本研究之目的主要在探討金融自由化對公司現金持有之影響。根據抵換理論，當公司對外融資相對容易時，公司降低現金持有。透過檢驗金融自由化對現金持有的影響，本研究發現，金融自由化降低公司現金持有，且對於愈不容易從外部取得資金的公司，減少現金持有的效果越明顯。當公司具有成長機會時，公司增加持有現金的預防動機比金融自由化降低現金持有效果更加強烈。此外，當國家金融發展程度相對較高時，金融自由化降低公司現金持有才有顯著效果。

This paper examines the impact of financial liberalization on corporate cash holdings. According to the trade-off theory, firms hold less cash when they can easily access to the capital market. Our findings show that indeed, financial liberalization decreases corporate cash holdings. Especially, the impact of financial liberalization is more significant on firms with difficulties to raise funds than those with easy access to capital markets. We also find the decrease in cash balance between growing firms and non-growing firms is not significant, which reflects that in growing firms, the precautionary motive of cash holdings dominates the effects of financial liberalization. Finally, we find that only when the degree of financial development is relatively higher, the impact of liberalization on cash balance is significant.

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