台灣上市櫃公司流動性資產的管理意涵

The Management Implications of Liquidity Assets of Taiwan Listed Firms

10.6736/JPSR.200709_4(2).0007

楊馥如(Fu-Ju Yang)；顧廣平(Kuang-Ping Ku)；黃珮禎(Pei-Chen Huang)

流動性資產 ； 權衡理論 ； 多元迴歸 ； 逐步迴歸 ； Liquidity Assets ； Trade-off Theory ； Multiple Linear Regression ； Stepwise Regression

績效與策略研究

4卷2期（2007 / 09 / 01）

123 - 129

繁體中文

本文以台灣上市公司及上櫃公司為樣本，探討流動性資產持有的決定因素是否受到權衡理論之重要變數影響，本文以多元迴歸及逐步迴歸法瞭解自變數對流動性資產之關係。實證結果支持權衡理論，並發現上市公司與上櫃公司在公司規模、股利政策、負債到期日等變數的解釋性存在差異。而由逐步迴歸之結果發現，上市、上櫃公司的解釋變數及其被選入順序並非完全相同，可知不同之公司在決定流動性資產決策時，所應考慮之變數應配合調整，才能達到最合適之決策效果。

The multiple linear regression and the stepwise regression are applied to investigate the determinants of the liquidity assets of the public companies listed in the Taiwan Stock Exchange and Over-the-Counter respectively. The result supports the trade-off theory of the holdings of liquidity assets. It is also found that the regression results for public companies listed in TSE and OTC markets show different significant results on the company size, dividend policy, and debt maturity structure. Meanwhile, the stepwise regression procedure further shows that the significant variables in the regression model are different for both markets. It, therefore, implies that the considerations, for making proper decisions of liquidity assets holdings should be adjusted for different size of the company.

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