環境衝擊、公司生命週期、獲利能力對公司現金持有之影響：以台灣上市公司為例

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張嘉元(Chia-Yuan Chang) 查詢紙本館藏

畢業系所

企業管理學系

論文名稱

環境衝擊、公司生命週期、獲利能力對公司現金持有之影響：以台灣上市公司為例

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摘要(中)

現金管理攸關著企業營運與承擔風險的能力，為近幾年學術研究廣泛討論之議題。本研究採用2007年至2020年台灣841家上市公司的14年期資料，探討突發的大環境衝擊（2008年全球金融海嘯及2020年新冠肺炎）、公司生命週期與公司獲利能力對公司現金持有之影響。實證結果顯示，不同類型（需求面/供給面）的環境衝擊對公司現金管理政策有不同的影響，並非如大部分文獻主張環境不確定性和公司現金持有具正向關係；此外，本研究結果發現，公司年齡與公司現金持有之間並非過去文獻所發現的線性關係，而是先降後升的U型曲線關係；相反地，公司獲利能力對於公司現金持有具有先升後降的倒U型曲線關係。本研究的實證結果對於傳統學術研究結論的不一致，提供了可能的學術解釋。

摘要(英)

Cash management is closely related to the company′s operation and the ability to take risks, has been widely discussed in academic research in recent years. This study uses 14-year data of 841 companies in Taiwan from 2007 to 2020 to explore the impact of sudden large-scale environmental shocks (global financial crisis in 2008 and Covid-19 pandemic in 2020), firm life cycle, and firm profitability on firm cash holdings. The empirical results show that different types of environmental shocks(demand-driven/supply-driven) have different impacts on firm cash management policies. The results also show that the relationship between firm age and firm cash holdings is not a simple linear relationship found in the existing studies, but a U-shaped curve relationship that first fall and then rise; On the contrary, firm profitability has an inverted U-curve relationship that first rise and then fall with cash holdings. This study provide possible academic explanations for the inconsistent conclusions of previous academic studies.

Keywords: environmental impact, cash holdings, company life cycle, profitability

關鍵字(中)

★ 環境衝擊、
★ 現金持有
★ 公司生命週期
★ 獲利能力

關鍵字(英)

論文目次

中文摘要i
英文摘要ii
誌謝iii
目錄iv
表目錄vi
圖目錄vi
一、緒論1
1-1 研究背景與動機1
1-2 研究問題、發現與貢獻4
二、文獻探討與研究假說7
2-1 不同突發的大環境衝擊對現金持有之影響7
2-1-1 需求面衝擊-2008年全球金融海嘯7
2-1-2 供給面衝擊- 2020年新冠肺炎8
2-2 公司生命週期對現金持有之影響10
2-2-1 營運風險10
2-2-2 投資機會11
2-2-3 融資限制11
2-3 公司獲利能力對現金持有之影響14
2-4 需求面衝擊對公司生命週期與現金持有關係之影響16
三、研究方法18
3-1 研究樣本18
3-2 變數定義及說明18
3-3 實證模型20
四、實證結果與分析22
4-1 敘述性統計22
4-2 相關性分析22
4-3 固定效果模型分析23
4-4 穩健性測試26
五、討論與結論30
5-1 研究發現與理論意涵30
5-1-1 不同外部環境衝擊對企業現金持有造成不同影響30
5-1-2 企業年齡與現金持有之U型曲線關係31
5-1-3 企業獲利能力與現金持有之U型曲線關係32
5-1-4 需求面環境衝擊對企業年齡與現金持有間產生干擾效果32
5-2 實務意涵33
5-2-1 不確定性衝擊下，『現金為王』為最佳良策？33
5-2-2 企業轉型：寬裕現金之重要性34
5-2-3 持有過多現金之利弊35
5-2-4 研究限制與未來研究建議35
參考文獻37

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指導教授

蕭義棋(Yi-chi Hsiao)

審核日期

2022-7-14

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