|Abstract: || 現金是一種交易的媒介與支付的工具，也是公司中最具流動性的資產，幾乎所有的營業活動都跟現金有關。但是持有現金過量時，容易造成閒置資金過多，使得資金運用較無效率；但若現金持有不足時，公司可能會錯失良好的投資機會，甚至造成周轉不靈、破產的情況。因此，有效的現金控管是公司重要的議題。|
本文延續Thomas, Kathleen, and Rene(2009)的方法，探討臺灣上市上櫃公司在1986-2014年現金持有比率與負債比率之間的變化，並且研究相關變數對現金持有比率變動量的影響。研究結果發現，公司規模、淨營運資金比率、資本支出比率、槓桿比率對現金持有比率皆是顯著負相關；而市值帳面價值比、現金流量比率、研究發展費用率、發放股利(dummy)與現金持有比率呈正相關。另外，利用Fama Mac-Beth迴歸模型研究在本文樣本期間內各解釋變數對現金持有比率的關係，結果顯示在樣本期間市場帳面價值對現金持有比率呈現正向影響，而公司規模與研究發展費用比率對現金持有比率的影響越來越低，現金流量比率、淨營運資金比率、資本支出比率、槓桿比率對現金持有比率的影響均隨著時間推進先增加再降低。
Cash is a medium of exchange and transaction, and it is also the most liquid asset of a company. In addition, cash is relevant to almost all operating activities. However, when a company holds excess cash, it is more likely to have problems of idle cash, causing the overall cash usage to be inefficient. On the contrary, when a company carries insufficient cash, it is more likely to miss some profitable investment, or even put itself at risk of bankruptcy. Therefore, controlling cash effectively is an important issue for a company.
This article uses the methods of Thomas, Kathleen, and Rene (2009) to explore the change of the ratio of cash holdings and debt ratio of Taiwan''s publicly traded companies during 1986 to 2014, and study how relevant variables can impact the ratio of cash holdings. The results show that the company size, the ratio of net working capital, the ratio of capital expenditure, and leverage ratio have significantly negative correlation with the ratio of cash holdings; and the ratio of market to book value, the ratio of cash flow, the ratio of R&D expense, and dividend payment (dummy) have a positive correlation with the ratio of cash holdings. In addition, we use the Fama Mac-Beth regression model to research the relationship between the explanatory variables and the ratio of cash holdings during sample period. We found that the market book value has a positive impact on the ratio of cash holdings; the influences of the firm size and the ratio of R&D expenses on the ratio of cash holdings are decreasing; and the influences of the ratio of cash flow, the ratio of net working capital, the ratio of capital expenditure, and leverage ratio on the ratio of cash holdings increase first, and then decrease as time goes by during the sample period.