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Author: 鄭竹安
Chu-An Cheng
Thesis Title: 台灣上市科技業與非科技業公司之間現金持有量決定因素
Determinants of Cash Holdings Between Listed Hi-tech Companies and Non Hi-tech Companies in Taiwan
Advisor: 謝劍平
Joseph C.P. Shieh
Committee: 謝劍平
Joseph C.P. Shieh
劉代洋
Day-Yang Liu
陳俊男
Chun-Nan Chen
Degree: 碩士
Master
Department: 管理學院 - 財務金融研究所
Graduate Institute of Finance
Thesis Publication Year: 2021
Graduation Academic Year: 109
Language: 中文
Pages: 45
Keywords (in Chinese): 現金持有科技業古典最小平方法逐步迴歸選取模式向後選取法
Keywords (in other languages): Cash Holding, Hi-tech Company, Ordinary Least Squares Estimator, Stepwise Regression Selection Procedure, Backward Selection
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  • 本文以台灣上市科技業與非科技公司為樣本,探討現金持有的決定因素,並比較其差異。本研究現金及約當現金占總資產比例做為衡量現金持有(Cash Holding)的標準,同時將解釋變數分為交易動機、預防動機、代理動機、成長機會以及產業虛擬變數共五類,以古典最小平方法(Ordinary Least Squares Estimator)建立線性多變量迴歸模型(Multiple Linear Regression Model)後,利用逐步迴歸選取模式(Stepwise Regression Selection Procedure)之向後選取法(Backward Selection)篩選出最合適之應變數,再套用至迴歸式中,以此建立衡量現金持有的最佳模型。
    最終實證結果發現在成長動機上的應變數研發費用比率(RD)、市價淨值比(PB)與現金再投資比(RIN)皆具解釋能力,其他具解釋能力的變數則是淨營運資金(NWC)、負債比率(L)、現金股利(DIV)和產業虛擬變數(D)。其中成長動機以及產業虛擬變數更指出科技業之現金及約當現金占總資產比例較非科技公司高,表示科技業公司為了追求發展,在現金持有的成長機會動機上,程度超過非科技業公司。


    In this study, the samples included listed hi-tech companies and non hi-tech companies in Taiwan, and analyze the determinants of cash holdings between them. Instead of using cash to determine cash holding of companies, we use cash and cash equivalents to asset ratio to measure the volume of cash holding.
    The independent variables are divided into five categories: transaction motive, precautionary motive, agency motive, growth opportunity and technology dummy variable to explain the dependent variable, cash holding. By using the Ordinary Least Squares Estimator to establish the cash holding model, we utilized Backward Selection to delete the least effective dependent variable until all the independent variables can explain cash holding.
    In empirical results, we found that net working capital, liability ratio, cash dividend, research and development ratio, price-to-book ratio, cash reinvestment ratio and industry dummy variable can explain cash holding between listed hi-tech companies and non hi-tech companies in Taiwan. Furthermore, growth motive and industry dummy variable can support that cash and cash equivalents to total assets ratio are higher than hi-tech companies in Taiwan. This result indicates that in order to pursue growth, technology companies rely more on growth motive than non-tech companies do.

    ABSTRACT i 摘要 ii 致謝 iii 目錄 iv 圖目錄 v 表目錄 vi 第一章 緒論 1 第一節 研究背景與研究目的 1 第二節 研究目的 2 第三節 研究架構 3 第二章 文獻回顧 4 第一節 科技業定義 4 第二節 現金持有相關文獻 6 第三章 研究方法 9 第一節 樣本資料描述與選樣方法 9 第二節 研究變數定義與研究假說 10 第三節 研究流程 17 第四節 研究模型設定 19 第四章 實證結果 20 第一節 敘述統計與相關結果分析 20 第二節 實證結果分析 24 第五章 結論與建議 33 第一節 研究結論 33 第二節 研究建議 34 參考文獻 35

    一、英文部分
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    二、中文部分
    王建智(2012),台灣上市公司現金持有的決定因素—集團與非集團企業,國立中正大學財務金融研究所碩士論文。
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    林雅芬(2001),台灣上市公司現金持有之實證研究,真理大學管理科學研究所碩士論文。
    黃俊傑(2010),公司現金持有的決定因素探討—以台灣市場為例,國立中正大學財務金融研究所碩士論文。
    趙文璋(2001),加入WTO後我國高科技產業發展趨勢,臺灣銀行季刊,52(4),頁1-17。
    三、網站
    中央銀行(2018),新冠肺炎疫情的影響及因應對策,中央銀行109年12月25日新聞參考資料 https://www.cbc.gov.tw/tw/cp-302-126035-5d780-1.html
    科技部統計資料庫 https://wsts.most.gov.tw/STSWeb/main/Main.aspx
    財政部 https://www.mof.gov.tw/

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