本研究使用台灣2003至2017年之公司資料，探討企業的現金流量不確定性與企業融資及投資機會間的關係。現金流量不確定性是直接以過往的會計資訊衡量以避免現金流量不確定性與投資機會產生的內生性問題。實證結果發現公司的現金流量不確定性越大，公司貸款利率越高，面臨的投資機會越少。原因與公司違約風險、銀行的自我保護心理以及公司的槓桿比率有關。另外，本研究亦檢視公司治理程度、董事會成員性別多樣性等，對於企業的現金流量不確定性與企業融資及投資機會間關係的影響。我們發現公司治理佳及董事會性別多樣性確實能夠改善現金流量不確定性對企業貸款利率的負面影響。

We examine the relation among cash flow uncertainty, bank loan cost, and investment opportunities by using cash flow uncertainty measure which can alleviate endogeneity problem. Using a sample of Taiwanese firms from 2003 to 2017, we find that firms with higher cash flow uncertainty will be charged higher loan interest rates. Moreover, cash flow uncertainty is negatively related to firms’ investment opportunities. Our results also show that good corporate governance not only decrease bank loan interest rates but also improve the negative relationship between cash flow uncertainty and bank loan cost. In addition, board gender diversity can effectively mitigate the negative effect between cash flow uncertainty and bank loan cost. Our main results still hold after concerning different measurement of cash flow uncertainty for robustness check.

目 錄
論文審定書 i
摘要 ii
Abstract iii
1. Introduction 1
2. Literature Review and Hypotheses Development 3
3. Research Design 6
3.1. Data and Sample Construction 6
3.2. Variable Measurement 6
3.2.1. Cash Flow Uncertainty 6
3.2.2. Bank Loan Cost and Investment Opportunity 7
3.2.3. Control Variables 8
3.3. Methodology 9
4. Empirical Results 10
4.1. Descriptive Statistics and Correlation Analysis 10
4.2. Univariate Analysis 12
4.3. Relationship between Cash Flow Uncertainty and Bank Loan
Cost 12
4.4. Relationship between Cash Flow Uncertainty and Investment
Opportunity 14
4.5. The Effect of Corporate Government 15
4.6. The Effect of Female Board Director 17
4.7. Robustness Test 19
4.7.1. Yearly Analysis 19
4.7.2. Alternative Measurement for Cash Flow Uncertainty 19
4.7.3. Simultaneous Equation Model (SEM) 20
5. Conclusion 21
Reference 23
Appendix 26

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