本研究探討公司治理與公司現金持有價值之關係,及公司治理對超額現金與公司績效之關係。有關檢測公司治理與現金持有價值之關係,本研究首先參照Dittmar and Mahrt-Smith (2007)之模型為基礎,實證結果顯示,機構法人持股比率愈高,現金持有價值亦愈高。與Dittmar and Mahrt-Smith (2007)之實証發現一致;而大股東持股比率愈低,其現金持有價值愈高。其次,若採用Faulkender and Wang (2006)建構之現金持有價值模型計算各樣本年公司之現金持有價值,再納入公司治理變數進行實證分析,實證結果顯示經理人持股比率愈高、董監事質押比率愈低,現金持有價值愈高;獨立董事席次比率愈高、機構法人持股比率愈高、大股東持股比率愈低,現金持有價值愈高。在有關公司治理對超額現金與公司績效關係之實證結果顯示董事長若兼任總經理、董監事質押比率愈低,管理當局運用超額現金較有效率,進而提昇公司之未來績效。
This study investigates the relation between corporate governance and the value of cash holdings, and whether the corporate governance influences the subsequent performance of the firms holding excess cash. There are two models employed here to estimate the value of cash holdings. The first model is the one developed by Dittmar and Mahrt-Smith (2007), and the result suggests that institutional ownership is positively correlated with the value of cash holdings, consistent with the results in Dittmar and Mahrt-Smith (2007), and blockholdings is negatively associated with the value of cash holdings. With considering the corporate governance variables, the model developed by Faulkender and Wang (2006) is adopted here as the second model to estimate the value of cash holdings. The result suggests that the value of cash holdings is positively associated with shareholding ratio of managers, independent directors/supervisors, and institutional ownership, and negatively associated with director pledge and blockholdings. Furthermore, multiple directorships enhance efficient use of excess cash and firm performance in the future. Lastly, this study also shows that the lower the director pledge ratio, the more efficient management make use of excess cash, and further makes firms perform better in the future.