現金持有與公司績效間非線性關係之研究

Abstract

本篇論文目的為觀察現金持有與公司績效之非線性關係，研究樣本為2005年至2014年間S&P 500指數裡成分股公司。除此之外，本論文也考慮公司現金持有與績效之間是否存在著非線性關係。根據本論文研究結果顯示，公司現金持有水準與該公司績效間存在有顯著正相關。此外，本篇結果也顯示，在現金持有與公司績效間呈現凹向下的非線性關係，這意味著在低現金水位時公司現金持有與績效之間存在正相關，但持有高現金水位水準時，過多的現金對公司績效將有負向影響。此一非線性關係意味著公司可能存在有最適的現金持有目標在此現金持有比率下，公司績效達到最大。

The purpose of this paper is to investigate the nonlinear relationship between cash holdings and firm performance in firms of S&P 500 during 2005-2014. Moreover, we consider the existence of a concave nonlinear relationship between cash holdings and firm performance. The results of this paper find a positive relationship between cash holdings and firm performance. And also, the results show there is a concave nonlinear relationship between two variables. This means the cash holdings of firm have the positive relationship with performance in lower level of cash, but large amount of cash shows the negative effect on firm performance. Taken together, this nonlinear relationship between cash holdings and firm performance may indicate there may be an optimal cash holdings level for firm, which maximize their performance.