現金對於企業營運是非常重要且特別的流動資產，充足的現金能降低財務周轉風險，卻也可能造成閒置或遭經理人濫用而使資產價值減損，而企業現金持有水準除受營業活動與其他資產影響外，是否會受近年廣為討論的公司治理因素所影響，即是本研究要探討的主題。 本研究以台灣經濟新報(TEJ)之上市、櫃公司資料庫為財務資料主要來源，選擇2002年至2009年台灣19種產業(扣除金融產業)之上市、櫃公司作為觀察樣本，探討公司治理中經理人持股、董事會特徵與機構投資人持股等因素對於企業現金持有水準影響之關係。 研究結果發現，在經理人持股比率、董事會規模大小、本國機構投資人持股比率是與企業現金持有水準呈負向顯著影響，而董事長兼任總經理則與企業現金持有水準為正向顯著影響。可以推測公司治理因素對於企業現金持有水準的影響應存在某些關聯。 Cash is an important and highly liquid asset for business operations. Sufficient cash holdings reduce financial risk, but high level of them may indicate low efficiency of operation, thereby decreasing the firm value. Corporate governance is a critical factor affecting corporate cash holdings and we try to investigate the relation between them. We examine Taiwanese listed firms spanning 2002-2009 period and collect data from Taiwan Economic Journal Data Bank (TEJ). The results show that manager ownership, board size and domestic institutional investor ownership have a negatively significant association with the level of corporate cash holdings; however, CEO duality is positively significantly related to the level of corporate cash holdings. We suggest that the level of corporate cash holdings be influenced by some corporate governance factors.
