負的淨負債與公司價值-以美國公司為例

Abstract

本研究根據Penman (2007)對公司淨負債的定義，探討當公司持有的淨負債為負值，也就是當公司持有金融資產多於金融負債時，對公司價值的影響。本研究以1998年至2008年為研究期間，針對2,058家美國的公司為例進行實證研究。本研究結果指出，公司持有負的淨負債並不一定能提升價值，因此本研究亦將公司規模、公司持有現金的水準、或是公司的投資機會等其他條件納入考慮。在大部份情況下，規模較大或是現金水準高的公司，持有負的淨負債比較有可能為公司創造價值。再者，當根據公司成長機會區分公司為高成長性及低成長性進行研究時，結果顯示成長性高的公司若持有負的淨負債可以創造公司額外價值，且公司規模愈小或現金水準愈高對價值創造愈有利；反之，低成長性的公司並不能藉由持有負的淨負債提升公司價值。總而言之，淨負債為負值並不一定會為公司創造價值，公司規模、現金水凖及成長機會對於這類公司的價值創造與否存在重要影響。

Based on Penman’s (2007) definition, this paper examines the value impact of firms with negative net debt. “Negative net debt” here means holding more financial assets than financial liabilities. We use a total of 2,058 US firms to investigate the relationship between firm value and negative net debt holding during the period from 1998 to 2008. Our evidences show that firms with negative net debt may not necessarily have higher firm value. Hence some other firm characteristic, such as, firm size, the level of cash holdings, and the investment opportunities are also considered in this study. The results show that when a firm with negative net debt is large or holding large amount of cash inside, the value of firm would be higher and can create excess value most of the time. We also investigate how the growth opportunities influence the value of firms with negative net debt. The results show that high-growth firms with negative net debt can create excess value, and the smaller the debt-free firm is, the higher value it creates. On the contrary, low-growth firms cannot create excess value by holding negative net debt. In conclusion, negative net debt may not necessarily create value for firms, and firm size, cash holding level and growth opportunities have important influences on the value impact of firms with negative net debt.