臺灣博碩士論文加值系統

本研究探討企業現金持有與獲利能力的關聯性，欲了解在景氣循環不同階段的情況下，企業持有現金的多寡會如何影響其獲利能力，並將企業依規模及產業分組探討現金持有與獲利能力之間的關係。實證樣本取自台灣2009年至2016年之各季資料，包含704家上市公司，共22528筆資料。實證結果顯示在全部樣本下，現金持有與企業獲利能力呈現先增後減之非線性關係。經過分組後發現，無論景氣繁榮或衰退，企業現金持有皆對獲利能力(Tobin’s Q)有顯著負相關。在企業規模大的情況下，其企業現金持有對其獲利能力有反向關係。而傳統產業近年來獲利不比高科技產業差，因此本研究根據過去文獻推論之傳統產業相較於高科技產業，持有過多現金易引發代理問題，損害其企業獲利，此假說實證結果不成立。

This study discusses the relationship between cash holdings and profitability. We also examine how the cash holdings influence profitability with respect to business cycle, size of companies and the difference between traditional and non-traditional industries. The empirical sample includes Taiwan’s 704 listed companies from 2009 to 2017 (quarterly data). The results reveal that cash holdings supports a non-linear relationship with profitability that would initially increase and then decrease. Further, when in prosperity or recession, cash holdings have significantly negative impact on the company’s performance. In the case of large-size enterprises, their cash holdings demonstrate an inverse relationship with their profitability. However, the traditional industry’s profitability is no worse than non-traditional industry in recent years. Therefore, the hypothesis that cash holdings have significantly negative impact on company’s performance in traditional industry is not supported.

第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 2
第三節 研究架構 3
第二章 文獻回顧與假說建立 5
第一節 現金持有 5
第二節 現金持有與獲利能力 7
第三節 其他相關文獻 8
第四節 假說建立 9
第三章 研究方法與設計 12
第一節 研究樣本與資料來源 12
第二節 研究變數與定義 12
第三節 研究模型與統計方法 14
第四章 實證結果與分析 19
第一節 基本敘述統計分析 19
第二節 迴歸實證結果分析 23
第五章 結論與建議 32
第一節 研究結論 32
第二節 研究貢獻與建議 33
參考文獻 35

中文部分：
陳俊文(2017)。研發創新成本:台灣生技產業的研發投資與高現金持有水準之現象。國立東華大學財務金融學系碩士論文，未出版。
許桂婷(2015)。影響公司流動性因素之實證研究—以台灣上市公司為例。國立中興大學企業管理所碩士論文。
施閔偉(2005)。公司現金持有因素與涵義之跨國比較分析。國立暨南國際大學財務金融研究所未出版碩士論文。
莊清江(2006)。商業銀行流動性管理與獲利力之研究。長庚大學企業管理研究所碩士論文。
簡子翔(2014)。控制股東之代理問題與企業價值之關聯性研究。國立政治大學企業管理研究所碩士論文。
蘇玄啟、羅仙法、施懿宸與李汶育(2016)。台灣上市公司的現金持有、現金持有價值與公司 生命週期：預防性動機假說之驗證。臺大管理論叢，26(2)，173-210。
英文部分：
Almeida, H., Campello, M., & Weisbach, M. S. (2004). The cash flow sensitivity of cash. The Journal of Finance, 59(4), 1777-1804.
Ablan, J., & Gupta, P. (2013). Einhorn sues Apple, marks biggest investor challenge in years. Reuters. Retrieved from: http://www.reuters.com/article/2013/02/08/us-apple-greenlight-idUSBRE9160MI20130208
Ang, J. S. (1991). Small business uniqueness and the theory of financial management. The Journal of Entrepreneurial Finance, 1(1), 1.
Bao, D., Chan, K. C., & Zhang, W. (2012). Asymmetric cash flow sensitivity of cash holdings. Journal of Corporate Finance, 18(4), 690-700.
Chan, H., Chang, X., Faff, R., & Wong, G. (2010). Financial constraints and stock returns—Evidence from Australia. Pacific-Basin Finance Journal, 18(3), 306-318.
Chang, Y., Benson, K., & Faff, R. (2016). Are excess cash holdings more valuable to firms in times of crisis? Financial constraints and governance matters. Pacific-Basin Finance Journal. 45 157-173
Deloof, M. (2001). Belgian intragroup relations and the determinants of corporate liquid reserves. European Financial Management, 7(3), 375-392.
Denis, D. J., & Sibilkov, V. (2009). Financial constraints, investment, and the value of cash holdings. The Review of Financial Studies, 23(1), 247-269.
Drobetz, W., Grüninger, M. C., & Hirschvogl, S. (2010). Information asymmetry and the value of cash. Journal of Banking & Finance, 34(9), 2168-2184.
Dittmar, A., & Mahrt-Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of Financial Economics, 83(3), 599-634.
Dittmar, A. K., & Duchin, R. (2010). The dynamics of cash. Ross School of Business Paper No. 1138
Duchin, R., Ozbas, O., & Sensoy, B. A. (2010). Costly external finance, corporate investment, and the subprime mortgage credit crisis. Journal of Financial Economics, 97(3), 418-435.
Faulkender, M. (2002). Cash holdings among small businesses. Working paper.
Faulkender, M., & Wang, R. (2006). Corporate financial policy and the value of cash. The Journal of Finance, 61(4), 1957-1990.
Gallagher, T. J., & Andrew, J. D. (2000). Financial management: principles and practice. Prentice Hall.
Griffin, J. J., & Mahon, J. F. (1997). The corporate social performance and corporate financial performance debate: Twenty-five years of incomparable research. Business & Society, 36(1), 5-31.
Greenwald, B. C., Stiglitz, J. E., & Weiss, A. (1984). Informational imperfections in the capital market and macro-economic fluctuations. The American Economic Review 74:194–99.
Garvey, G., & Swan, P. L. (1992). Optimal capital structure for a hierarchical firm. Journal of Financial Intermediation, 2(4), 376-400.
Harford, J. (1999). Corporate cash reserves and acquisitions. The Journal of Finance, 54(6), 1969-1997.
Haushalter, D., Klasa, S., & Maxwell, W. F. (2007). The influence of product market dynamics on a firm's cash holdings and hedging behavior. Journal of Financial Economics, 84(3), 797-825.
Huberman, G. (1984). External financing and liquidity. The Journal of Finance, 39(3), 895-908.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323-329.
Keynes, J. M. (1936). The general theory of employment, investment, and money. London and New York, quoted from: https://sites. google. com/site/biblioeconomicus/KeynesJohnMaynardTheGeneralTheoryOf EmploymentInterestAndMoney. pdf [Accessed 07 Jan 2014].
Kim, C., & Bettis, R. A. (2014). Cash is surprisingly valuable as a strategic asset. Strategic Management Journal, 35(13), 2053-2063.
Kalcheva, I., & Lins, K. V. (2007). International evidence on cash holdings and expected managerial agency problems. The Review of Financial Studies, 20(4), 1087-1112.
Kim, C. S., Mauer, D. C., & Sherman, A. E. (1998). The determinants of corporate liquidity: Theory and evidence. Journal of Financial and Quantitative analysis, 33(3), 335-359.
Lee, E., & Powell, R. (2011). Excess cash holdings and shareholder value. Accounting & Finance, 51(2), 549-574.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.
Myers, S. C., & Rajan, R. G. (1998). The paradox of liquidity. The Quarterly Journal of Economics, 113(3), 733-771.
Mikkelson, W. H., & Partch, M. M. (2003). Do persistent large cash reserves hinder performance?. Journal of Financial and Quantitative Analysis, 38(2), 275-294.
Martínez-Sola, C., García-Teruel, P. J., & Martínez-Solano, P. (2013). Corporate cash holding and firm value. Applied Economics, 45(2), 161-170.
Miller, M. H., & Orr, D. (1966). A Model of the Demand for Money by Firms. The Quarterly Journal of Economics, 80(3), 413-435.
Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52(1), 3-46.
Pinkowitz, L., Stulz, R., & Williamson, R. (2006). Does the contribution of corporate cash holdings and dividends to firm value depend on governance? A cross‐country analysis. The Journal of Finance, 61(6), 2725-2751.
Richardson, S. (2006). Over-investment of free cash flow. Review of accounting studies, 11(2-3), 159-189.
Smith, C. W., & Watts, R. L. (1992). The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Financial Economics, 32(3), 263-292.
Stohs, M. H., & Mauer, D. C. (1996). The determinants of corporate debt maturity structure. Journal of Business, 279-312.
Tobin, J. (1969). A general equilibrium approach to monetary theory. Journal of money, credit and banking, 1(1), 15-29.