其他綜合損益與公司現金管理之關聯性

本研究以2013年至2019年台灣上市櫃公司為樣本，探討其他綜合損益(OCI)對公司現金管理之影響，實證研究發現，OCI和公司的現金持有水準具有顯著的反向關係，且當OCI為負數時效果更為顯著，而公司持有現金的價值也明顯較高，本研究亦檢測OCI對資產價值增額波動數在公司現金持有的影響，實證結果顯示，OCI對資產價值增額波動數和公司現金持有水準有顯著的正向關係，且當OCI對資產價值增額波動數為正數時其結果更為顯著，而公司持有現金的價值亦較高。本研究進一步地執行增額測試，以超額現金持有替代現金持有變動數，測試OCI對現金持有價值的影響，其結論仍維持不變。最後，本研究使用信用風險變數和公司治理變數對主要測試進行驗證，檢測結果說明信用風險為其他綜合損益與現金持有水準之關係提供了重要資訊內涵，而公司治理則沒有顯著影響。

關鍵字

其他綜合損益；現金持有水準；融資限制；預防性動機假說

並列摘要

This study examines the potential impact of other comprehensive income (OCI) on the company’s cash management based on a sample of Taiwan listed companies from 2013 to 2019. The empirical findings show that OCI has significant negative correlation for cash holdings. Moreover, when OCI is negative, the effect is more significant and the value of the company's cash hold is notably higher. This study also examines the influence of OCI on the incremental volatility for the company’s cash holdings. Empirical evidence uncovers that there is a significant positive relationship between the incremental volatility of asset’s value from OCI and cash holding level. Further, when the incremental volatility of the asset's value through OCI is positive, the result is more significant and the value of cash holdings is also higher. This study performs additional tests by replacing the cash holdings with excess cash holdings to understand the effect of OCI on the value of cash holdings, and the conclusion remains unchanged. Finally, using two other variables of credit risk and corporate governance to verify the main analyses, the results show that credit risk provides important information for the relationship between OCI and cash holdings, however, corporate governance has no significant effect.