疫情衝擊下大型企業金融資產配置調整：以台灣市值前十大公司為例

Abstract

本研究以台灣排除金融業市值前十大的上市公司為樣本，打破會計科目之限制，將「現金及約當現金」、「透過損益按公允價值衡量之金融資產」、「透過其他綜合損益按公允價值衡量之金融資產」以及「按攤銷後成本衡量之金融資產」拆解成現金、貨幣市場工具、固定收益、股票、基金等具體金融資產類別，以觀察其持有特色、與美國大企業配置上的差異，且進一步分析在疫情發生後，台灣大型企業金融資產配置是否有所改變。首先，透過參考Darmouni and Mota (2024)美國數據與本論文統計顯示，台灣相較於美國大企業金融資產高度配重於類現金資產，類現金以外之金融資產以股票為主，美國則是以固定收益為主，其中公債與公司債占比相當。就台灣前十大企業而言，本文發現非電子業類現金金融資產比重明顯低於電子業，轉而配置於股票類金融資產；金融資產國家配置與其主要營運地區有關；以及金融資產配置容易受公司個別因素影響（如策略性投資政策轉變、購併動機等）。 最後，實證結果發現，疫情後台灣大型企業金融資產佔總資產、流動金融資產佔總金融資產，以及類現金金融資產佔總金融資產比重顯著上升，與美國大企業面對疫情爆發下，潛在流動性危機時金融資產配置變化相似，但台灣的類現金以外之金融資產佔比顯著降低，與美國結果不同，反應台灣的類現金以外之金融資產普遍配置於風險較高的股票，基於預防性動機有減持的必要，反之，美國多持有固定收益型資產，則相對較無須特別減持。此外，考量台灣疫情於2021年第二季才進入第三級警戒，本文亦嘗試不同始點的疫情變數（2020Q1、2021Q1），實證結果具一致性。

This study takes the top ten listed companies in Taiwan excluding the financial industry by market capitalization as a sample, and breaks down the restriction of accounting accounts by breaking down “cash and cash equivalents”, “financial assets at fair value through profit or loss”, “financial assets at fair value through other comprehensive income or loss”, and “financial assets at amortized cost” into specific financial assets categories, such as cash, money market instruments, fixed income, equities, and funds, to observe the characteristics of their holdings and the differences in their allocations with those of U.S. large corporations. We analyze the characteristics of the financial assets held by large U.S. corporations and the differences in their allocations, and further analyze whether the allocation of financial assets by large corporations in Taiwan has changed after the outbreak of the epidemic. First, by referring to Darmouni and Mota (2024) for the U.S. and the statistics in this paper, it is shown that the financial assets of large corporations in Taiwan, compared to those in the U.S., are highly allocated to cash-like financial assets, with equities dominating financial assets other than cash-like financial assets (Marketable financial asset), while the U.S. focuses on fixed-income assets, with public and corporate bonds accounting for a comparable proportion. Regarding the top ten companies in Taiwan, this paper finds that the proportion of non-electronics cash-like financial assets is significantly lower than that of the electronics industry, which has shifted to equities; the country allocation of financial assets is related to the main operating regions; and the allocation of financial assets is easily affected by company-specific factors (e.g., changes in strategic investment policies, merger and acquisition (M&A) motives, etc.). Finally, the empirical results show that the proportion of financial assets to total assets, the proportion of liquid financial assets to total financial assets, and the proportion of cash-like financial assets to total financial assets of large firms in Taiwan increased significantly after the epidemic, similar to the changes in the financial asset allocation of large firms in the United States in the face of potential liquidity crises under the outbreak of the epidemic; however, the proportion of financial assets other than cash-like financial assets decreased significantly, which is different from the U.S. results, reflecting that financial assets other than cash-like financial assets are generally more important than those of cash-like financial assets in Taiwan. However, the proportion of financial assets other than cash-like assets decreases significantly in Taiwan, which is different from the U.S. results, reflecting the fact that Taiwan's financial assets other than cash-like assets are generally allocated to higher-risk equities, which need to be reduced for precautionary reasons, while the U.S., on the contrary, holds more fixed-income assets, which are less in need of special reductions. In addition, considering that the epidemic in Taiwan will enter the third level of alert only in the second quarter of 2021, this paper also tries the variables of the epidemic at different starting points (2020Q1, 2021Q1), and the results are confirmed to be consistent.