173 / 372
173
臺大管理論叢
2016/6
第
26
卷第
2
期
173-210
DOI: 10.6226/NTUMR.2016.FEB.R.13010
台灣上市公司的現金持有、現金持有價值與公司
生命週期：預防性動機假說之驗證
Cash Holding, the Value of Cash Holding, and Corporate Life
Cycle in Taiwan: An Examination of the Precautionary Motive
Hypothesis
摘 要
本文以台灣上市公司為樣本，探討現金持有與現金持有價值如何隨著公司生命週期而變
化。以公司年齡為公司生命週期代理變數，本文發現，公司現金持有比例隨著公司年齡
增長而逐漸下降。而此單調遞減現象可由預防性動機來解釋：相對於成熟公司，台灣年
輕公司普遍具有較大的產業平均現金流量波動度、較高的研發支出率與較嚴重的財務赤
字等特性；而此等特性隱含在面對現金流量不足與財務危機的不利衝擊時，年輕公司將
承受較高成本，因而傾向持有較多現金。本文另發現台灣上市公司的現金持有價值亦隨
著公司年齡增長而逐漸下降，此結果支持年輕公司相較於成熟公司具有較高融資限制的
理論預期。整體而言，本文研究結果與預防性動機假說的財務意涵相符。
【關鍵字】
現金持有、現金持有價值、公司生命週期、預防性動機假說、融資限制
Abstract
Building upon Keynes (1936) precautionary motive hypothesis, this paper tests how cash
holding and cash value vary with corporate life cycle for firms listed on the Taiwan Stock
Exchange (TWSE). By employing firm age as a proxy for corporate life cycle, we find that
the ratio of cash holding decreases with firm age. Such a monotonic decreasing pattern in
cash ratios can be explained by the precautionary motive hypothesis. Relative to mature
firms, Taiwan’s young firms tend to hold more precautionary-based cash due to greater
industry-level volatility in cash flows, greater R&D intensity, and higher financing deficits,
in which case adverse shocks and financial distress are more costly for them. Another key
finding in this paper is that the value of cash holding also decreases with firm age, reflecting
the fact that young firms are more financially-constrained than are mature firms in Taiwan.
Overall, our results are consistent with the prediction of the precautionary motive hypothesis.
【
Keywords
】
cash holding, value of cash holding, corporate life cycle, precautionary
motive hypothesis, financial constraint
蘇玄啟
/
國立高雄第一科技大學財務管理系助理教授
Xuan-Qi Su
, Assistant Professor, Department of Finance, National Kaohsiung First University of Science
and Technology
羅仙法
/
逢甲大學財務金融學系副教授
Alpha Lowe
, Associate Professor, Department of Finance, Feng Chia University
施懿宸
/
國立臺北大學金融與合作經營學系助理教授
Yi-Cheng Shih
, Assistant Professor, Department of Finance and Cooperative Management, National Taipei
University
李汶育
/
國立高雄第一科技大學財務管理系碩士在職專班
Summer Li
, EMBA, Department of Finance, National Kaohsiung First University of Science and
Technology
Received 2013/3, Final revision received 2014/2