本研究的主要目的為測試企業的現金持有在不同生命週期之下的邊際價值。主要研究範圍為台灣上市公司，觀察期間由1997年至2010年。本研究在企業生命週期分類已考慮並排除產業問題，主要採用兩個模型來測試現金持有的決定因素以及現金對公司價值的敏感度。實證結果顯示現金持有的邊際價值為0.021元，而現金的變動對價值的影響為0.022元。此外，成長階段公司的現金對價值的影響高於成熟階段及停滯階段。本研究也證實了在不同的生命週期之下企業擁有不同的策略。

This work examines the marginal value of cash holdings at different stages of the corporate life-cycle. The observations are from the listed companies in Taiwan and the period is from 1997 to 2010, while the life-cycle classification considers the industry factor. Two models are used to measure the determinants of cash holdings and the sensitivity of firm value to cash. The results show that the marginal value of cash is 0.021 dollar, and the cash contribution to firm value is 0.015 dollar. There are different results found at different stages of the corporate life-cycle. The evidence presented in this work shows that cash contributes to firm value in the growth stage more than in other stages. This study also shows that companies have different corporate strategies at different stages of their life-cycles.

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