Cash flow statements and firm value : Evidence from Taiwan
學年 107
學期 2
出版（發表）日期 2019-02-01
作品名稱 Cash flow statements and firm value : Evidence from Taiwan
作品名稱（其他語言）
著者 Yensen Ni; Paoyu Huang; Pinhui Chiang; Yulu Liao
單位
出版者
著錄名稱、卷期、頁數 The Quarterly Review of Economics and Finance 71, p.280-290
摘要 By studying cash flows from operating, investing, and financing activities, we explore the effect of these various cash flows on firm value by employing censored panel data models due to concerning panel data employed and characteristics of dependent variables. Results imply that firms raising funds for capital budgeting projects can enhance their firm value, resulting in cash inflows from financing activities and cash outflows to investing activities consistent with our cognitions. However, results reveal that cash inflows from operating activities may not be regarded as a positive signal different from the relevant studies. We infer that the market is increasingly competitive for Taiwanese enterprises due to more and more competitors from South Korea and China; in addition, we argue that firm value might not be enhanced if cash inflows from operating resulting from sales increased due to lower profit margin or purchases shrunk owing to market share declined.
關鍵字 Cash flow statement;Firm value;Cash flow;Corporate governance
語言 en_US
ISSN
期刊性質 國外
收錄於 SSCI
產學合作
通訊作者
審稿制度 是
國別 USA
公開徵稿
出版型式 ,電子版
相關連結

機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/115186 )

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