臺灣博碩士論文加值系統

現金是公司營運過程中一項重要的工具。台灣政府自從1991年開始逐漸開放外資，外資投資的比率逐年增加而影響台灣的資本市場。根據以上的觀點，本篇以1991年到2008年間台灣上市公司為研究對象，且以外國機構投資人作為公司治理的特性來研究外國機構投資人對公司現金持有和現金價值有何影響性。實證結果發現外國機構投資人對企業現金持有具有正向的影響，這表示有外國機構投資人投資的公司會持有較多的現金。此外，實證結果發現外國機構投資人和企業的現金價值呈現正向關係，這表示外國機構投資人可以增加公司的現金價值。且有外國機構投資人投資的企業持有一元現金的價值約4.84元。外國機構投資人在台灣扮演了監督的角色，外國機構投資人會提升公司治理並且影響公司的現金政策來提升公司現金持有的價值。

Cash is one of important aspects for running a business. In addition, Taiwan government has deregulated its restrictions on foreign investment in local securities market since 1991. This study examines the impact of the involvement of foreign investment on a firm’s cash holding and the value of cash holdings. I use publicly listed Taiwan companies as my sample from 1991 to 2008. I find that foreign ownership positively affect the degree of a company’s cash holding. The result shows that firms with higher foreign ownership possess more cash holdings. Furthermore, I also find that foreign ownership positively affect the company’s value of cash holdings. The results show that firms with foreign ownership have a marginal value of cash of $4.84. The overall results suggest that foreign investors play a monitoring role to improve corporate governance and to influence the firm’s cash policy and improve the value of cash holdings in Taiwan.

摘 要 ii
Abstract iii
List of Tables v
List of Figures vi
1.Introduction 1
2. Literature Review and Hypothesis Development4
2.1 Foreign Investors and Corporate Governance 4
2.2 The Theory of Cash Holdings 7
2.3 The Relationship between Cash Holdings and Foreign Investors 9
2.4 The Relationship between the Value of Cash Holdings and Foreign Investors 10
3. Methodology 12
3.1 Sample 12
3.2 Cash Holdings Model 12
3.3 Value of Cash Holdings Model 14
4 Empirical Results 15
4.1 Descriptive Statistics 15
4.2 Cash Holdings and Foreign Ownership 16
4.3 Value of Cash Holdings and Foreign Ownership 19
4.4 Robustness Test 21
5. Conclusions 28
Reference 30

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