本研究主旨在探討公司現金持有對其產品市場績效的影響，並且提供台灣公司對於現金政策的決策參考。本研究主要透過三個層面探討現金持有之效果，分別為產品市占率成長(market share growth)、公司價值(firm value) 、營運效率(operating performance) 。本文以台灣所有製造業之上市櫃公司為樣本，期間為1997年至2012年,共9511筆資料,將樣本分類為電子製造業及非電子製造業,檢視其產業效果。此外，又設定虛擬變數觀察2007及2008金融危機期間現金持有對公司產品市場績效之影響. 研究模型主要根據Campello (2003,2006)及Fresard (2010)之實證模型,結果發現若公司持有較多的現金,其未來的公司價值面(firm value)及營運效率面(operating performance)的表現皆顯著優於競爭公司。此效果對電子產業的影響更加顯著。此外，在金融危機期間，公司若持有相對多現金,其未來營運效率(operating performance)亦高於同業競爭對手。根據本研究可得出現金管理政策對於公司日常營運扮演著策略性的角色以及具有非常重要地位。

This paper examines that the argument that cash holdings (financial strength) influence a firm’s (as well as its rivals) competitive actions and competitive outcomes in product market by using Taiwan sample. I investigate that the impact of cash reserves on product market performance via three aspects including market share growth, firm value, and operating efficiency. The evidences show that firms with large cash have higher market performance and this effect is stronger if electronics manufacturing firms. Furthermore, the result indicates that firms holdings much more cash outperform their poor rivals during market downturns. On the whole, the outcomes point out that cash policy has a strategic status and also plays a substantial role in day-to-day operation.

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