公司流動性之決定因素

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(4) :u::~*f~. mit1i~. m=M. Itt ' *litfj'GfflMraJ~~1i\t~1¥J0~J!!*tU~~~mtmf.l'l1iiii: ' .L~~f~~fJtftlJ.r.,'Jmz~~ : fflZ~~1f1¥J0~~{Jtf~lJ.r.,'Jm~/J\ , l&~f/U;j:ff~~l¥JmtlJJ'l1iiii: ~l1lt ±m:~m.4·HIlil~ -tzo~ : H2a : Jt.ftg{~ftf:tElrtlJ~ , LrP0~fflZ~~1f~mtgv.rl'1ii~tt$~IEt§/;JJ • 0. I. John(1993) 'Soenen(1993)!f3~1Jt'i'0~1JtsEmt:lt~~'I1~*fF,f , {tJjJ~*fH~~~I¥J1mmM ii~ . tj~fU*iiM!iizw* • ffij Kim, Mauer and Shennan(1998)fu,~lmaJ3'i'0 sEmt:lt~IiiJE'l1ilttkfF,f , ~{tj~*itMf~~mtlJJ'l1ii~ • _Itt ' *litf~fflWj1Jt.ll<.tllu"",,"=_ *1¥J0~ , ~:ff~E51M':ff~~mtlJJttiiii: . .L~~f~**1Jt~mt:ltz~IiiJE'I1· fZgItt . mtfj~~=tzo~ : H3a : Jt.ftgf~{tf:t§rtlJ~ , Lm0~~~mt:lt~~'I1WmtlJJ'l1iiii:tt$~IEt§/;JJ • fflJ.:if*~if0~zti~ 13~~~0~1JIfOO:. ' I¥st!l!Mji;li*ft ' l&:tEflitlJEtRJf~~fF,f , :lttzOfiiJijg~I¥st!l!~Ui§M~Wli*ft0~z1JlfOO: ii'T~ffFtW1I!!ffFtB(1999) , ~1t~WIIm (1996)~Wl~0 ~lftn~JjmtlJJiiii:~\~.tJi7Hic ' MLtjfi:*J.ifU~ 13 ~ • imffl ' ~.I¥J~{tf:J!!~J-~¥IilMl~* • Kim, Mauer and Sherman(l 1JJ'l'1ii~¥f1M1$Z~~~*1¥J11i7£~ , 0~1fM~M':ff~:J;l¥JmtlJJ'l1ii~ , Atn.mtRii:zifimtf:1 ' tjJ.il&~~l¥Jmii~Mi fZgItt ' *litf~fflWj'i'.Sii~¥f1M1 ttlJJ'l1iiii:Z¥IilMi$fF,f . ~~::if{tj~~ji~mjitn.Sji~ , ML*1EM'~:J;l¥JmtlJJ'l1ji~ , jt0~fU:ali*ft ; Biz ' JWM'fff~~mtlJJ'l'1iiii: E51J.l:t ' *litfj'Gmtfj®~!2]tzo~~: 14. : ~ftg{~{tf:t§rtlJ~ , Lm0~.1mjiii:~Mi$WmtlJJ'l1ji~¥f1M1$z~~Wmtlj]'l1j 0. ("\r\O\!'!fr.ll'1rs. -. ·. ""~=i. ~!l! ... 1. 0. 0. ~tt$~~t§/;JJ. 0. *- ' h1f 1E tt tt *rnti5t;fflH!.I1*litf~.~7ttff?fi1*1=rz Tobit ;lJglS7ttfft!2 'l1ji~tt$z~¥~fflZ*litfj'Gz.lm;lJglStlM. gt · ~:@'P1~tl*WjrE!' , ~tt~* '. '. , Jt.~§ltf;f0;::;']lft!'i'I't!;~~Vt.F. MLJ1lJE:ttf'F'I1~~ZJE~. ji*4*~&Jt.ftgtEHB1litf~7ttffJjt!. 0. ~'l~~j,JJ.Z!'. •. , Tobit ~~fHi~. -. *litf~~t¥tj. Tobit ;lJglS7ttffr!;li§1=rJllm7ttff ' ~~~~;.J:::/-t, 'tiiiii:tt$ , IttE51~~~{OO:~frtn 0 W 1 Zra~ · lftntt*0 ~ zmtlJJ'l1ii ii:tt$~ 0 ~. , 2. Tobit ~lljH~m1~ 19581f.1F.f. Tobin ~~~;t;mtfj, ;tt:tE:frtJT~Jt~t:ttnif#~Mtt:Jm. tfjlF.f,.~¥~~Jt~Z~Jt~tfjS.· • • m1tf:1M~~.T~Jt~tfj(~~.) ~~~tt:J6~'~~~.m1S~m~~ • •m1°. -. 4. 176 .

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(17) ~. d*fU ~i:t1i~ ~=M 12§*:lmlf(!J!j1} "'JVif.'jJ'tt~QRXl'~fif.lz~. ' i'&OJtt.~l'~~~zrdJ-JN:1}n.J ',JI:,l(J:RILR~'tt A.;;tt:~ , J!f*I~Bfi!i¥i~fiI!Q(f,J~. ' *i¥i52:~~z-JN:1}l§j:ft1iZiiI! '(Iij~~f~ , Vif.mJJtt~~~iS~?fT~~ , W\JtHOO:~**if~~~(f,J~Jm 0. 0. ~~3ttt , 1i#&1T' r CP/J\:i1:JI~JJi~1fglllttzif~7tfJT J 'titfiflfJeJ'lf!l' 8 F.J ' ]:I 93-98 •. m129 W3 ' 1996. , r ~~~(f,J~~-Ji~~Wti~llI!J 'J/(!lJlftN' 19981¥ 9 F.J ,]:I 66-73 , r #ttM~1flll! J 'i3'~t: ¥J~.fqj , 19991¥ 11!!~.~ Block and Hirt ~, rM~~llI!J 'i3'~t: WHi:ll::~1flll!~IlWi}l§j , 1999 0. ,. ,. 0. . r 0l§j~'tt~I&!j1}a]jitfl~mz~.-pJ.f::r. '~~1}l§jm~JJ . ~1LCPlE*~. .",.....,..,,- ~Hi~±~)( , 2000 1¥. 0. , r 0l§jZfl3':ffil!~~IlItt-.L-)'• • '~~1}l§jm~JJ · ~1LCPlE*~:ll::~~llI!~~Hiji± , 19991¥ • E. I., "Financial Ratios, Discriminant Analysis, and the Prediction of Corporation -'-'~"",Journal ofFinance,. 23,1968, pp.589-609.. T., "Tobit Model: A Survey", Journal ofEconometrics, 43, 1984, pp.3-61. , M. and Smith, Jr. C. W., "The Maturity Structure of Corporate Debt", Journal of 50,1995, pp.609-632. , M. and Smith, Jr. C. W., "On Financial Architecture: Leverage, Maturity, and ,r;h.",. Journal Applied Corporate Finance, 8, 1996, pp.4-17.. 1., "Corporate Liquidity in Games of Monopoly Power", Review of Economics and. 69,1987, pp.312-319. L., Jerry, L. S., and Joseph, A 1., "Corporate Liquidity and Significance of Earnings Cash Flow", Journal ofApplied Business Research, 14, 1998, pp.27-38. G., "External Financing and Liquidity", Journal ofFinance 39, 1984, pp.895-908. W., and Doug, D., "Evaluating Corporate Liquidity", Treasury Management 'lSsociation. 18, 1998, pp.28-31. C., and Wier, P., "Borrowing Relationships, Intermediation, and the Cost of Issuing . Securities", Journal ofFinancial Economics, 28,1990, pp.149-171.. -. 189 .

(18) :Itjt~flJ. mttli~. m=M. John, T. A., "Accounting Measures of Corporate Liquidity, Leverage, and Costs of Distress", Financial Management, 22, 1993, pp. 91-10 1. Kim, C. S., Mauer, D. C., and Sherman, A. E., "The Determinants of Corporate Li Theory and Evidence", Journal of Financial and Quantitative Analysis, 33, pp.335-359. Myers, S.. c.,. "Determinants of Corporate Borrowing", Journal of Financial Economics. 1977, pp.l47-175. Schilling, G., "Working Capital's Role in Maintaining Corporate Liquidity",. Management Association, 16, 1996, pp.4-8. Soenen, L. A., "Cash Conversion Cycle and Corporate Profitability", Journal of. Management, l3, 1993, pp.53-58. Tobin, J., "Estimation of Relationship for Limited Dependent Variables", Econometrica, 1958, pp.24-36.. -. ". 190 .

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