金融危機期間現金持有量、EPU與公司績效之關聯性

Cash Holding, EPU, and Firm Performance During the Financial Crisis

廖薇(Hnin Oo Wai)

指導教授 ： 張眾卓

國立暨南國際大學/管理學院/財務金融學系/碩士(2023年)

https://doi.org/10.6837/ncnu202300050

摘要

摘要
本文研究了現金持有量在高經濟政策不確定性（EPU）的金融危機中如何運作，測試了現金持有量高的公司在高EPU時期是否能夠生存並迅速恢復。實證結果表明；在金融危機的高EPU時期，與現金持有量低的企業相比，現金持有量高的企業能夠較快恢復下來。在考慮到內生性的情況下，仍獲得一致的實證結果。當EPU較高時，現金持有量高的公司比現金持有量低的公司有更多的機會迅速恢復。根據實證結果，企業應該考慮持有更多的現金作為儲備，以防出現高EPU的突發事件。

關鍵字

現金持有量 ； 經濟政策不確定性 ； 金融危機 ； 恢復速度 ； 經營績效

並列摘要

Abstract
We examine how cash holdings work during a financial crisis with high Economic Policy Uncertainty (EPU), testing if firms with high cash holdings can help speedy recover in high EPU periods. The empirical results indicate that EPU has negative influence on the firm performance during a financial crisis period. Moreover, firms with high cash holdings can recover more rapidly compared to those with low cash holdings during the high EPU period of financial crisis. The results also hold after undergoing robustness test with accountability of endogeneity. Firms with high cash holdings have more chances of a quick recovery than firms with low cash holdings when EPU is high. Based on the empirical results, firms should consider holding more cash as a reserve to encounter unexpected events with high EPU.

並列關鍵字

cash holdings ； economic policy uncertainty ； financial crisis ； recovery speed ； firm performance

參考文獻

References

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