現金管理是財務管理的重要一環，本研究探討與現金流量表、現金轉換循環有關的會計科目與公司價值的關連性，而且並納入目前企業所重視的公司治理變數為控制變數。其實證結果顯示，不論是現金流量表的科目與其萃取的資訊，抑或與企業短期融資周轉有關之現金轉換循環科目對公司價值有相當程度的影響；而且在以台灣50ETF成分股、中型100ETF成分股與富邦ETF成分股，都顯示出現金管理對公司價值有舉足輕重的影響。所以未來投資人在投資台股時，對於財報上與現金有關的科目，有加以重視的必要性。 Cash management should be an important section of the financial management. We investigate whether and how the accounts related to either cash flow statement or cash conversion cycle would affect firm values with concerning corporate governance variables as controlling variables. The results show that the accounts related to cash flow statement and information retrieved from cash flow statement would indeed affect the firm value. In addition, the ratios related to cash conversion cycles also play an important role for firm value, which might infer the ratio deemed as the management of short-term financing. By employing the constituent stocks of Taiwan50 ETF, medium-size Taiwan 100 ETF, and Fubon ETF, we reveal that the variables related to cash management do play important roles for firm value. Therefore, market participants should put more attention on the accounts or ratio relate to cash management as investing these constituent stocks.
