主要銀行關係與現金持有 －日本上市公司之實證研究

Main Bank Relationships and Corporate Cash Holdings: Evidence from Japanese Listed Companies

吳惠蓉(Hui-Jung Wu)

指導教授 ： 俞海琴 ； 陳若暉

中原大學/商學院/國際貿易研究所/碩士(2008年)

https://doi.org/10.6840/CYCU.2008.00081

摘要

本研究主要探討1995年至2004年影響日本上市公司之現金持有的因素。經過金融自由化及金融技術之創新，在樣本期間內日本公司持有的現金下降28.76個百分點，並且發現企業集團相較於一般獨立公司持有較少的現金，顯示集團背後的主要銀行扮演著提供金融借貸顯著的角色，促使公司得以降低對現金的需求。此外，透過銀行效率性的監督機制，也有助於減緩因持有過多現金所導致的代理問題發生。
本文的特色是利用三種分類的方式，表示企業集團及其內部與獨立公司之相異性，其方法分別為：是否為企業集團、是否有參與集團的董事會及公司對於集團的影響力強弱，利用以上分類分析不同樣本的公司其現金持有是否也有無差異。研究方法利用變異數分析及T檢定比較企業集團公司與獨立公司的財務特性，並且發現企業集團公司呈現較高的舉債程度、淨營運資本、公司規模及盈餘波動，隱含獨特的集團公司型態有助於成員公司保護防範破產發生。也由於此一觀點，企業集團公司的成員能夠進行較多未來具有不確定性的投資計劃，如研究發展投資。相對地，獨立公司需要進行預防措施防範意外發生。
而後利用最小平方法進行估計，發現企業集團公司的現金持有決策受到財務會計科目影響的程度比起獨立公司小，證實了集團及主要銀行對於成員公司的影響力。例如：股利支付及稅負對獨立公司的現金持有具有顯著影響，獨立公司需要備存現金支付稅額，但企業集團公司影響卻是不顯著的。另外，企業集團公司擁有穩定的銀行關係，有助於減緩對於資金融通管道的擔憂，因此公司規模的大小與現金持有無顯著的關係。而托賓Q、研究發展投資、舉債程度及淨營運資本為影響企業集團公司與獨立公司之現金持有的共通因素。

關鍵字

銀行監督 ； 企業集團 ； 主要銀行 ； 公司治理 ； 現金持有

並列摘要

This paper investigates the determinants of corporate cash holdings in the Japanese listed firms over 1995-2004 period. Due to the deregulation and the improvement in financial innovention, the average cash decreases by 28.76% from the sample period. We find that keiretsu-affiliated firms hold less cash holdings than do of those independent firms revealing that main banks offer financial supports to their clients that a lower need for cash is shown. In addition, the agency problem stemmed from holding excess cash is mitigated through the efficient monitoring by banks.
Three classifications of tests have been examined in this work: keiretsu group, presidential council members, and the keiretsu influential power on firms. They represent different degrees of impact on corporate cash decision. After comparing the financial characteristics between keiretsu-affiliated firms and independent firms by ANOVA and T-test methods, we find that keiretsu-affiliated firms are inclined to have higher leverage, net working capital, size and earning volatility than those of independent firms. These results also imply that the unique main bank-corporate system offers member firms better bankruptcy protection. With the view, keiretsu-affiliated firms can freely invest in projects with uncertainty, such as R&D oriented project, whereas independent companies need to hold precautions against future recallable problems.
According to OLS regressions analysis, we find evidences that the cash decisions of keiretsu-affiliated firms are little affected by other corporate accounting terms relative to independent firms. This study proves the influential power of keiretsu group and main banks on member firms. For example, dividend payment and earning tax rate would influence independent firms’ cash holdings, but have no significant effect in keiretsu-affiliated firms. Having the stable bank relationship, keiretsu-affiliated firms need no fear of the source of finance so that corporate size has no significant impact on cash holdings. Common factors such as Tobin’s q, R&D, leverage and net working capital are important in determining cash holdings in Japanese listed firms.

並列關鍵字

Bank Monitoring ； Main Bank ； Keiretsu ； Corporate Governance ； Cash Holding

參考文獻

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Reference

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