The Relationships between Cash Holding, Corporate Governance and Firm Value -Evidence from Listed Semi-conductor Industry in Taiwan
碩士 === 逢甲大學 === 經營管理碩士在職專班 === 95 === The main purpose of the thesis is to exam the relationship between cash possession policy, company governance and company value. The research targets are publicly listed semiconductor companies (including IC design, manufacturing, and packaging and testing). The...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2007
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| Online Access: | http://ndltd.ncl.edu.tw/handle/64188120935022280269 |
| Summary: | 碩士 === 逢甲大學 === 經營管理碩士在職專班 === 95 === The main purpose of the thesis is to exam the relationship between cash possession policy, company governance and company value. The research targets are publicly listed semiconductor companies (including IC design, manufacturing, and packaging and testing). The study finds that the company’s cash possession policy and value are affected by many complex factors. The testing results reveal that the company’s economic scale and stable growth make the company’s cash possession rate higher; the substantial capital expenditure and higher debt rate plus the same chairman and CEO result in lower cash possession rate; the united effect produced by high insider shareholding rate makes the company’s cash possession rate and value higher; the company’s excess cash possession has no remarkable influence on company value. However, the company’s excess cash possession plus the same chairman and CEO could adversely affect company value; the seat rate of independent director and supervisor has no obvious impact on cash possession rate and company value; the incorporated time has negative effect on company value but positive effect on company scale. These indicate the semiconductor industry’s features are shorter business and product cycle and most of the market is always shared by large companies.
The capital expenditure rate of IC manufacturing and packaging and testing company positively affects the cash possession rate but it is not obvious.
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