碩士 / 國立成功大學 / 財務金融研究所 / 98 / Traditionally , The cash and short-term investments play the important role in working capital management . How to allocate them is based on liquidity、safety and profitability. In the respect of applying cash , the higher cash holding may lose better profit opportunity because of its lower return. Combining cash if possibly with short-term investments may decrease company’s opportunity cost. On the other hand ,the lower cash holding may cause illiquidity and bankruptcy. Therefore , how to properly allocate cash and short-term investments is an important issue for shipping industry .
The purpose of this research is to identify how the business change factors are in relation to short-term investments for the period from the 1988 to the first quarter of 2010. We analyze how all these factors affect the short-term investment for the shipping industry ,and the major findings are as follows:
一、The business change factors such as gross profit margin、cash/assets ratio、total assets have an significant effect on the short-term investments for the shipping industry . In addition, The fluctuation in gross profit margin and cash/assets ratio have the highest explanatory power and correlated negatively with short-term investments. The gross profit margin、fluctuation in cash/assets ratio、total assets and short-term investments are positive and significant.
二、Oil、tse volatility and debt ratio will have less impact on short-term investments for the shipping industry. The main reason is when the price of marine fuel oil fluctuates acutely, the shipping industry will implements futures、options、swaps、forwards、conomic Speed and the Bunker Adjustment Factor (BAF) to offset a certain degree of oil price risk.Besides, shipping industry short-termly invest chiefly in Bond type fund and is usually financing for PPE, so the tse volatility and debt ratio have less impact on short-term investments for the shipping industry.
| Identifer | oai:union.ndltd.org:TW/098NCKU5304031 |
| Date | January 2010 |
| Creators | Chih-WeiChen, 陳志偉 |
| Contributors | Yenn-Ru Chen, 陳嬿如 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 57 |
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