本研究以台灣上市公司半導體產業為研究對象，分析現金相關指標與企業經營績效之相關性，及公司特定因素如控制形態、控制者與管理階層之持股比率、公司內部化之職位差異、研發費用率及董監薪酬與員工分紅佔稅前淨利之比率等因素，對於企業現金持有價值之相關性。

而本研究實證結果發現，在台灣上市公司半導體產業中，現金相關指標與企業經營績效間具有顯著之相關性。而公司之特定因素如控制者與管理階層之持股比率、公司內部化之職位差異、研發費用率、員工分紅等因素，皆與企業現金之持有價值有顯著之相關性。

This study investigates the correlation between cash-related indicators and corporate operating performance in the semiconductor industry in Taiwan, and the correlation between company-specific factors, such as control status, shareholding ratio of controllers and management, internalization position differences, R&D expense rate, and the ratio of directors' and supervisors' compensation and employees' bonuses to net income before tax, on the value of corporate cash holdings.
The results of this study show that cash-related indicators are significantly correlated with corporate operating performance in the semiconductor industry in Taiwan. Company-specific factors such as shareholding ratio of controllers and management, internalized position differences, R&D expense ratio, and employee bonuses are all significantly correlated with corporate cash holding value.

壹、緒論 1
一、研究動機與目的 1
二、研究問題 3
三、研究架購 3
貳、文獻回顧 5
參、研究方法 10
一、研究假說 10
二、研究樣本來源及變數定義 11
三、研究方法 15
肆、研究結果 18
一、敘述性統計分析 18
二、皮爾森相關係數析 21
三、迴歸分析 24
伍、結論與建議 36
參考文獻 38
附錄 40

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