough. The Asian financial crisis in 1997, the U.S. subprime mortgage crisis in 2007, the global financial crisis in 2008, European debt crisis since 2009, and the U.S. debt crisis in 2011, all harmed heavily the global economy, shaking the confidence of financial markets. Cash holdings are especially important during a financial crisis; hence, an enterprise, with sufficient cash holdings, is able to continue with relevant investment and enhance the driving power of follow-up growth even in a financial crisis. Consequently, the operating performance will recover rapidly after a decline due to the financial crisis. Accordingly, the proposal plans to collect as research samples the enterprises in countries where financial crises, such as currency crisis, banking crisis, sovereign external debt crisis, and domestic debt crisis, have occurred from 1990 to 2011. The proposal will examine whether an enterprise with higher cash holdings could quickly recover to the previous level of operating performance after a financial crisis. To enhance the depth and contribution of this project, the proposal will likewise consider the financing constraints, corporate governance, and levels of financial development. Finally, the endogeneity problem is also controlled, and variables for different industry-adjusted operating performance and cash holdings are substituted to obtain more robust empirical results.
    Appears in Collections:[財務金融學系] 科技部研究計畫

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