文獻指出各國家族企業有其不同的現金決策,有別於歐美地區,台灣將近七成上市公司被家族所控制,故管理者勢必從家族與公司利益中取得平衡。本文分別探討預防性動機與代理問題對家族企業現金持有的影響,並進一步研究家族企業是否因其在家族中的核心程度差異而有不同現金決策。實證結果顯示台灣家族企業相較於非家族企業會持有較少現金,然而預防性動機較強的家族企業則因家族企業保守與長期經營的特性有較高的現金持有,代理問題也並未使資金不足的家族企業降低現金持有。家族世代方面,低現金持有的現象更突顯於創始人管理的家族企業中。最後,同一家族集團內的企業並不擁有相同的現金決策,家族集團中核心程度越高的企業傾向持有越多現金,上述結果顯示金字塔型的持股結構內可能有資金配置不均的課題。
Family firms could have different cash holding policies among countries. Unlike foreign companies, nearly 70% of listed companies in Taiwan are controlled by families. Therefore, managers may seek a balance between the benefits of family and those of the company. This study examines the role of precautionary and agency motives in family firms' cash holdings. We also identify the family position of each family firm to see whether core family members have different policies. The empirical results show that family firms have relatively fewer cash holdings, but family firms with a higher precautionary motive or higher financing needs accumulate more cash. Regarding family position, the cash holding policy is different even among the same family business group. Firms with a higher position in the family group are more likely to hold cash. Overall, we show that an uneven distribution of cash might exist in the pyramid structure of the family business groups.