銀行關係、經理人持股與現金持有 -台灣上市公司之實證研究-

The Influence of Banking Relationship on Cash Holdings

林凱智(Kai-Zhi Lin)

指導教授 ： 俞海琴

中原大學/商學院/國際貿易研究所/碩士(2007年)

https://doi.org/10.6840/cycu200700275

摘要

本研究以台灣1991年至2005年共646家上市公司為研究樣本，探討銀行關係、經理人持股是否影響公司現金持有。結果發現，台灣上市公司在這十五年間，現金比率由1991年之10.73％增加至2005年之12.34％，淨負債比率則由1991年之17.32％減少至2005年之15.81％。在公司特徵變數方面，發現台灣上市公司現金比率與公司年齡、負債比率、淨營運資金比率、資本支出比率等變數呈負相關；與研發支出比率、市值對帳面值比、現金流量比率與股利發放率呈正相關。顯示公司融資能力與未來成長淺力決定現金持有的多寡，符合文獻上預防動機與資訊不對稱理論。經理人持股比率高低存在誘因共容效果與聯合效果，經理人持股率低於7.14％會與股東利益一致，持股率高於7.14％則會與股東利益發生衝突。本研究進一步探討公司在不同銀行關係下現金持有比率的狀況，發現當公司依賴銀行債且與極少數銀行有借貸關係時，公司現金比率最高，股東與經理人的代理問題亦最嚴重；當公司依賴銀行債但與多家銀行有借貸關係時，公司現金比率最少，存在於股東與經理人間之代理問題亦最低。

關鍵字

現金持有 ； 誘因聯盟效果 ； 剝奪效果 ； 經理人持股 ； 銀行關係

並列摘要

This paper investigates whether banking relationship and managerial ownership determine corporate cash holdings, the samples include Taiwan listed company（exclude financial company） during the period of 1991 to 2005. The empirical results shows cash holding of Taiwan listed company have raised from 10.73％ to 12.34％ and net debt ratio have declined from 17.32％ to 15.81％ in fifteen years. In firm-specific characteristics, we observe firm age、leverage and net working capital tends to be negatively related to cash holdings； R&D、market to book ratio、cash flow and dividend ratio tends to be positively related to cash holdings. The results support precautionary motive and information asymmetries for cash holdings. We also observe a significant non-monotonic relation between managerial ownership and cash holdings. Low managerial ownership（less than 7.14％） aligns manager incentives to shareholders interests but high managerial ownership（more than 7.14％） makes conflict between manager incentives and shareholder interests. We further investigate corporate cash holdings in different banking relationships, we find that when corporate depend on bank debt and with few bank lending relationships holds relatively high cash ratio, the interests conflicts between manager and shareholder seems to be significant in this situation; otherwise corporate hold relative low cash ratio when they depend on bank debt and with multiple banking relationships thus reduce the conflicts between manager and shareholder.

並列關鍵字

Banking relationship ； Cash holdings ； Alignment effect ； Entrenchment effect ； Managerial ownership

參考文獻

雲國華，2007，公司治理與現金持有關聯之研究－台灣上市公司之實證，私立中原大學國際貿易學系研究所碩士論文。

蔡瑞平，2004，銀行往來關係、投資支出與融資限制之實證研究，私立中原大學國際貿易學系研究所碩士論文。

Bates T.W., Kahle K. and R. Stulz, 2006, Why do U.S. firms hold so much more cash than they used to?, Working paper, NBER

Berlin, M. and J. Loeys, 1988, Bond covenants and delegated monitoring, Journal of Finance 43, 397-412.

Carletti, E., 2004, The structure of bank relationships, endogenous monitoring and loan rates, Journal of Finance Intermediation 13, 58-86.