第五章、 結論及後續研究
第三節 後續研究建議
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第二節 研究限制
有關於「經理人薪資」、「紅利」、以及「經理人持股」這三項數據係由
Execomp.compustat 資料庫中取得，因此資料庫只包含美國公司之資料，並沒有 包含非美國公司之資料。另外，Execomp.compustat 資料庫從 1992 年開始才有 資料。綜合以上，使這三項研究變數之樣本數不足，相較其他變數下也較不具代 表性。
另外，有些變數 compustat 在非美國公司資料缺漏甚多，例如衡量公司重整活 動的「停業部門」，在非美國公司可取得資料甚少，因此本研究只取「變賣資產」
作為重整活動之代理變數，資料不足限制了研究的完整性。
第三節 後續研究建議
本文係探討當公司額外獲得一筆資金，會如何進行資金之運用。利用本研究之 分類，後續可探討「超額認購之金額大小」，是否對公司後續資金運用之決策有 影響。另外，也可以比較超額認購後，調升金額幅度較大之公司、與調升金額幅 度較低之公司其後續投資策略是否有差異。
最後，後續研究也可進一步探討公司再決定調升金額、不調整金額、或是調降 金額之決策時，所考量之決策因素為何。例如可以加入公司原先槓桿程度、內部 人持股比率、或是盈餘的波動度等變數，探討是否影響公司決定如何調整其貸款 條件。
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參考文獻
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"Journal of Finance, 60, 105–135.
2. Blanchard, O., F. Lopez de Silanes, and A. Shleifer, 1997, What do firms do with cash windfalls?, Journal of Financial Economics 36, 337-360.
3. Fenn George W., and Nellie Liang, 2001, "Corporate payout policy and managerial stock incentives", Journal of Financial Economics 60, 45-72.
4. Froot, K, Scharfstein D ,and J. Stein, 1993, "Risk management: Coordinating corporate investment and financing policies, Journal of Finance 48, 1629-1648.
5. Harford,J."Corporate Cash Reserves and Acquisitions." ,1999,Journal of Finance 54, 1969-1997
6. Harford, J., and D. Haushalter. ,2003, "Cash Flow Shocks, Investment, and Financial Constraint: Evidence from a Natural Experiment.' Unpibl. Paper. Univ. of Orefon
7. Hite, Gailen, James Owers, and Ronald Rogers, 1987, "The market for interfirm asset sales:Partial sell-offs and total liquidations", Journal of Financial Economics 18, 229-252.
8. Ivashina, V. and Z. Sun, 2008, “Institutional Demand Pressure and the Cost of Leveraged Loans,” Harvard Business School Working Paper.
9. Jensen, Michael C., 1986, "Agency costs of free cash flow, corporate finance, and takeovers", American Economic Review 76, 323-329.
10. Jensen, M., and W. Meckling, 1976, "Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics 3, 305-360.
11. Lang, Larry H. P., and Robert H. Litzenberger, 1989, “Dividend
Announcements: Cash Flow Signalling Vs. Free Cash Flow Hypothesis.” Journal of
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12. Mello, A., and J. Parsons, 2000, Hedging and Liquidity, Review of Financial Studies 13, 127-153
13. Myers, S., and N. Majluf, 1984,"Corporate Financing and Investment Decisions When Firms Have Information Investors Do Not Have", Journal of Financial
Economics 13, 187-220
14. Murphy, Kevin, 1985, "Corporate performance and managerial remuneration: An empirical analysis", Journal of Accounting and Economics 7, 11-42
15. Opler, Tim, Lee Pinkowitz, Rene M. Stulz, and Rohan Williamson, 1999, "The determinants and implications of corporate cash holdings", Journal of Financial
Economics 52, 3-46
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附錄
變數名稱及定義
以下列出本研究所使用之變數，以及在 compustat 資料庫中之定義及代號：
Capital exp This item represents the funds used for additions to the industry
segment's property, plant and equipment, excluding amounts arising from acquisitions.(compustat 名稱：Capital Expenditures；代號 capx)
Market to book ratio The ratio of market to book value of assets. The market value
is the market value of common stock. The book value is the reported of asset in the annual report.Market value of common stock
(compustat 名稱：Market Value - Total – Fiscal 代號：mkvalt)
SalePPE This item represents funds received or cash inflows from the sale of
property, plant, and equipment.(compustat 名稱：Sale of Property,Plant, and Equipment；代號 sppe)
Asset This item represents current assets plus net property, plant, and equipment plus other noncurrent assets (including intangible assets, deferred items and
investments and advances).(compustat 名稱：Assets - Total；代號 at)
Acquisitions This item represents cash outflow of funds used for and/or the costs
relating to acquisition of a company in the current year or effects of an acquisition in a prior year carried over to the current year.(compustat 名稱:Acquisitions ；代號 aqc)
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Debt The item represents debt obligations due more than one year from the
company's balance sheet date.(compustat 名稱：Long-Term Debt - Total ；代號 dltt)
Total stockholder's equity This item represents the common and preferred
shareholders' interest in the company.(compustat 名稱：Stockholders' Equity - Total ；代號 seq)
Total capitalization Long term debt+Total stockholder's equity
Dividends This item represents the total amount of cash dividends for both common
and preferred stock.(compustat 名稱：Cash Dividends (Cash Flow) ；代號 dv)
Shares outstanding This item represents the total number of common shares
outstanding for the issue.(compustat 名稱：Common Shares Outstanding ；代號 csho)
Stock repurchase Purchase of Treasury Shares
(compustat 名稱：Purchase of Treasury Shares ；代號 purtshr)
Salary The dollar value of the base salary earned by the named executive officer
during the fiscal year.(executive compustat 名稱：Salary ；代號 Salary)
Bonus The dollar value of a bonus earned by the named executive officer during the
fiscal year.(executive compustat 名稱：bonus ；代號 bonus)
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Exe.shares Shares owned by the executive, excluding options that are exercisable or
will become exercisable within 60 days. Share ownership is generally reported as of a date between the fiscal year end and proxy publication. Units: Thousands(executive compustat 名稱：Shares Owned - Options Excluded；
代號 SHROWN_EXCL_OPTS)
Management shares The number of shares of stock (including restricted stock) that
were granted to each non-employee director during the year.(executive compustat 名稱：Annual Shares Received by All Directors；
代號 DIRSTK)