台灣上市公司現金持有價值之實證研究

An Empirical Study of Cash Holdings Value in Taiwan Listing Company

王鼎煜(Ding-Yu Wang)

指導教授 ： 劉立倫

中原大學/商學院/會計研究所/碩士(2004年)

https://doi.org/10.6840/cycu200400308

摘要

摘 要
營運現金管理的良窳，對企業的的獲利及風險控管有很大之影響。當現金過量時，易造成閒置資金無效益的投資、資金運用無效率；而如果現金短缺，將可能錯失投資機會，或是無法如期償還到期負債，亦可能無法應付緊急資金需求，而無法考慮資金品質及未來成本的負擔。因此如何管理現金，為公司財務管理之重要課題。
過去對流動性資產（現金）持有之研究，主要探討哪些因素會影響管理者流動性資產（現金）之持有量，本研究主要從投資人觀點來探究哪些因素會影響投資人看待公司的現金持有。而台灣目前也尚未有這方面之研究，因此本文想要瞭解台灣投資人如何看待台灣上市公司的現金持有。研究期間為民國80年至89年之上市公司，共包含3095個樣本數。採用Fama and MacBeth（1973）的橫斷面時間系列方法作迴歸分析。研究發現公司現金每持有一元的邊際價值約0.3至0.47。其他研究結論如下：

1.在產業方面，資訊電子產業之現金持有評價比非資訊電子產業高。
2.較有成長機會之公司，其現金持有價值較高。
3.投資機會可預測性較大公司，現金價值較低，無法獲得支持。
4.財務危機的可能性較大者，其現金持有價值較低。5.代理問題較低的公司，其現金持有價值較高，但並非內部人持股比例最高之公司其現金價值最高。
6.資本市場籌資容易度，不影響現金持有價值。
7.產業與內部人持股比例交互影響下，產業特性影響投資人評價現金持有較大。

關鍵字

現金價值 ； 現金持有

並列摘要

The quality of operating cash flow management brings a significant effect on the gain of the environment and risk management. If cash is excess in the firm, it will cause uneffective investment and cash useless; on the other hand, if cash is shortage in the firm, it will miss the chance to invest or unable to pay the debt on time, even it can not take up the instance cash demand. Now, how to administer cash flow is the key point of the company’s financial management.

In the past, there are a lot of research to discuss what factors will influence liquidity assets(cash). The research is on the investors’ side to analysis which factors will influence investors’ attitude to cash possession in the firm. The time of this research covers from 1991 to 2000, and there are 3095 samples of public-listed firms. The research adopts Fama and MacBeth’s method and finds that the marginal value of one dollar possession in the firm is about 0.3 to 0.47. The conclusions in the research are following:

1. The cash possession valuation in electronics industry is higher than others.
2. The cash possession valuation in the firms having higher growing opportunity is higher than others.
3. The research can not prove that cash possession valuation in the firms having higher investment forecasting is lower than others.
4. Cash possession valuation in the financial distress firm is lower than others.
5. Cash possession valuation in the firm which doesn’t have agency problems is higher than others.
6. We do not find that access to the capital markets affects shareholder’s valuation of cash holdings.
7. The interaction under industry and inside’s shareholder ratio, industry characteristic has greater effects on value that shareholders place on a firm’s cash holdings.

並列關鍵字

Cash Holdings ； Market Value of cash

參考文獻

16.歐進士，（1998），「我國企業研究發展與經營績效關聯性之實證研究」，中山管理評論，第六卷，頁357-386。

2.Agrawal, A.（1990）, “Large Shareholders and the Monitoring of Managers ： the Case of Antitakeover Charter Amendment,” Journal of Financial and Quantitative Analysis, 25, pp. 143-161.

7.Barclay, M. J. and C. W. Smith, Jr.（1996）,”On Financial Architecture: Leverage, Maturity, and Priority,”Journal of Applied Corporate ‘Finance, 8, pp.4-17.

9.Dittmar, A., J. Mahrt-Smith, and H. Servaes（2003）, “International Corporate Governance and Corporate Cash Holdings,” Journal of Financial and Quantitative Analysis , 38, pp.111-133.

10.Fama, E. F. and J. D. MacBeth（1973）, “Risk, Return, and Equilibrium: Empirical Tests,” Journal of Political Economy 81, pp.607-636.