伊斯蘭教義與所有權結構對現金持有價值之研究 —以印尼上市公司為例

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题名:	伊斯蘭教義與所有權結構對現金持有價值之研究 —以印尼上市公司為例 The Impact of Islamic Law and Ownership Structure on Value of Cash Holding : Evidence from Indonesia
作者:	蔡佩穎
贡献者:	財務金融學系
关键词:	伊斯蘭教義所有權結構現金持有價值法人持股內部人持股印度尼西亞 Islamic law ownership structure value of cash holding institutional owernship insider ownership Indonesia
日期:	2022
上传时间:	2023-03-15 13:23:48 (UTC+8)
摘要:	本研究主要探討伊斯蘭教義與所有權結構對現金持有價值之影響，並以2012年至2020年印尼上市公司作為研究樣本進行實證分析。本文根據伊斯蘭教義的宗旨與穆斯林遵循古蘭經的信仰，推論遵循伊斯蘭教義的公司將會提高現金持有價值，而當加入所有權結構考量後，本文推論遵循伊斯蘭教義的公司，其法人持股越高，現金持有價值越高；遵循伊斯蘭教義的公司，其內部人持股越高，現金持有價值越高之假說。本文實證結果發現遵循伊斯蘭教義的公司會提高現金持有價值，此外，加入所有權結構後，發現遵循伊斯蘭教義的公司，法人持股越高，現金持有價值不一定會增加；遵循伊斯蘭教義的公司，內部人持股越高，則現金持有價值則會提升。本文實證意涵為，宗教思惟會影響經理人的管理決策，使公司經理人對於現金的管控更加謹慎，亦即管理者對於現金的使用效率，宗教與所有權結構皆扮演著重要角色。本文的研究結果將能對伊斯蘭教義如何影響管理者現金的使用效率，有更深層的了解。 This study mainly explores the impact of Sharia teachings and ownership structure on the value of cash holdings, and uses Indonesian listed companies from 2012 to 2020 as a research sample for empirical analysis. Based on the purpose of Islamic teachings and the belief that Muslims follow the Koran, this paper infers that companies that follow Islamic teachings will increase the value of cash holdings. When considering the ownership structure, this paper infers that companies that follow Islamic teachings have higher legal person holdings. The higher the value of cash holdings; the hypothesis that the higher the insider holdings of companies that follow Shariah teachings, the higher the value of cash holdings.The empirical results of this paper find that companies that follow Islamic teachings will increase the value of cash holdings. In addition, after adding the ownership structure, it is found that companies that follow Islamic teachings, the higher the legal person's shareholding, the value of cash holdings will not necessarily increase; companies that follow Islamic teachings will not necessarily increase the value of cash holdings. , the higher the insider holdings, the higher the value of cash holdings. The empirical implication of this paper is that religious thoughts will affect managers' management decisions, making corporate managers more cautious in cash management, that is, managers' efficiency in using cash, religion and ownership structure both play an important role. The findings of this paper will provide a deeper understanding of how Sharia affects the efficiency of managers' cash use.
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