企業持有現金部位影響因子之研究

Abstract

本研究主要針對影響企業現金部位相關因素之研究，其中以2002年至2005年排除金融業之台灣上市公司資料為樣本，將並將影響因素分為兩類，分別為公司個別經營特質與公司治理，利用縱橫資料模型作迴歸分析後，再進行逐步迴歸向後選取法，找出最佳模型，並檢視此模型是否適用於傳統產業。實證結果顯示：（1）公司個別經營特質，如獲利性、資本結構、成長性、風險及股利政策，對於現金持有具顯著影響。（2）在加入公司治理相關變數後，迴歸模型更具解釋力，且與現金持有具顯著關係，即資訊不對稱與代理問題確實會影響企業持有現金的多寡。（3）同時，亦發現產業特性會影響企業的現金部位，不同的產業其現金部位的水準也有所不同。

This research investigates the determinants of corporate cash holdings. A panel data based on a sample includes information and electronic industry in Taiwan during the period 2002-2005. We divide the independent variables into two groups—firm-specific characteristics and corporate governance through regression analysis. Then, we use backward selection of stepwise regression procedure to find an ideal model and test if the model also fits conventional industries. The empirical results shows as below: (1) The firm-specific characteristics, i.e. profitability, capital structure, growth, risk and cash dividend policy, are significant to cash holdings. (2) The regression model has higher explanatory power after the corporate governance variables are considered. They also shows significant related to cash holdings. We conclude that information asymmetric and agency problem are the essential elements in cash holdings. (3) The model of the determinants of corporate cash holdings varies from industries to industries.