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研究生： 吳玫玲
Wu, Mei-Ling
論文名稱： 持續性持有高現金水位對公司績效之影響
Persistent Large Cash Reserves and Performance
指導教授： 黃炳勳
Huang, Ping-Hsun
學位類別： 碩士
Master
系所名稱： 管理學院 - 財務金融研究所
Graduate Institute of Finance
論文出版年： 2012
畢業學年度： 100
語文別： 英文
論文頁數： 42
中文關鍵詞： 現金持有 、研發設計 、併購活動 、代理問題
外文關鍵詞： Cash holdings, R&D, Merger and acquisitions, Agency problems
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    • 本篇探討持續性高現金持有之公司政策是否伴隨著較卓越的績效表現。實證發現相較於對比公司，使用資產報酬率(ROA)與權益報酬率(ROE)為衡量標準時，持續性高現金水位的公司顯著有較高的營運績效表現。利用股價報酬衡量時，也發現持續性高現金水位的公司有較好的股價表現。此外高現金水位與投資機會有很高的連動性。且持續性高現金水位之公司並無嚴重的權益代理問題和不佳的公司治理之情況發生。因此本文不認為持續高現金水位會有阻礙公司績效之情形發生。

    This study investigates whether a policy of persistently holding substantial cash reserves is associated with better performance. The result shows that persistently cash-rich firms have significantly better operating performance than their comparative firms by using return on assets (ROA) and return on equity (ROE) as measurements, and also have better stock performance measured by stock returns. Moreover, they also show that high cash holdings are associated with greater investment opportunities. However, there is little evidence that persistently cash-rich firms have weaker governance. On the whole, my findings do not support the argument that a policy of large, persistent cash reserves hinders corporate performance.

    Contents 1 Introduction 1 1.1 Research Background and Motivation 1 1.2 Objectives and Major Findings 2 2 Literature Review and Development of Hypotheses 5 2.1 Motivation for Large Cash Holdings 5 2.1.1 Managerial Self-Interest 5 2.1.2 Costly External Financing 5 2.2 Hypothesis 7 2.2.1 Higher MB Ratio and Sales Growth 8 2.2.2 R&D Expenditure and R&D Smoothing 9 2.2.3 Efficiency Improvements and M&A Activities 9 3 Methodology and Data 10 3.1 Methodology 10 3.2 Data and Sample 12 4 Empirical Results 14 4.1 Operating Performance of Persistently Cash Rich Firms 15 4.2 Stock Returns of Persistently Cash Rich Firms 16 4.3 The Motives of Persistently Cash-rich and the Effects on Performance 17 4.4 Uses of Cash 20 5 Conclusions 23 References 41

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