查詢結果分析
來源資料
頁籤選單縮合
題名 | 資本支出、內部資金與內部人持股比例之研究:以臺灣物聯網產業為例=Capital Expenditure, Cash Inflow and Insider Share Ownership Ratios: An Example of the Network and Information Industry |
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作者 | Yeh, Chao-hui; | 書刊名 | 青年企業管理評論 |
卷期 | 2017特刊 2017[民106] |
頁次 | 頁47-61 |
分類號 | 553.977 |
關鍵詞 | 資本支出; 內部資金; 內部人持股比例; Capital expenditure; CAPEX; Cash inflow; Insider share ownership ratios; |
語文 | 中文(Chinese) |
中文摘要 | 物聯網產業影響國家競爭力,物聯網公司管理階層是否會利用資本支出來追求其 本身的私利對這些公司以及其所屬的國家,是非常重要的課題。基於此, 本研究以 追蹤資料深入探討 2006 年至 2016 年台灣物聯網產業上市公司資本支出、內部資金 與內部人持股比例比例之間有何關聯性。本研究發現物聯網產業內部資金與資本支出 是顯著正相關,而且內部資金對資本支出的影響力隨內部人(高層管理人員)持股比 例的增加而增強。這樣的發現與過剩內部資金理論(Jensen(1986)Agency Costs of Free Cash Flow Theory)不符,但與資訊不對稱理論(Myers and Majluf (1984) Asymmetric Information Theory)一致。實證結果發現低內部資金、內部人持股比率較高的公司, 會因資訊不對稱問題造成經理人制訂出和投資機會相反的投資決策 |
英文摘要 | Network and information industry affect country's competition, whether top managers of those firms pursuit their private benefits by using capital expenditure (CAPEX) are very important to those firms and the country. Based on this, this study explores panel data from 2006 to 2016 to investigate the CAPEX, cash inflow and insider share ownership ratios of the listed companies in Taiwan network and information industry. This paper finds that the cash flow is significantly and positively related to their CAPEX, and the influence of cash flow on the CAPEX increases as their insider share ownership ratio (top managers) increases. These results are inconsistent with the Agency Costs of Free Cash Flow theory, but consistent with the asymmetric information theory. The empirical results showed that the companies with relatively low Cash Inflow and relatively high Insider Share Ownership (shareholdings) Ratios could experience asymmetric information problems, leading to managers proposing opposite investment strategies to investment opportunities. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。