台灣電子產業現金持有與法人持股比例關係之研究

2008年美國次貸風暴所致金融危機衝擊全球後，依據英格蘭銀行於2007年第四季至2008年底所做統計調查，顯示因銀行信用大幅緊縮，導致企業籌資與融資困難。近年全球歷經諸多重大事件，且現金股利亦呈逐步縮減，是否會影響企業之持有資金變化，此即本研究所欲探討之標的。本研究係採由台灣經濟新報資料庫選取2009年2018年共計十年期間之電子產業上市櫃公司做為樣本資料，探討企業現金持有與法人持股比例間之關係；並參照Bao et al. (2012)所述方法，就現金流量對持有現金之敏感度進行實證分析，探討所得結果是否與其相符。本研究結果顯示，無論使用OLS或GMM4模型做為估計方法，現金流量敏感度與持有現金變動均呈正相關。因企業營運倘具較多法人持股時，其公司監督較佳，故本研究於解釋變數中亦納入法人持股比例；經實證結果顯示法人持股比例與公司財務受限程度確具顯著負向關聯，亦即法人持股比例愈高，則公司持有現金比例愈少。

關鍵字

金融危機；現金持有；法人持股；現金流敏感度

並列摘要

Since the 2008 financial crisis raided through the world that caused an economic shock in all kinds of industries, which led global supply chains to a major reshuffle, dropped worldwide stock markets significantly, and crashed the real economy. According to the Quarterly Bulletin 2007 Q4 presented by the Bank of England, banks launched the policies of credit crunch after one year of the crisis, which resulted in greater difficulties for enterprises to do external financing and loans. Additionally, with major events happened globally and the gradually decreasing cash dividend, this research aims to explore whether these factors will influence the business capital among corporation. Utilizing the ten-year data of electronics listed companies from 2009 to 2018 published by Taiwan Economic Journal (TEJ); this study discusses the correlation between the ratios of corporate Cash Holdings and Institutional Ownership. Moreover, using the method provided by Bao et al. (2012) to research the Cash Flow Sensitivity of Cash and observe if the result aligns with the data. Consequently, the analytic results show that Cash Flow Sensitivity and Cash Holdings have a positive correlation in both Ordinary Least Squares (OLS) and S4 Generalized Method of Moments (GMM4) methodologies. The study also adds a variable of Institutional Ownership into the explanatory variables. The analysis proves that a company tends to have lower Cash Holdings when the ratio of Institutional Ownership is higher. It is probably because enterprises usually have better corporate governance and management mechanisms, which makes the investors inhibit managers for holding excessive cash; therefore, leading a phenomenon of the lower ratio of cash holdings.