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| Title: | 企業超額現金持有與公司價值之間的關係—來自中國大陸A股上市公司的證據
The relationship between excess cash holding and corporate value--evidence from A-share listed companies in mainland China |
| Authors: | 張秦晉
Zhang, Qin-Jin |
| Contributors: | 林宛瑩
Lin, Wan-ying
張秦晉
Zhang, Qin-Jin |
| Keywords: | 超額現金持有
股東財富最大化
公司治理
公司價值
excess cash holding
maximization of shareholder wealth
corporate governance
corporate value |
| Date: | 2021 |
| Issue Date: | 2021-07-01 17:08:58 (UTC+8) |
| Abstract: | 2005年以來，中國大陸上市公司現金持有水平不斷攀升，截止2019年末，A股上市公司現金持有水平已達2005年的5倍之多，然而這14年間，物價指數的上升幅度卻不到3倍。雖然現金是企業營運發展不可或缺的資源之一，但若超額持有現金，也會造成資金的閒置和浪費。如果股東財富最大化是企業經營目標之一，那麼企業超額持有現金是否符合股東財富最大化的目標呢？
本研究從探討企業現金持有的決定因素為出發點，通過實證檢驗，得到企業未來預期現金持有水平。並以該項實證模型之殘差項作為超額現金持有水平（即未預期現金持有水平)，接著通過檢驗超額現金持有與公司價值之關係來回答超額現金持有是否支持股東財富最大化的假設。
實證研究表明，公司特徵、市場環境、公司治理機制都會對公司現金持有水平產生顯著影響。對於大部分產業而言，公司超額現金持有與公司價值呈負向關係，即公司超額現金持有會降低公司價值，因此可以認為大部分產業中公司超額現金持有可能會損害投資人利益。因此投資人在進行投資活動時，確有必要仔細審視公司超額現金持有背後所隱喻的邏輯。
Since 2005, the cash holding level of listed companies in mainland China has been rising. By the end of 2019, the cash holding level of A-share listed companies has reached 5 times that of 2005. However, the price index has increased less than 3 times in the past 14 years. Although cash is one of the important resources for the operation and development of enterprises, excess cash holdings will also result in idle and waste of funds. If the maximization of shareholder wealth is one of the objectives of an enterprise, whether excess cash holdings is in line with the goal of maximizing shareholder wealth needed to be examined.
Based on the discussion of determinants of corporate cash holdings, this study empirically obtains the expected level of corporate cash holdings. The residuals of the empirical model are used as proxies for the level of excess cash holdings for each company (i.e., the level of unexpected cash holdings). The relationship between excess cash holdings and corporate value is then tested to investigate whether excess cash holdings enhances the goal of shareholder wealth maximization.
The empirical results show that corporate characteristics, market environment and corporate governance have significant impacts on corporate cash holdings. Excess cash- holdings of companies in most industries are negatively and significantly associated with corporate value. In specific, the higher the level of excess cash holdings held by companies in most industries the lower the corporate value. The findings thus imply that excess cash- holdings of companies in most industries have a detrimental effect on the interests of investors. Thus, investors need to carefully examine the logic behind the company’s excess cash holdings. |
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| Description: | 碩士
國立政治大學
會計學系
108353045 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0108353045 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202100595 |
| Appears in Collections: | [會計學系] 學位論文
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