世界不確定性指數對公司現金持有的影響;Impact of the World Uncertainty Index on corporate cash holdings

NCUIR > School of Management at National Central University > Graduate Institute of Finance > Electronic Thesis & Dissertation > Item 987654321/92669

Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/92669

Title:	世界不確定性指數對公司現金持有的影響;Impact of the World Uncertainty Index on corporate cash holdings
Authors:	李啟正;Li, Chi-Cheng
Contributors:	財務金融學系
Keywords:	世界不確定性指數;現金持有;文字探勘指數;World Uncertainty Index;Cash holding;Text mining index
Date:	2023-07-05
Issue Date:	2024-09-19 16:12:15 (UTC+8)
Publisher:	國立中央大學
Abstract:	本研究發現總體環境的不確定性與公司持有的現金具有強烈的正向關係。本研究用以代表不確定性的變數為世界不確定性指數，並證實其具有與一般總體變數不同的獨特解釋力。此外，這篇研究發現數個世界不確定性指數所具有的特徵，舉例來說，世界不確定性指數的解釋力具有不對稱性，以及在金融海嘯前同樣具備有效性等。本研究進一步檢驗公司在不確定性高的時期，存下的現金主要來源於融資現金流。藉由使用Ahir et al. (2022)用文字探勘技術所建構出的不確定性指數，本研究得以將台灣不確定性領域的主題推向新的境界。;This study finds a strong positive relationship between uncertainty in the macro-environment and corporate cash holdings. The proxy index used in this paper to represent uncertainty—the World Uncertainty Index (WUI)—shows unique explanatory power after controlling for macro-variables. Moreover, this study discovers unique characteristics of the WUI, for instance, asymmetry in explaining power and effectiveness before the financial crisis. This paper also finds that corporations save cash from financing cash flows to prevent emergencies in periods of high uncertainty. Using the novel text-mining uncertainty index constructed by Ahir et al. (2022), this study extends the uncertainty topic in Taiwan to a new field.
Appears in Collections:	[Graduate Institute of Finance] Electronic Thesis & Dissertation

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