自由現金流量對私立大學校院成長機會之影響
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Date
2009-06-??
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國立台灣師範大學教育學系
Department od Education, NTNU
Department od Education, NTNU
Abstract
本文以我國私立大學校院為研究對象，探討自由現金流量與其成長機會之間的關聯。研究結果顯示，在考慮代理問題與監督效果影響之前，自由現金流量與私立大學校院的成長機會並沒有顯著關聯。經控制代理問題影響後發現，在高代理問題的樣本中，自由現金流量與成長機會呈顯著的負向關係；不過，將監督效果納入考慮後，其結論仍與未考量前相同。進一步將高代理問題樣本再依監督效果強弱加以區分後發現，在高代理問題且高監督效果組中，自由現金流量與成長機會之間的負向關係並不顯著，只有在高代理問題且低監督效果組中，兩者才會呈現顯著的負向關聯。因此在考慮其他影響效果前，自由現金流量是否會為私立大學校院帶來成長機會，其結論並不明確。不過，對於高代理問題的私校而言，其自由現金流量會與成長機會呈顯著的負相關。然而，私校若可強化其監督機制，上述負面影響就會變得比較緩和，因此降低代理問題且加強監督機制，是私校追求成長機會的必要條件。
This study aims to explore whether free cash flows (FCF) can induce growth opportunities (GO) of private universities and colleges in Taiwan. The relationship between FCF and GO is not initially significant. After controlling the effects of agency problem, we find that FCF have significant negative effects on GO in samples with the high-agency problem. However, the relationship between FCF and Go does not show statistically significant in the samples of high-agency problems or low-monitoring effects. Further, we find that FCF will solely reduce GO of private universities and colleges that display both high-agency problems and low-monitoring effects. Thus, reducing agency problems and enhancing monitoring effects are key for private universities and colleges to sustain institutional growth.
This study aims to explore whether free cash flows (FCF) can induce growth opportunities (GO) of private universities and colleges in Taiwan. The relationship between FCF and GO is not initially significant. After controlling the effects of agency problem, we find that FCF have significant negative effects on GO in samples with the high-agency problem. However, the relationship between FCF and Go does not show statistically significant in the samples of high-agency problems or low-monitoring effects. Further, we find that FCF will solely reduce GO of private universities and colleges that display both high-agency problems and low-monitoring effects. Thus, reducing agency problems and enhancing monitoring effects are key for private universities and colleges to sustain institutional growth.