臺灣博碩士論文加值系統

各公司現金持有隨時間經過呈顯著成長趨勢，然而各公司對現金持有監管嚴謹程度不一，因此資金之使用方式會依據管理者主觀的想法不同而有所差異，這也使得管理階層能使用之資產部位，受到企業、股東及學術研究上的關注，然而影響公司現金持有水準的因子，亦為最近學術研究中的熱門探討議題。
綜合以上觀點，本研究試圖檢視Hofstede (2001)之六項文化變數是否為影響發行美國存託憑證公司超額現金持有之重要因子。研究結果發現超額現金持有與權力差距、陽剛主義及長期趨向呈顯著正向影響；與個人主義與集體主義、放縱主義及規避程度呈顯著負向變動，即公司超額現金持有需考慮文化變數下才能有效解釋。然而於金融危機事件發生期間，將會改變文化變數對超額現金持有之影響效果，即個人主義與集體主義、放縱主義及規避程度對超額現金持有呈顯著負相關影響轉變為顯著正向的影響。

Cash holdings of each company present growing trends over time, but each com-pany have different level of regulation on cash holdings, so the usage of fund is depends on each manager’s subjective thoughts. This leads the discretionary asset level of executives got companies, stockholders, and academic study’s attention. The factor affecting cash holdings level also become main issue on recent academic study.
In sum, our study is try to examine whether Hofstede (2001)’s six cultural factors would affect cash holdings of ADR companies. We find out that excess cash holdings is positive related to Powder Distance(PDI), Masculinity(MAS), and Long Term Orienta-tion(LOS); negative related to Individulism versus Collectivism(IDV), Indulgence(IND), and Uncertainty avoidance(UAI). It means it should consider culture factors to have an effective explanation. Though financial crisis would change the effect, meaning it turns the negative correlation between Individulism versus Collectivism(IDV), Indul-gence(IND), and Uncertainty avoidance(UAI) and excess cash holdings to positive cor-relation.

第一章 緒論 1
第一節　研究背景與動機 1
第二節　研究貢獻 4
第三節　研究架構 5
第二章 資料與研究方法 6
第一節　資料來源與樣本選取 6
第二節　研究模型─超額現金 7
第三節　研究模型─文化對超額現金的影響 9
第四節　研究變數假設 12
第三章 實證結果與分析 15
第一節　敘述統計 15
第二節　文化變數影響 16
第三節　金融危機期間 17
第四節　資訊揭露程度差異 18
第四章 結論 19
參考文獻 20

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