會議論文
| 學年 | 93 |
|---|---|
| 學期 | 2 |
| 發表日期 | 2005-05-06 |
| 作品名稱 | Estimating the cash flow sensitivity of cash using measurement error consistent GMM estimator |
| 作品名稱（其他語言） | |
| 著者 | Lin, Yi-chen |
| 作品所屬單位 | 淡江大學經濟學系 |
| 出版者 | |
| 會議名稱 | The Third NTU International Conference on Economics, Finance and Accounting |
| 會議地點 | Taipei, Taiwan |
| 摘要 | The firm’s propensity to save cash out of its internal cash flow has been used to develop a new test for the effects of financial market frictions on firm policies. This paper employs a new, model-based scheme to identify financially constrained firms in the data and applies measurement error-consistent generalized method of moments (GMM) estimators to a large sample of Taiwanese firms. The large discrepancy between the GMM and OLS estimates indicates that the impact of measurement error on inference is substantial. Moreover, both constrained and unconstrained firms display positive cash flow sensitivity of cash, suggesting that Taiwanese managers choose to finance investment with internal cash flow, despite the availability of low cost external funds. |
| 關鍵字 | cash flow sensitivity of cash; financial constraints; measurement error |
| 語言 | en |
| 收錄於 | |
| 會議性質 | 校內 |
| 校內研討會地點 | 淡水校園 |
| 研討會時間 | 20050506~20050506 |
| 通訊作者 | |
| 國別 | TWN |
| 公開徵稿 | |
| 出版型式 | |
| 出處 | Proceedings of The Third NTU International Conference on Economics, Finance and Accounting, 25pages |
| 相關連結 |
機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/24726 ) |