- 學位論文
超額現金持有對資訊揭露評鑑系統評等的影響
The Association between Excess Cash Holdings and Information Disclosure and Transparency Ranking
摘要
公司資訊揭露程度的加強，將有助於增加公司的價值和降低權益資金成本， 故公司極有可能從事改善資訊揭露評鑑系統分數的活動。然而從事改善活動必定連帶產生額外的費用，故需要準備額外的資金。根據啄食順序理論(Pecking Order Theory)，公司可能會因為成本考量而優先使用內部資金，故公司的現金持有水準將可能超過其正常營運所需之現金持有量，而保有充裕的現金。 因此本研究的主要目為探討超額現金持有與資訊揭露評鑑系統評等之影響。所使用的資訊揭露評鑑系統評等，為證劵暨期貨市場發展基金會所公布第九到第十一屆「上市櫃公司資訊揭露評鑑」之結果。探討上市櫃公司所公布之評鑑系統評等前一年的超額現金對資訊揭露評鑑系統評等的影響。實證結果顯示，整體而言，超額現金持有與資訊揭露評鑑系統的評等呈現顯著的負向關係。另外本研究也發現超額現金持有和評鑑系統評等的改變呈現顯著的負向關係，且不論公司現階段是否有資金上的需求，都會從事改善評等結果的行為。
並列摘要
It is well documented in the extant literature that strengthening the information transparency will increase the value of the firms and reduce the cost of equity capital. Using firm scores taken from the Information Disclosure and Transparency Ranking Results (IDTRR), this study investigates the association between excess cash holdings and financial transparency. According to Pecking Order Theory, firms tend to first seek the cheaper internal financing then the costly external financing. This study interprets excess cash holdings as firms’ needs for cash capital. This study hypothesizes and finds that excess cash holdings are negatively associated with financial transparency as proxied by the IDTRR scores, suggesting that firms with less cash will try to improve financial transparency in order to acquire additional capital.