融資約束對現金持有價值的影響

現金持有策略是公司管理資金的重要內容，現金的變化也直接影響到公司流動性風險。以融資順位理論來說，公司所持有的現金可以創造未來投資的機會，是可以提升公司價值的；而從代理理論來說，公司若持有過多現金時，將促使公司的經理人做不適當的投資，進而使公司價值降低。　　然而，在現實中不存在真正完美的資本市場，因此會有訊息不對稱與代理的問題存在，使得公司外部的融資成本會高於內部融資的成本，導致融資約束產生。因此，融資約束為公司財務研究的重大問題。本文主要以融資約束對現金的持有價值來衡量並進行研究整理，而總結出兩者之間的關係。　　本研究以2010年至2018年臺灣上市的公司作為研究的樣本，主要研究融資約束會如何影響到公司現金持有價值。研究結果說明，融資約束和公司現金持有價值呈顯著的正向關係，當公司面臨到融資約束的時候，會為了把握未來投資的機會，公司的決策者會從營運現金流量中儲備現金，將使公司的現金持有價值提升。

關鍵字

融資約束；現金持有價值；訊息不對稱；代理問題

並列摘要

The cash holding strategy is an important part of the company ’s management of funds, and changes in cash also directly affect the company ’s liquidity risk. According to the financing order theory, the cash held by the company can create opportunities for future investment and can enhance the value of the company; from the agent theory, if the company holds too much cash, it will prompt the company ’s managers Appro-priate investment, thereby reducing company value. However, in reality, there is no truly perfect capital market, so there are problems of information asymmetry and agency, making external financing costs higher than internal financing costs, resulting in financing constraints. Therefore, financing con-straints are a major issue for company financial research. This article mainly uses the financing constraints to measure the cash holding value and conducts research and sorting, and summarizes the relationship between the two. This study uses the listed companies in Taiwan from 2010 to 2018 as the sample to study the impact of financing constraints on the company's cash holding value. The research results show that financing constraints are significantly positively related to the company ’s cash holding value. When constrained by financing, the company ’s decision makers will reserve cash from the operating cash flow in order to seize future investment opportunities. The value of cash held increases.