公司研發費用與現金持有政策之研究

Abstract

本文以2011-2022年台灣上市公司作為研究對象，透過線性迴歸模型，探討公司研發活動對其現金持有與現金價值的影響。實證發現公司研發活動與其現金持有呈正相關，而該相關性在與財務受限有關的現金持有動機下會更為顯著。另外，研發公司增加之現金持有會讓公司產生超額報酬，表示公司研發活動對其現金價值呈正相關，該相關性在與成長機會有關的現金持有動機下會更為顯著。本文驗證了預防動機中成長機會與財務受限對研發公司現金持有及價值的影響，且在研發活動有關的現金政策中，並不存在代理問題。

Employing a sample of Taiwan listed firms during 2011-2022, this paper investigates the association among corporate R&D activities, cash holdings, and their value of cash. The empirical results show that R&D activities have a positive and significant effect on cash holdings, and the relation will be more significant under financial constraints. In addition, the increase in cash holdings of R&D firms will generate abnormal returns, indicating that R&D activities are positively related to its value of cash, and this relation is amplified under the cash holding motives related to growth opportunities. Overall, this paper verifies the impact of precautionary motive related to both financial constraints and growth opportunities on the corporate cash holdings and cash value, and shows that agency problems do not exist.