營運現金和閒置現金對經營績效之影響

Abstract

現金屬於公司流動性最高的資產，公司持有現金來自三個動機（1）交易動機（2）預防動機（3）投資動機。但現金屬於不生利的資產，若擁有太多現金庫存會造成資源上的浪費，同時也可能會有代理問題的產生。因此對公司而言，現金持有量的決定是極為重要的議題。 為探討此議題，本研究將現金分為兩類，營運用現金屬於公司的交易動機，閒置現金屬於公司的預防及投機動機。根據三種方式（1）營業收入2％（2）營運週期法（3）現金週期法，決定公司營業用現金存量與公司剩餘閒置現金量。和公司經營績效指標ROE、ROA進行迴歸分析。 本研究發現，公司持有的閒置現金與ROE、ROA呈現顯著負向關係，代表閒置現金越多會使公司的營運績效較差。經過分組後，發現科技業中閒置現金與績效間沒有顯著的關係；而傳產業中閒置現金與績效呈現顯著負向關係。主要因為科技業的風險與成長性普遍較高，持有現金的預防與投資動機較高，造成代理問題的機率較低。但傳產業的風險與成長性較低，持有較多閒置現金的目的較為薄弱，代理問題發生的可能性也較高。而從資產規模大小分組中，規模大與規模小兩組別其閒置現金對績效皆呈現顯著負向影響。因此可知，資產的規模大小並不會造成閒置現金對績效影響上的差別。 另一方面，本研究根據公司現金庫存是否滿足營運所需現金量分為兩組，發現公司現金存量若未能滿足營運所需現金，其績效表現顯著較差。由此可知公司持有現金存量，亦必須滿足公司營運所需之現金，否則可能造成公司績效表現較差。

There are many kinds of reason for companies to hold the cash. According to Keynes’s research, corporates have three motives to hold cash asset, (1) transaction-motive (2) precautionary-motive (3) speculative-motive. And then, we can distribute cash into operating-cash and idle-cash. Operating cash is used to satisfy the cash demand in corporate’s daily business, it is for the motive of transaction. Idle cash is for precautionary-motive and speculative-motive. Cash is an important asset, but it is non-profitable asset for company. If firms hold too much cash, it will cause the operating performance inefficiently. In order to find the relationship between cash and operating performance, we separate the cash into operating-cash and idle-cash by three different ways, including 1) 2% of sales 2) operating cycle 3) cash cycle. In the sequence, we found that if the companies hold more idle-cash, the ROE and ROA of companies will be significant lower. And the idle-cash has significantly negative impact to company’s operating performance in technology industry, but it doesn’t exist in traditional industry. And, the impact of idle cash to operating performance does not have difference in big asset size companies and small asset size companies. Also, we found that if the company’s holding cash didn’t satisfy the predicted operating-cash, the operating performance will be significant lower than the companies who have enough cash for operating.