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。;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
