现金持有价值与公司生命周期预防性动机假说之验证-台大管理论丛.PDF

臺大管理論叢 2016/6 26 2 173-2 10 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 蘇玄啟 / Xuan-Qi Su, Assistant Professor, Department of Finance, National Kaohsiung First University of Science and Technology 羅仙法 / Alpha Lowe, Associate Professor, Department of Finance, Feng Chia University 施懿宸 / Yi-Cheng Shih, Assistant Professor, Department of Finance and Cooperative Management, National Taipei University 李汶育 / Summer Li, EMBA , Department of Finance, N ational Kaohsiung First University of Science and Technology Received 2013/3, Final revision received 2014/2 摘 要 【關鍵字 】 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 RD intensity, and higher financing deficits, in which c