指數股票型基金持股對公司現金政策之影響

Abstract

本研究使用 2017 年至 2023 年間臺灣上市櫃公司的資料，分析指數股票型基金持股對公司現金政策之影響及其原因。研究結果顯示，當公司被更多的指數股票型基金持有時，其現金持有比例顯著增加，這一發現與 El Kalak and Tosun (2022) 及 Lin, Mei, Tan, and Zhang (2024) 對美國公司的研究結論一致，表明臺灣公司的現金持有比例同樣會受到指數股票型基金持股的正向影響。另外，通過對現金持有價值的分析以探討現金增持原因，本研究較傾向認為假說一為真，公司經理人因應指數股票型基金持股增加所帶來的未來不確定性，預防性地增加現金持有以保留營運彈性，然而實際何者假說成立，仍待後續加以研究。

This study uses data from publicly listed companies in Taiwan from 2017 to 2023 to analyze the impact of exchange-traded fund (ETF) ownership on corporate cash policies and the underlying reasons. The findings indicate that when a company has higher ETF ownership, its cash holdings significantly increase. This discovery aligns with the conclusions of El Kalak and Tosun (2022) and Lin et al. (2024) regarding U.S. companies, suggesting that the cash holdings of Taiwanese companies are positively influenced by ETF ownership. Additionally, through an analysis of the value of cash holdings to explore the reasons behind increased cash holdings, this study tends to support Hypothesis 1. It posits that corporate managers increase precautionary cash to maintain operational flexibility in response to the future uncertainties brought about by increased ETF ownership. However, further research is needed to determine which hypothesis is valid.