公司治理與企業現金持有關係之探討-以台灣上市、櫃公司為例

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姓名

陳柏瑞(Po-Jui Chen) 查詢紙本館藏

畢業系所

企業管理學系在職專班

論文名稱

公司治理與企業現金持有關係之探討-以台灣上市、櫃公司為例
(The Relation between Corporate Governance and Corporate Cash Holdings : Examples of Taiwan Listed Companies)

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摘要(中)

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。

摘要(英)

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.

關鍵字(中)

★ 董事會特徵
★ 持股比率
★ 公司治理
★ 現金持有

關鍵字(英)

★ Corporate Governance
★ Cash Holdings
★ Ownership
★ Board Characteristics

論文目次

中文摘要........................................ iv
Abstract........................................ v
誌謝............................................ vi
目錄............................................ vii
表目錄.......................................... ix
一、緒論........................................ 1
1-1研究動機與目的............................... 1
1-2論文結構..................................... 3
二、文獻探討與假說建立.......................... 4
2-1經理人與公司現金持有之關係................... 4
2-1-1利益收斂假說............................... 4
2-1-2鞏固地位假說............................... 5
2-1-3臨界說..................................... 5
2-2董事會特徵與公司現金持有之關係............... 7
2-2-1董事會規模................................. 7
2-2-2外部董事人數............................... 7
2-2-3董事長兼任總經理........................... 8
2-3公司股權結構與公司現金持有之關係............. 9
2-3-1外部股東及機構投資人持股................... 9
2-3-2外國機構投資人持股......................... 11
三、研究方法.................................... 14
3-1研究資料..................................... 14
3-1-1資料來源................................... 14
3-1-2樣本選擇................................... 14
3-2研究設計..................................... 14
3-2-1變數定義................................... 14
1.現金持有變數.................................. 14
2.公司治理變數.................................. 15
3.其他公司特性控制變數.......................... 16
3-2-2研究分析方法............................... 17
1.基本統計分析.................................. 17
2.迴歸分析...................................... 17
四、研究分析與實證.............................. 20
4-1基本統計分析................................. 20
4-1-1敘述統計................................... 21
1.現金持有變數.................................. 21
2.公司治理變數.................................. 21
3.公司特性變數.................................. 23
4-1-2相關矩陣................................... 26
4-2實證迴歸分析................................. 28
4-2-1現金持有變數I：現金比率.................... 28
4-2-2現金持有變數II：現金與淨資產比率........... 32
4-3穩健性測試................................... 36
4-3-1外部最大股東持股測試....................... 36
4-3-2股利發放變數調整測試....................... 36
4-3-3現金與銷售額比率測試....................... 37
五、結論與建議.................................. 38
5-1結論......................................... 38
5-2建議......................................... 39
參考文獻 ...................................... 40

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指導教授

洪榮華(Jung-Hua Hung)

審核日期

2011-6-19

推文