本研究以 2013 年至 2022 年的 789 間台灣上市公司為樣本，旨在探討股票流動性對公司現金持有的影響。我發現股票流動性增加會使公司現金持有比率降低。在穩健性測試中，我以相對有效價差替代 Amihud 比率來計算股票流動性，仍然得出相同的結論。總體而言，股票流動性和公司現金持有之間為邊際顯著負相關，和股票流動性提高可以降低預防性現金儲備觀點一致，也支持了股票流動性提高，可以增加大股東透過出售經理人持有過多現金之公司的可能性來加強監督的論點。

This study utilizes a sample of 789 listed companies in Taiwan from 2013 to 2022. The aim is to examine the impact of stock liquidity on corporate cash holdings. I find that greater stock liquidity is related to lower corporate cash holdings. When I replace Amihud's ratio with the relative effective spread to measure stock liquidity, I find similar results. Overall, my results suggest that the relationship between stock liquidity and corporate cash holdings is marginally significant and negative, supporting the perspective that enhanced stock liquidity can result in fewer precautionary cash reserves and increase the likelihood that major shareholders can increase their monitoring intensity by selling firms whose managers hold excessive cash for their self-interest activities.

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