Cash management should be an important section of the financial management. We investigate whether and how the accounts related to either cash flow statement or cash conversion cycle would affect firm values with concerning corporate governance variables as controlling variables. The results show that the accounts related to cash flow statement and information retrieved from cash flow statement would indeed affect the firm value. In addition, the ratios related to cash conversion cycles also play an important role for firm value, which might infer the ratio deemed as the management of short-term financing. By employing the constituent stocks of Taiwan50 ETF, medium-size Taiwan 100 ETF, and Fubon ETF, we reveal that the variables related to cash management do play important roles for firm value. Therefore, market participants should put more attention on the accounts or ratio relate to cash management as investing these constituent stocks.