閒置現金對經營績效之影響 ─以S&P500公司為例

Abstract

本篇論文主要討論將現金重分類後，討論閒置現金對企業經營績效的影響，除此之外，本研究更進一步討論產業、資產規模、成長性的不同，企業持有閒置現金對經營績效的影響是否不同。而本研究顯示，在景氣不好的情況下，企業持有愈多的閒置現金，較能把握未來的投資機會，經營績效愈好；製造業因為產業特性有較多的投資機會，持有閒置現金與企業經營績效有顯著的正相關，而公共事業於景氣變化較無關係，故持有閒置現金僅能獲得較低的資本利得，故持有閒置現金不能有較好的經營績效，而礦業受到景氣影響，資金使用效率不佳，持有閒置現金卻無法獲利；資產規模大的企業持有較多的閒置現金，容易進行與本業無關的投資，閒置現金對企業經營績效亦無顯著關係，資產規模小的企業較積極尋找投資機會，持有愈多的閒置現金，經營績效愈好；成長性較小的企業持有閒置現金但缺乏投資機會，閒置現金對經營績效影響不顯著，而P/B比大的企業在持有足夠的現金的情況下，成長性愈高的企業經營績效愈好。

After dividing cash into idle cash and working cash, this paper focus on whether idle cash will have an impact on corporate performance. Besides, we will have a further discussion that according to three aspects: different industries, the asset size and growth of corporation, the idle cash also makes different impacts on corporate performance. This paper shows that in the recession, if the corporation has much idle cash, it can be much easier to grasp investment opportunities in the future, so it also has better performance in all industries. First, manufacturing has more investment opportunities because of the trait of the industry, so it has positive relation between idle cash and corporate performance. On the other side, due to low relation between this industry and economy circumstances, public utilities have idle cash that only can earn less interest revenue and lead to poor corporate performance. In the recession, mining has poor capital efficiency, it can’t have profit with holding idle cash. Second, the large corporation tend towards the invest project which has nothing to do with its main operating activities, so there is a non-significant relation between idle cash and corporate performance. The small corporation tend to find investment opportunities actively, so it has much idle cash that causes better performance. Final, the low-growth corporation lacks for investment opportunities, so it has a non-significant relation between idle cash and corporate performance. But the high-growth corporation has enough investment opportunities, and so it has a significant relation between idle cash and corporate performance.