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研究生： 李啟正
Chi-Cheng Li
論文名稱： 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
指導教授： 何柏欣
Po-Hsin Ho
口試委員:
學位類別： 碩士
Master
系所名稱： 管理學院 - 財務金融學系
Department of Finance
論文出版年： 2023
畢業學年度： 111
語文別： 英文
論文頁數： 40
中文關鍵詞： 世界不確定性指數 、現金持有 、文字探勘指數
外文關鍵詞： World Uncertainty Index, Cash holding, Text mining index
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    • 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.

    Chinese abstract I English abstract II Contents III List of Tables IV 1. Introduction 1 2. Literature review and hypothesis development 6 2.1. Corporate cash holdings and the changing macro environment 6 2.2. Development of a proxy for uncertainty 6 2.3. Cash holdings and uncertainty literature in Taiwan 9 3. Data and methodology 10 3.1. Research and variables 10 3.2. Regression model 12 4. Empirical result and robustness checks 14 4.1. Main analysis 14 4.2. Robustness checks 14 4.2.1. Overlap between WUI and macro-variables 14 4.2.2. Asymmetry in explanatory power of WUI 17 4.2.3. Subsample before the financial crisis 18 4.2.4. Sources of increased cash holdings 20 5. Conclusion 22 Appendix: Variable definition 23 References 24

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