| 摘要: | 本研究主要探討伊斯蘭教法、所有權結構對投資現金流量敏感度之影響，並加入新冠肺炎之探討。本文並以2012年至2021年印尼上市公司作為研究樣本進行實證分析。本文依據伊斯蘭教法，推論遵循伊斯蘭教法的公司，會提高投資現金流量敏感度，而當加入所有權結構後，推論遵循伊斯蘭教法的公司，當法人持股越高，投資現金流量敏感度越高；遵循伊斯蘭教法的公司，當內部持股越高，投資現金流量敏感度越低。當加入新冠肺炎的考量因素後，本文推論在新冠肺炎下，有否遵行伊斯蘭教法，會使得公司的投資現金流量敏感度產生差異。本文實證結果顯示遵循伊斯蘭教法的公司，投資現金流量敏感度較高，顯示宗教影響管理者現金與投資決策甚深；在所有權結構影響上，實證結果顯示遵循伊斯蘭教法的公司，當公司的機構持股比例越高，會使公司的投資現金流量越高。而內部持股的比例越高，公司的投資現金流量敏感度不一定會降低。在新冠肺炎的影響上，實證結果顯示，當加入新冠肺炎疫情考量後，遵循伊斯蘭教法的公司，投資現金流量敏感度較高；當加入所有權結構變數，實證結果顯示遵循伊斯蘭教法的公司，機構持股比例越高，公司的投資現金流量敏感度不一定會提高；而內部持股的比例越高，投資現金流量敏感度會提高。顯示當受到疫情影響時，管理者會傾向運用內部現金進行投資。本文在新興市場管理實務作出貢獻，亦即管理者對於內部資金用於公司投資項目上，宗教、所有權結構與外在環境衝擊扮演重要角色。
This study mainly explores the impact of Islamic law and ownership structure on the sensitivity of investment cash flow, and includes the discussion of COVID-19. This paper uses Indonesian listed companies from 2012 to 2021 as a research sample for empirical analysis. Based on Sharia law, this paper infers that companies that follow Sharia law will increase the sensitivity of investment cash flow, and when the ownership structure is added, it is inferred that companies that follow Sharia law will have higher investment cash flow sensitivity when the legal person holds more shares. High; for companies that comply with Islamic law, the higher the internal shareholding, the lower the sensitivity of investment cash flow. After adding the consideration of COVID-19, this paper deduces that under the COVID-19, whether or not the Islamic law is complied with will make the company's investment cash flow sensitivity differ. The empirical results of this paper show that companies that follow Sharia law have a higher sensitivity to investment cash flow, indicating that religion has a profound impact on managers’ cash and investment decisions; in terms of the impact of ownership structure, the empirical results show that companies that follow Sharia law, when the company’s The higher the institutional shareholding ratio, the higher the company's investment cash flow. The higher the proportion of insider shares, the company's investment cash flow sensitivity will not necessarily decrease. In terms of the impact of the new crown pneumonia, the empirical results show that when the new crown pneumonia epidemic is considered, the companies that follow the Islamic law have a higher sensitivity to investment cash flow; when the ownership structure is added, the empirical results show that the companies that follow the Islamic law, institutions The higher the shareholding ratio, the company's investment cash flow sensitivity will not necessarily increase. The higher the proportion of internal holdings, the higher the sensitivity of investment cash flow, indicating that when affected by the epidemic, managers will tend to use internal cash for investment. This paper makes a contribution to management practice in emerging markets, namely, that managers' internal funds are used for corporate investment projects, religion, ownership structure and external environmental shocks play important roles. |
