台灣電子業上市公司現金持有因素之實證研究

Determinant Factors of Cash Holdings in Taiwan’s Listed Electronic Companies

郭彥含(Yen-Han Kuo)

指導教授 ： 謝德宗

國立臺灣大學/社會科學院/經濟學研究所/碩士(2014年)

https://doi.org/10.6342/NTU.2014.10296

摘要

企業營運過程中，現金管理一直是個值得探討的重要議題。而在台灣眾多產業中，電子業一直被視為最有競爭力產業，面對市場不斷創新，該產業應需足夠 資金投入研發及資本支出幫助企業成長。有鑑於現金管理之重要性及電子業為台灣重要產業，本研究為探討影響台灣電子業上市公司現金持有因素，利用2002-2012 年台灣經濟新報資料庫資料進行實證研究，並以一般最小平方法與 Panel data 迴歸模型進行分析，進一步檢定出本研究研究資料以固定效果模型為佳。最後探討在 2008 年金融海嘯前後，現金持有決定因素影響方向是否出現改變。
實證結果發現，現金持有率與淨營運資金比率、負債比率、資本支出比率、利率呈負相關，和現金流量比率、工業生產指數呈正相關。在一般最小平方法迴歸模型和時間固定效果模型中，公司規模顯著負向影響現金持有率、研發費用率顯著正向影響現金持有率。在個體固定效果模型中，公司規模顯著正向影響現金持有率，研發費用率顯著負向影響現金持有率。

關鍵字

電子業 ； 現金持有 ； 追蹤資料 ； 固定效果模型

並列摘要

Cash management is an important issue in the process of business operations. The electronic industry has been regarded as the most competitive industry in Taiwan. Facing of market innovation, the industry should have sufficient funds into research and development to support business grow. In view of the importance of cash management and
electronic industry as an important industry in Taiwan, this paper investigated the factors that affect cash holdings of listed companies in Taiwan electronics industry. This paper use TEJ database during the period of 2002-2012 and use panel data model to analyze. Then, testing fixed effect model and random effect model which is suitable for the research data. Finally, we discuss whether the cash holding determinants will change direction or not after the 2008 financial crisis.
The Empirical results shows that it has a negative
correlation between cash holdings with net working capital ratio、debt ratio、capital expenditures ratio and interest
rates. It has a positive correlation between cash holdings with cash flow ratio and the index of industrial production. In OLS and time fixed effect model, the correlation between cash holdings with size is negative and the correlation between cash holdings with R&D ratio is positive. In individual fixed effect model, the correlation between cash holdings with size is positive and the correlation between cash holdings with R&D ration is negative.

並列關鍵字

Electronics Industry ； cash holdings ； panel data ； fixed effect model

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