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.

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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/