持續性高現金儲備政策對公司長期營運績效與股價之影響

The Effects of Persistent Policy of Large Cash Holdings on Long-Run Operating Performance and Stock Returns

許溪南(Hsinan Hsu) ； 郭玟秀(Wen-Hsiu Kuo) ； 張介銘(Chieh-Ming Chang)

《創新與管理》 6卷1期 (2008/11) Pp. 119-156

https://doi.org/10.30118/JIM.200811.0005

摘要

本文旨在探討持續性高現金儲備政策對台灣上市公司長期營運績效與長期股價之關係，且設計出三組「同產業、同規模」，但是分別採取不同現金管理政策的公司做為對比公司，來檢視在不同現金管理政策下的公司特徵變數以及公司長期營運績效是否存有顯著差異。此外，本文也應用Spiess and Affleck-Graves (1995)衡量長期股價報酬的方法來檢視台灣上市公司採持續性高現金儲備政策後的長期報酬。研究結果顯示採取「持續性保守型」現金管理政策並不會傷害股東利益和扼殺公司績效表現，相反的，可以利用龐大現金部位支持公司的成長與發展。這對企業界、監理機關、投資人均有重大的意義。

關鍵字

持續性高現金儲備 ； 經營績效 ； 股價報酬 ； 公司成長

並列摘要

The purpose of this paper is to investigate the effects of persistent policy of large cash holdings on the long-run operating performance and stock returns. In addition, this paper sorts three groups of firms by size, industry and different cash management policies to examine whether there exists difference in long-run performance. Also, this paper employs long-run adjusted return proposed by Spiess and Affleck-Graves (1995) to test if there is long-run abnormal returns for persistent policy of large cash holdings. Our results indicate that firms with persistently large cash holdings can use large cash to support growth opportunities and have comparable or greater performance than those of size-and industry-matched control groups. These results have a profound implication to business firms, government, and investors.

並列關鍵字

persistent large cash holdings,operating performance,stock return,firm growth.