臺灣上市櫃製造業現金持有之同儕效果

Abstract

本研究以臺灣 2000 年至2022 年製造業上市櫃公司為樣本，探討同儕現金持有對公司現金持有的影響，即現金持有同儕效果，主要結果如下。第一，公司現金持有變動量與同儕現金持有變動量呈正相關，顯示存在正向的現金持有同儕效果。第二，公司資本支出變動量與同儕資本支出變動量呈正相關，公司研發變動量與同儕研發變動量亦呈正相關，顯示存在正向的資本支出同儕效果以及正向的研發同儕效果。由現金持有同儕效果、資本支出同儕效果以及研發同儕效果皆為正向，同儕增加現金持有可能隱含其對產業投資機會增加的預期，並且提高採取積極投資行動的可能性，因而促使公司增加現金持有以因應可能增加的投資。最後，研究發現產業跟隨者對產業領導者的現金持有行動更為敏感，顯示產業領導者的決策對產業跟隨者具有更大的影響力。

Using the data of manufacturing firms in Taiwan from 2000 to 2022, this thesis examines the impact of peer cash holdings on firm cash holdings, namely the peer effects of cash holdings. The main findings are as follows. First, there is a positive correlation between the change in firm cash holdings and the change in peer cash holdings, indicating a positive peer effect of cash holdings. Second, there are also positive peer effects for both capital expenditures and R&D (research and development). These results are consistent with the notion that an increase in peer cash holdings implies the peers’ expectations of increased investment opportunities, and thus prompts pivotal firms to increase cash holdings to prepare for the potential increases in investment. Finally, industry followers are more sensitive to the actions of industry leaders, indicating that the decisions of industry leaders have a greater influence on industry followers.