- 學位論文
現金持有與資訊透明度對公司價值之影響
Cash Holdings, Information Transparency and Firms’ Value
摘要
現金為公司資產中最具流動性之科目，其具有預防臨時資金缺口之優勢，但當持有比重過高時，卻可能導致公司承擔較高之投資機會成本或面臨衍伸代理問題。故對公司而言，現金持有程度就像雙面刃一樣，雖具有正向誘因但亦涵蓋負面之影響。 然本研究認為，資訊透明度係為一有效之中介變數，可以降低現金持有對公司價值之雙面刃效果。因為，當公司資訊透明度愈高時，市場狀因公司揭露較多之相關資訊，具有較高之資訊透明度，而降低代理問題之影響。實證結果發現公司資訊透明度與現金持有之交乘效果對公司價值之影響呈顯著正向相關，顯示當公司資訊透明度較高時，公司現金持有對公司價值具有正向的影響，間接支持上述觀點。本研究進一步將整體樣本依產業別區分為，電子類與非電子類兩大族群，發現電子類股贠樣本與整體樣本之結果一致，若以家族特性進行區分，則發現非家族企業之交乘效果與整體樣本一致。
關鍵字
現金持有；資訊透明度；公司價值並列摘要
Cash, best for filling temporary financing gap, is the most liquid asset in company account. However, the cash holding rate has double edges for company development. After the positive incentives it creates, negative effects usually ensue. Namely, with a high cash holding rate, the company may face high opportunity costs of investment or other related agency problems. This research found that the double-edged effects of cash holding rate can be reduced by introducing the intermediate variable of information transparency. The higher the information transparency rate is, the more the company information is disclosed to the market, and the less probably the related agency problems occur. This research, therefore, explored how information transparency interacts with cash holding, and how they positively affect the corporate value. It indicated that the more information transparency is, the more positively the cash holding will affect the company value. The research also in further divided the study population into electronic and non-electronic companies. The empirical finding indicated that for the electronic company, the interactive effect between information transparency and cash holding rate shows significantly positive correlation with corporate value. This result is consistent with that of the study population. Interestingly, this interactive effect on non-electronic companies fails to show such a significant result. Turning to the experiment that the study population was grouped into family and non-family business, the interactive effect shows significant result on non-family business rather than on family business.