現金持有對公司價值有一體二面的效果，就融資順位理論而言，公司持有現金可保有未來的投資機會，因此可以增加公司的價值；而就代理問題而言，公司持有過多現金時，經理人會有誘因做不恰當的投資，因而降低公司的價值。然而，現金持有多寡才是合適？
本研究探討1997年至2011年台灣上市櫃之鋼鐵產業，利用財務資料：現金股利發放的有無，公司總資產的大小以及利息保障倍數的多寡，來區分公司財務是否有受限制，再透由『財務理論』中『現金持有價值』的計算，來檢測台灣鋼鐵業的成長與現金持有的價值是否有正相關？
實證結果顯示，鋼鐵業財務槓桿越高的公司，因為利息支出的增加會提高公司的破產成本，而舉債的提高所產生的利息也會瓜分掉公司股東的報酬，因此會降低公司的價值，其公司現金持有的邊際價值也越低。另一個發現，在台灣的鋼鐵業當中，總資產較小的公司，對外融資較不易，成本也較高，增加現金持有可以增加公司的價值，創造較高的股東報酬。而在鋼鐵業現金持有部位增加導致現金持有邊際價值增減的部份則沒有顯著的發現。

The amount of cash holding has always been a double-edged sword for the value of a company. The pecking order theory indicates that holding a substantial amount of cash can preserve the opportunities for future invest and thus increase the value of a company. On the other hand, having excessive amounts of cash also lures managerial officers to make inappropriate investment and consequently reduces the value of the company. Now the question is: how can we determine the appropriate amount of cash holding for a company?
In this study, we research on public and listed companies in the steel industry between 1997 and 2011 by exploring the financial data available on TEJ. We use three kinds of financial criteria to clarify whether a company is financially constrained: the presence or absence of cash dividends, the size of the company's total assets, and the amount of the interest coverage ratio. Then, with the calculation of the value of cash holdings in financial theory, we assess whether there is a positive correlation between the growth of the steel industry in Taiwan and the value of cash holdings.
The empirical results indicate that in the steel industry the higher the financial leverage of a company is, the higher the interest expense which would increase the cost of the company's bankruptcy will be. The expense normally consumes the remuneration of the shareholders of the company, which consequently not only decreases the value of the company but also lowers the marginal value of corporate cash holdings.
Another finding is that in the steel industry in Taiwan companies with smaller total assets have more difficulty obtaining external financings and higher burden of cost. Therefore, higher level of cash holdings can increase the value of the company and furthermore offer higher return on shareholders. However, significant correlation between higher level of cash holding and its marginal value is not found.

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網站部分：
http://www.plainsallamerican.com
http://www.steelonthenet.com
http://www.worldsteel.org
台灣經濟新報資料庫（Taiwan Economic Journal; TEJ）