本研究以2007年至2013年台灣非金融業上市櫃公司為樣本探討經理人樂觀與否的行為特質及公司是否設置審計委員會對現金持有價值造成的影響;以及設置審計委員會的公司對樂觀經理人造成現金持有價值之負向關係是否具有調節效果。 本研究以2007年至2013年台灣非金融業上市櫃公司為樣本,參考Opler et al.,(1999)和Dittmar et al.,(2007)之研究模型計算個別公司超額現金,再依據Dittmar et al.,(2007)的現金持有價值之研究模型探討樂觀經理人及設立審計委員會與否對現金持有價值之影響。實證結果發現樂觀經理人在持有超額現金的狀況下,對公司價值具有負向之影響,而有設置審計委員會的公司可提高現金持有價值,且若公司CEO為樂觀經理人,則有設置審計委員會的公司會弱化樂觀經理人持有超額現金與現金持有價值之負向關係,顯示審計委員會可發揮其監督功能。
The study examines the impact of managerial optimism and audit committee on value of cash holding and investigates whether audit committee affect the relationship between the value of cash holding and managerial optimism. Using a sample of non-financial firms listed in the Taiwan Stock Exchange(TSE)and Over The Counter (OTC) from 2007 to 2013, this study follows Opler et al., (1999) and Dittmar et al.,(2007) to calculate excess cash. The results show that optimistic firms, compared with non-optimistic firms, have low value of excess cash. The firms with audit committees have significantly higher firm value of cash holding than those without audit committees. Finally, this study also finds that audit committee can mitigate the association between optimistic and value of cash holding less pronounce. That means the audit committees provide effective oversight of the firm policies.