觀察近年台灣上市櫃公司現金持有比率逐年增加，本研究係為探討影響公司決定持有現金的因子為何？運用1992-2007年台灣經濟新報資料庫之台灣上市櫃公司資料(排除金融保險業)，找出影響現金持有之因子，使用動態模型結合橫斷面及時間序列資料分析，並採用一般動差法與混合的最小平方法進行實證分析，除了篩選符合條件的上市櫃公司之外，亦將所有公司區分為大規模公司與中小規模公司作對照比較，藉以分析說明兩者持有現金之差異。
本研究實證結果發現，採用一般動差法估計並分析所有公司時，公司現金持有率與規模、銀行負債呈負相關，財務困難可能性與現金持有率呈正相關；再者，分析混合的最小平方法結果發現，現金持有率與公司規模、銀行負債、負債到期結構、其它流動資產與利率為負相關，財務困難可能性、槓桿與現金持有率呈正相關。
另區分公司規模對現金持有率的影響，研究發現運用一般動差法估計，大規模公司之現金持有率與規模、銀行負債、總體經濟變數為負相關，但與財務困難可能性、現金流量、其它流動資產呈正相關；以混合的最小平方法分析結果，現金持有率與銀行負債、其它流動資產、機會成本呈負相關，但與成長機會、財務困難可能性、槓桿為正相關。
中小規模公司在採用一般動差法的實證結果發現，公司現金持有率與規模、負債到期結構、現金流量、其它流動資產呈負相關，財務困難可能性與現金持有率為正相關；運用混合的最小平方法分析，現金持有率與負債到期結構、其它流動資產呈負相關，財務困難可能性則與現金持有率為正相關。

Observing the listing publicly company's cash holdings of Taiwan in recent years has the tendency to increase the rate year by year. The purpose of this paper is to examine the determinants of cash holdings by firms. The sample includes publicly listed Taiwan firms (exclude financial and insurance firms) which use TEJ database during the period of 1992-2007. In order to find major factors influence cash holdings. We use dynamic model combine cross section and time series analysis and adopt GMM and Pooled OLS methods. Besides the all companies to fit in with conditions, it also divides all companies into two groups. They are large-scale companies and small and medium-sized (SMEs) companies. It also uses to analyse the differences between them.
The result finds when use GMM to analyse all companies. It is presented negative correlation between the cash holdings with size and band debt. The possibility of financial distress and cash holdings present positive correlation; Analysing Pooled OLS, the correlation between cash holdings and size, bank debt, debt maturity structure, other liquid assets, and interest rate are negative. The possibility of financial distress, leverage and cash holdings present positive correlation.
Distinguishing the impact on cash holdings of company's scale; discover that uses GMM method to estimate large-scale companies. The cash holdings and size, band debt, and macroeconomic factors are negative correlation. The possibility of financial distress, cash flow, other liquid assets and cash holdings present positive correlation. Analysing Pooled OLS result, the cash holdings and bank debt, other liquid assets, opportunity cost are negagive correlation. But the growth opportunities, the possibility of financial distress, and leverage are positive correlation.
On the other hand, when the small and medium-sized companies adopt the GMM method, our findings that cash holdings between size, debt maturity structure, cash flow, and other liquid assets are negative correlation. The possibility of the financial distress and cash holdings are positive correlation. Using Pooled OLS to analyse, the correlation between cash holdings, debt maturity structure, and other liquid assets are negative.The financial distress and cash holdings are positive correlation.

英文部份

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