楊朝成臺灣大學：財務金融學研究所邵子寧Shao, Tzu-NingTzu-NingShao2007-11-282018-07-092007-11-282018-07-092006http://ntur.lib.ntu.edu.tw//handle/246246/60745本論文針對Froot於1993年所提出的「投資不足」假說，進行公司避險動機的實證研究。在這個架構下，公司避險是為了降低對外部資金的依賴以及內部營運現金流量的波動性，且其投資支出對避險前營運現金流量的敏感度應較未避險的公司低。然而，我們的實證結果並不支持這樣的假說。We examine the underinvestment rationale for corporate hedging and test the hypothesis that if firms hedge to reduce both their reliance on external funds and the volatility of internal cash flow, then their investment spending should be less sensitive to prehedged cash flow. However, our results in Taiwan are not consistent with this hypothesis.1. Introduction 1 2. Literature review and hypothesis development 3 3. Data and research methods 9 4. Taiwan hedging information 12 5. Empirical results 15 6. Summary and conclusions 24 References 26109163 bytesapplication/pdfen-US投資支出現金流量公司避險資訊不對稱投資不足Investment SpendingCash FlowCorporate HedgingAsymmetric InformationUnderinvestmentthesishttp://ntur.lib.ntu.edu.tw/bitstream/246246/60745/1/ntu-95-R92723050-1.pdf