149 /302
149
臺大管理論叢
第
28
卷第
2
期
表
4
次期投資與可比較性之關聯性
應變數：
INVESTMENT
t
+1
[1]
[2]
[3]
截距項
-0.036
0.047
0.468
(-0.01)
(0.02)
(0.18)
ECOMP4
t
0.108
0.108
0.087
(3.50)***
(3.46)***
(2.76)***
OVERI
t
-2.425
-2.274
-2.092
(-1.83)*
(-1.71)*
(-1.58)
ECOMP4
t
× OVERI
t
-0.141
-0.138
-0.123
(-2.37)**
(-2.33)**
(-2.08)**
SIZE
t
0.349
0.398
0.369
(2.22)**
(2.43)**
(2.28)**
MTB
t
0.651
0.646
0.666
(3.58)***
(3.59)***
(3.77)***
σ(CFO)
t
-1.462
-1.515
-0.060
(-0.37)
(-0.38)
(-0.01)
σ(SALES)
t
-2.691
-2.630
-1.716
(-2.18)**
(-2.12)**
(-1.37)
σ(INVESTMENT)
t
13.665
13.862
15.821
(3.25)***
(3.37)***
(3.87)***
ZSCORE
t
0.205
0.207
0.195
(1.84)*
(1.88)*
(1.80)*
CFO_SALES
t
1.398
1.379
1.285
(1.62)
(1.62)
(1.54)
KS
t
-0.105
-0.179
-0.408
(-0.11)
(-0.19)
(-0.44)
DIVIDEND
t
1.448
1.455
1.244
(4.75)***
(4.73)***
(4.19)***
AGE
t
-0.041
-0.043
-0.042
(-2.63)***
(-2.64)***
(-2.62)***
OP_CYCLE
t
-0.000
-0.001
-0.000
(-1.60)
(-1.73)*
(-1.61)
LOSS
t
-1.207
-1.183
-1.065
(-4.07)***
(-3.98)***
(-3.57)***
DEV
t
-0.021
-0.020
(-1.11)
(-1.06)
D_HOLDING
t
-0.057
-0.059
(-1.03)
(-1.09)