台灣上市公司的現?持有、現?持有價值與公司生命週期：預防性動機假?之驗證
 Cash Holding, Value of Cash Holding, and Firm Life Cycle in Taiwan: An Examination of Precautionary Motive Hypothesis

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Title:	台灣上市公司的現?持有、現?持有價值與公司生命週期：預防性動機假?之驗證 Cash Holding, Value of Cash Holding, and Firm Life Cycle in Taiwan: An Examination of Precautionary Motive Hypothesis
Authors:	蘇玄啟;Su, Xuan-Qi;?仙法;Lowe, Alpha;施懿宸;Shih, Yi-Cheng;?汶育;Li, Summer
Contributors:	國?高雄第一科技大學財務管?系;逢甲大學財務?融學系;國?臺?大學?融與合作經營學系;National Kaohsiung First University of Science and Technology;Department of Finance Feng Chia University;Department of Finance and Cooperative Management National Taipei University
Keywords:	現?持有；現?持有價值；公司生命週期；預防性動機假?；融資限制;Cash Holding, Value of Cash Holding, Firm Life Cycle, Precautionary Motive Hypothesis, Financial Constraint.
Date:	2013
Issue Date:	2013-08-07 01:33:57 (UTC+0)
Publisher:	國?高雄第一科技大學財務管?系;逢甲大學財務?融學系;國?臺?大學?融與合作經營學系;National Kaohsiung First University of Science and Technology;Department of Finance Feng Chia University;Department of Finance and Cooperative Management National Taipei University
Abstract:	?基於 Keynes (1936) 預防性動機假?，本文以台灣上市公司為研究樣本，探討現?持有與現?持有價值如何隨著公司生命週期而變化。以公司?齡為公司生命週期代?變?，本文研究發現，公司現?持有比?隨著公司?齡增長而逐漸下?。而此單調遞減現象可由預防性動機假??解釋：相對於成熟公司，台灣?輕公司普遍具有較大的產業平均現 ???波動?、較高的市價淨值比、較高的資本支出?、較高的研發支出?、較嚴重的財務赤字與較小的公司規模，此等特性隱含在面對現????足與財務危機的??衝擊時，?輕的草創公司將承受較高成本，因此傾向持有較多預防性現?。此外，本文另一項重要研究結果顯示，現?持有價值亦隨著公司?齡增長而逐漸下?，此發現支持台灣 ?輕草創公司相較於成熟公司具有較高融資限制的??預期。整體而言，本文研究結果與預防性動機假?的財務意涵相符。本文研究貢獻在於引用預防性動機假?，以直接證據詮釋台灣上市公司的現?持有與現?持有價值隨著公司生命週期演進的動態趨勢。 Building upon Keynes (1936) precautionary motive hypothesis, this paper tests how the cash holding and the value of cash holding vary with firm life cycle for firms listed on Taiwan Stock Exchange (TSE). By employing firm age as a proxy for firm life cycle, we find that ratio of cash holding decreases with firm age. Such monotonic decreasing pattern in cash ratios can be explained by precautionary motive hypothesis: relative to mature firms, Taiwan’s young firms tend to exhibit more precautionary-based cash due to greater industry-level volatility in cash flow, higher market-to-book ratio, greater density of capital expenditures, greater R&D intensive, higher financing deficit, and smaller size, in which case adverse shocks and financial distress are more costly for them. Furthermore, another key finding in this paper is that the value of cash holding also decreases with firm age, supporting that young firms are more financially constraint than mature firms in Taiwan. Overall, our results are consistent with the implication of the precautionary motive hypothesis. This paper contributes to literature by providing direct evidence to relate the cash holding and the value of cash holding to firm life cycle for TSE-listed firms based on the precautionary motive hypothesis.
Relation:	2013中部學術財金研討會論文發表
Appears in Collections:	[Department of Finance] Proceedings

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