跨國併購是海外直接投資最常採用的形式之ㄧ。而在跨國併購活動中，企業融資能力扮演重要的腳色。過去文獻指出大部分的跨國併購是以現金作為支付工具且其交易金額通常比國內併購為大。更甚者，公司會因為海外併購存在較大的資訊不對稱，而面對較其在本國併購活動中更高的外部融資成本與負債代理成本。在此情況下，從事海外併購活動的公司可能會較傾向以自有資金作為融資管道，故而與國內併購相比，公司持有之現金在跨國併購活動中扮演著更重要的角色。本研究主要探討公司現金持有對於其從事跨國併購活動的影響。
家族控股公司與國有企業在許多亞洲國家中是很顯著的現象。由家族或是國家所持有的企業通常會享有較佳的外部融資條件，故與國內併購相比，公司所持有的現金對於其從事跨國併購活動的影響，是否仍會有顯著的影響呢?此亦為本研究探討的主題。
本研究發現，與國內併購的投資決策相比，公司採取跨國併購活動的投資決策確實受其所持有的現金所影響。然而，將在考量公司所有權的情況下，公司現金持有的多寡對於家族公司及國有企業其海外併購活動投資決策並無顯著不同於其國內併購投資決策。此結果亦反映，亞洲公司海外投資活動，在家族及國家控股公司所有權的影響下，其內部融資能力非為關鍵因素。

Cross-border M&A activities is one of the popular types of foreign direct investment in recent years. Financing feasibility plays a critical role in cross-border M&A activities. Existing studies indicate that international deals are more likely to be paid in cash and the values of international deals are usually larger than domestic deals. Furthermore, firms would have higher cost in external financing and greater agency cost of debt due to information asymmetry in overseas acquisitions. In such cases, firms engaging in foreign acquisitions would more likely to finance the international deals with internal funds. As a result, corporate cash reserves play a more important role in cross-border M&As relative to domestic M&As.
Firms controlled by family and state are pronounced in many Asian countries. Firms with ownership concentrated in family or state have better financial feasibility in external financing. Therefore, corporate cash holdings would not play a critical role in cross-border M&As, in comparison with domestic M&As. As a result, this study is to investigate the relation between preserving excess cash and attempting cross-border M&As by examining the sample of nine Asian countries via the methodology of logistic regression.
According to the findings, preserving excess cash possesses significant effect on the intension of cross-border acquisition relative to domestic acquisitions. Nevertheless, as compared with domestic M&As, the occurrence of cross-border M&As is not significantly related to corporate preserving excess cash for both family-controlled firms and state-owned enterprises.

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