係以應計品質作為會計品質的代理變數，本研究旨在檢視會計品質對現金持有水準之影響，亦探討公司現金持有之決定因子，運用1998-2007年台灣經濟新報資料庫之台灣上市櫃公司資料(不包含金融業)，使用橫斷面及時間序列資料動態模型的分析，並採用一般動差法為估計方法進行實證研究。
實證研究結果顯示，高應計品質的公司相較於低應計品質的公司而言，所持有的現金水準較低，亦表示會計資訊品質會減少資訊不對稱與逆選擇成本，而允許公司減少其本身的現金持有水準。另外，公司現金持有與下列因素呈現正相關：成長機會、負債到期結構、機會成本、現金流量、財務困難可能性及股利因子；而與下列因素呈現負相關：公司規模、與金融機構間的關係、財務槓桿及其他流動資產。

關鍵字：會計品質;應計品質;現金持有;資訊不對稱

Using accruals quality as a proxy of accounting quality, this paper aims to examine the effect of accounting quality on levels of cash holdings as well as the determinants of cash holdings by firms. The sample includes Taiwan listed firms (exclude financial and insurance firm) on the TEJ database during the period of 1998-2007. We use the dynamic model combining cross section and time series analysis and adopt GMM methods.
The results show that firms with better accruals quality hold lower cash levels than firms with poorer accruals quality. This finding suggests that the quality of accounting information may reduce the negative effects of information asymmetries and adverse selection costs, allowing firms to reduce their levels of corporate cash holdings. The cash holdings are positively associated with growth opportunities, debt maturity structure, opportunity cost, cash flow, the possibility of financial distress and dividend, whereas are negatively associated with the size, bank debt, leverage, and other liquid assets.

Key words：Accounting quality;Accruals quality;Cash holdings;Information asymmetry

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