本研究之樣本為期間2003至2012年美國製造業的公司，共有7,824筆樣本資料。透過分析工會參與率於公司現金持有以及資本結構的影響，本篇研究發現當公司面對較具影響力的工會時，公司會傾向持有較低的現金水位以及提高他們的負債比率。實證結果主要有兩項，第一，工會參與率與公司現金水位的持有呈現負向關係。第二，工會參與率與負債比率呈現正向關係。因此，本篇研究推論公司在勞資雙方協商之前，適當地採用財務策略改善自身協商能力，以取得與工會協商上的優勢。等同於向工會釋出公司財務狀況的訊號，迫使工會在與公司的勞資雙方協議時讓步。此外，本篇研究亦討論勞資雙方可以採取的相關行動，幫助公司及工會做決策上的參考。

My sample consists of 7,824 firm-year observations in the U.S. manufacturing industry during 2003-2012 period. I provide evidence that firms hold less cash reserves and increase their debt ratio when they face more powerful labor unions. I analyze the effect of unionization on corporate cash holdings and capital structure. I find a negative relation between the unionization rate and cash holdings. However, I find a positive relation between the unionization rate and debt ratio. My findings suggest that firms use financial strategy to improve their bargaining position prior to the negotiation with unions in collective bargaining. It means that firms signal to unions for the financial condition and make them to concede in negotiation. Additionally, I discuss the possible actions which can improve the bargaining power in collective bargaining for firms and unions to help decision making.

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