正、負盈餘公司現金持有價值之探討

The Value of Cash Holdings of Positive Earning and Negative Earning Firms

李韻曲(Lee, Ying-Chu)

指導教授 ： 李淑華

國立臺北大學/商學院/會計學系/碩士(2011年)

摘要

本研究主要探討公司之現金持有價值在正盈餘公司與負盈餘公司之差異。近年來，我國上市櫃公司的現金持有率與負盈餘發生比率，受到經濟環境之影響皆呈現逐年上升的現象，因此不論在企業現金持有亦或正、負盈餘公司之相關研究皆有其探討之必要性。礙於企業現金持有因素目前仍無一致定論，本研究透過企業之現金持有價值來一窺其在不同盈餘情形下之差異。
本研究採Faulkender and Wang (2006) 提出之現金價值模型，藉由檢測每一元現金邊際持有價值的變化，衡量在全樣本、正盈餘與負盈餘公司中之現金持有價值，並探討在不同樣本中(全樣本、正盈餘與負盈餘樣本)決定現金持有價值模型重要變數之影響。另加入企業投入研發活動與產業特性之考量後進一步檢測不同樣本中(全樣本、正盈餘與負盈餘樣本)之現金持有價值，與決定現金持有價值模型重要變數的影響。實證結果發現正、負盈餘公司之現金價值確有不同，正盈餘公司之邊際現金價值顯著高於負盈餘公司之邊際現金價值；同時在有投入研發活動或屬於電子產業之公司樣本，邊際現金價值顯著高於其他公司；另外在有投入研發活動或為電子業之正盈餘樣本組發現，公司負債比對其現金價值之負面影響較負盈餘公司或無投入研發活動且為非電子業之樣本組為高。

關鍵字

現金持有價值,損失公司,負盈餘

並列摘要

In recent years, the number of loss firms is increasing and the cash held by firms arise also. There are many studies exploring the determinants of corporate cash holdings and the effect of cash holdings on corporate value in the literature, but very few of them discuss the cash value differences between positive earning firms and negative earning firms. Hence, we follow Faulkender and Wang’s (2006) model to measure the marginal cash value in total sample, positive earning firms and negative earning firms and to test what factors are significant determinants of marginal cash value in each sample. The evidence shows that the marginal value of cash declines with larger cash holdings, higher leverage in total sample firms, and that the marginal value of cash in positive earning firms is higher than negative earnings firms. In addition, the marginal cash values are significantly higher for firms with R&D expenditure and for firms in the electric industry. Finally, the negative impact of debt ratio to cash value is significantly higher for positive earnigs firms with R&D expenditure and for positive earnings firms in the electric industry.

並列關鍵字

cash holding value,loss firms,negative earnings

參考文獻

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