臺灣博碩士論文加值系統

觀察近年台灣上市櫃公司現金持有比率逐年增加，本研究係為探討影響公司決定持有現金的因子為何？運用1992-2007年台灣經濟新報資料庫之台灣上市櫃公司資料(排除金融保險業)，找出影響現金持有之因子，使用動態模型結合橫斷面及時間序列資料分析，並採用一般動差法與混合的最小平方法進行實證分析，除了篩選符合條件的上市櫃公司之外，亦將所有公司區分為大規模公司與中小規模公司作對照比較，藉以分析說明兩者持有現金之差異。
本研究實證結果發現，採用一般動差法估計並分析所有公司時，公司現金持有率與規模、銀行負債呈負相關，財務困難可能性與現金持有率呈正相關；再者，分析混合的最小平方法結果發現，現金持有率與公司規模、銀行負債、負債到期結構、其它流動資產與利率為負相關，財務困難可能性、槓桿與現金持有率呈正相關。
另區分公司規模對現金持有率的影響，研究發現運用一般動差法估計，大規模公司之現金持有率與規模、銀行負債、總體經濟變數為負相關，但與財務困難可能性、現金流量、其它流動資產呈正相關；以混合的最小平方法分析結果，現金持有率與銀行負債、其它流動資產、機會成本呈負相關，但與成長機會、財務困難可能性、槓桿為正相關。
中小規模公司在採用一般動差法的實證結果發現，公司現金持有率與規模、負債到期結構、現金流量、其它流動資產呈負相關，財務困難可能性與現金持有率為正相關；運用混合的最小平方法分析，現金持有率與負債到期結構、其它流動資產呈負相關，財務困難可能性則與現金持有率為正相關。

Observing the listing publicly company's cash holdings of Taiwan in recent years has the tendency to increase the rate year by year. The purpose of this paper is to examine the determinants of cash holdings by firms. The sample includes publicly listed Taiwan firms (exclude financial and insurance firms) which use TEJ database during the period of 1992-2007. In order to find major factors influence cash holdings. We use dynamic model combine cross section and time series analysis and adopt GMM and Pooled OLS methods. Besides the all companies to fit in with conditions, it also divides all companies into two groups. They are large-scale companies and small and medium-sized (SMEs) companies. It also uses to analyse the differences between them.
The result finds when use GMM to analyse all companies. It is presented negative correlation between the cash holdings with size and band debt. The possibility of financial distress and cash holdings present positive correlation; Analysing Pooled OLS, the correlation between cash holdings and size, bank debt, debt maturity structure, other liquid assets, and interest rate are negative. The possibility of financial distress, leverage and cash holdings present positive correlation.
Distinguishing the impact on cash holdings of company's scale; discover that uses GMM method to estimate large-scale companies. The cash holdings and size, band debt, and macroeconomic factors are negative correlation. The possibility of financial distress, cash flow, other liquid assets and cash holdings present positive correlation. Analysing Pooled OLS result, the cash holdings and bank debt, other liquid assets, opportunity cost are negagive correlation. But the growth opportunities, the possibility of financial distress, and leverage are positive correlation.
On the other hand, when the small and medium-sized companies adopt the GMM method, our findings that cash holdings between size, debt maturity structure, cash flow, and other liquid assets are negative correlation. The possibility of the financial distress and cash holdings are positive correlation. Using Pooled OLS to analyse, the correlation between cash holdings, debt maturity structure, and other liquid assets are negative.The financial distress and cash holdings are positive correlation.

摘 要 i
Abstract ii

第一章　緒論 1
第一節 研究動機與目的 1
一、研究動機 1
二、研究目的 2
第二節 研究貢獻 3
第三節 論文架構與流程 4
一、論文架構 4
二、研究流程 5

第二章 文獻回顧 6
第一節 現金之意義及持有現金之SWOT分析 7
一、現金之意義 7
二、現金持有之SWOT分析 8
第二節 現金持有之決定因子 10
第三節 其它影響現金持有的因子 22
小結 23

第三章　研究方法與設計 24
第一節 理論架構與研究模型設計 24
一、理論架構 24
二、研究架構設計與模型發展 25
第二節 樣本資料來源、期間與分類篩選 34
一、樣本資料來源 34
二、樣本期間與分類篩選 34
 
第三節 變數定義 36
一、依變數 36
二、一般公司特徵變數 36
三、總體經濟變數 37
第四節 資料分析方法 40
一、敘述性統計分析 40
二、皮爾森相關分析 40
三、單變量分析 40
四、多變量分析 40
小結 42

第四章　實證結果與分析 43
第一節　基本統計分析 43
一、敘述統計分析 43
二、現金、利率及國內生產毛額之三角關係 43
三、皮爾森相關分析 44
第二節　實證分析 48
一、單變量分析 48
二、多變量分析 50
小結 82

第五章　結論與未來建議 99
第一節 研究結論 99
第二節 研究限制 103
第三節 未來研究建議 104

參考文獻 105
英文部份 105
中文部份 108

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