公司治理與公司財務受限關係之研究

全球在歷經多次金融危機後，諸多學者逐漸意識到公司在治理方面對企業的重要性，亦有學者認為公司的一些治理變數與公司持有現金及現金持有敏感度存在關聯性。本研究先以企業持有現金敏感度區分公司有無財務受限，後再以股利支付及公司規模區分公司有無財務受限，並與公司治理指標做探討。本研究採用Bao,Chan and Zhang (2012)研究模型及參照陳雁羚(2015)使用財務受限界定值，後再以本研究定義的公司治理指標進行驗證。本研究證實投資與持有現金變動量及現金流量敏感度為正向關係，表示當公司的現金流量愈多時，公司傾向持有較多的現金。此外，公司治理指標與現金持有敏感度顯示為相關水準，另以股利支付區分財務受限與公司治理指標關係，研究證實公司在財務受限情況下，公司治理指標愈高則公司會降低持有現金。

關鍵字

財務受限公司；現金流量比率；現金持有敏感度；公司治理指標

並列摘要

The world has experienced many financial crises, Many scholars gradually realize the importance of corporate governance to enterprises, Some scholars also believe that some corporate governance variables are related to the company's cash holdings and cash holding sensitivity. First, we distinguish whether the company is financially constrained by the sensitivity of the company's cash holdings, and then distinguish whether the company is financially constrained by dividend payment and company size, and then discuss the relationship with corporate governance indicators. Adopting the research model of Bao, Chan and Zhang (2012) and referring to Chen Yanling's (2015) defined value of financial restriction, the corporate governance indicators defined in this study are used for verification. It is confirmed that investment is positively related to the change in cash held and cash flow sensitivity, which means that when the company has more cash flow, the company tends to hold more cash. In addition, the addition of corporate governance indicators and cash holding sensitivity show a correlation level. The relationship between financial constraints and corporate governance indicators is distinguished by dividend payment. The higher for the corporate governance index, the lower cash held by the company.