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台灣上市公司的現金持有、現金持有價值與公司生命週期：預防性動機假說之驗證
194
表
7
不同生命週期階段的現金持有價值
(1)
(2)
(3)
Intercept
1.301
(98.04)
a
5.447
4.034
3.406
(55.47)
a
(26.56)
a
(25.91)
a
3.382
2.806
2.175
(30.08)
a
(23.76)
a
(21.25)
a
2.649
2.350
1.738
(20.91)
a
(18.56)
a
(15.73)
a
2.686
1.057
0.765
(12.98)
a
(5.99)
a
(5.07)
a
1.973
0.248
0.190
(10.62)
a
(1.00)
(0.89)
2.977
1.365
(17.42)
a
(9.10)
a
-0.127
0.319
(-1.42)
(4.12)
a
1.469
0.973
(17.56)
a
(13.53)
a
∆NA
i,y
0.165
-0.032
(4.77)
a
(-1.02)
∆NA
i,y
+2
0.288
0.298
(8.64)
a
(10.35)
a
0.664
-2.221
(0.68)
(-2.66)
a
-1.383
0.997
(-1.78)
c
(1.50)
2.399
1.418
(2.80)
a
(1.94)
c
1.652
-9.562
(1.09)
(-6.49)
a
-3.247
-1.724
(-3.33)
a
(-2.00)
b
-4.688
-10.246
(-4.30)
a
(-10.63)
a