本文探討我國景氣循環與企業內部現金流量的配置之影響。以我國1991至2015年一般產業2184家上市上櫃公司為研究樣本，加入了三種代表景氣的指標，結果發現景氣上升時，我國高、低融資限制公司皆會發越多股利與增加現金持有。而低融資限制公司的投資對現金流量敏感度會下降，且藉機發股東權益增加公司資本。相反的，高融資限制公司不會對投資及股東權益變動有顯著影響，政府與監管單位可協助其籌措資金或降低債息利率，幫助他們能在景氣不佳時避免內部現金流量的不足而公司營運遭受不利影響。 This paper examines the allocation of internal cash flow over the business cycle. Using data from 2184 listed companies from Taiwan over the period 1991-2015, we find that unconstrained firms allocates more cash flows to cash and less cash flows to investment and equity repurchases during booms. By contrast, during booms, financially constrained firms increase their cash holding and issue more debt.
