本篇研究旨在檢測再融資論點（Refinancing Argument）是否在台灣市場成立，其論點聲稱擁有比較短債務期限的公司會為了規避再融資風險而持有較多的現金儲備。實證結果顯示再融資論點在台灣並不存在，即使考慮信用市場帶來的影響，其回歸結果仍不顯著。此外，我做了兩項測試，分別為投資效果與公司價值效果，兩者之結果均呈現不顯著。我發現實證結果與再融資論點不一致，乃因該論點假設那些擁有比較短債務期限的公司有能力持有較多的現金儲備；相反地，這些實證結果與融資順位理論一致，其理論主張發債公司通常為內部資金缺乏者，這也隱含著現金持有與較短的債務期限並無直接的關聯。綜合上述，我的研究結果顯示，現金持有與較短的債務期限並沒有相關。

The purpose of my study is to examine the refinancing argument that firms with shorter maturity of debt would hold larger cash reserves to alleviate refinancing risk. I find that the refinancing argument does not exist in Taiwan. Considering the impact of credit market condition, the relation between cash holdings and shorter maturity of debt is still not significant. In addition, I examine two tests. One is investment effect, the other is firm value effect. Both of them are contrary to the refinancing argument. The insignificant results are inconsistent with the refinancing argument because it assumes that firms with shorter maturity have capability to hold larger cash reserves. In contrast, my results are consistent with the pecking order theory, which suggests that debt-issuing firms generally lack internal capital. To conclude, my findings show that there is no connection between cash holdings and shorter maturity of debt.

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