The Study of Using Firm’s Internal Finance to Support Real Investment and Investment Efficiency
碩士 === 國立暨南國際大學 === 財務金融學系 === 98 === The pecking order theory declares that the cost of capital of internal fund is minimum. The internal funds, rather than external funds, will be the first priority for companies. Using the sample of 663 listed firms on Taiwan Stock Exchange, we find that companie...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2010
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| Online Access: | http://ndltd.ncl.edu.tw/handle/59389300389847542745 |
| Summary: | 碩士 === 國立暨南國際大學 === 財務金融學系 === 98 === The pecking order theory declares that the cost of capital of internal fund is minimum. The internal funds, rather than external funds, will be the first priority for companies. Using the sample of 663 listed firms on Taiwan Stock Exchange, we find that companies with much expected investments will retain more internal funds in advance. Moreover, these investments are efficient significantly.
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