本研究主要分為三個部分，首先分析影響企業現金持有之因素，以了解何以近年全球企業不約而同選擇增持手上之現金；第二部分則希望了解企業現金持有增加，是否能提昇公司價值，並以EVAOE作為評判之依據；第三部分則透過研究中華電信以資本公積轉增資再減資為主的資產活化過程中，了解持有過多現金的企業該如何處置手上之現金，以期能提供一個良好的解決方案，給持有過多現金的企業主們。

本研究結果指出，影響台灣公司現金持有的因素有現金流量、負債、市場給予公司之價值、企業規模及無形資產。而企業現金持有的增加，也真的對台灣企業的價值有所幫助。最後，在中華電信的個案中，可以看到在比較了眾多資產活化的方案後，以現金股利或減資的形式發還現金與股東，是在考量了風險與報酬後較好的資金使用方式。

This paper consist of mainly three parts: First of all, it investigates the factors that will influence corporate cash holdings. Second, it tested that whether the company which decided to hold more cash holdings can really increase its value. Third, using Chunghwa Telecom's asset activation process, which consist of mainly using additional paid in capital to add additional share and a further capital reduction, showing that how companies should deal with their overwhelming cash holdings on hand.

The results show that cash flow, debt, company value given by the market, company size and intangible assets are the factors that influence Taiwanese company to hold cash. And by holding more cash Taiwanese company can really increases its value. At last, in the case of Chunghwa Telecom, we show that amount all the ways of activating assets, using cash dividends and capital reduction with the process of transferring additional paid in capital to capital increase will be the best choice when it comes to risk and returns.

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