[[alternative]]The Impact of Corporate Governance on Corporate Cash Holding Value

碩士商業教育學系[[abstract]]在世界各國的知名企業陸續爆發會計弊案後，公司治理再次引發各國政府與學界的重視，希望透過公司治理的實施降低因代理問題而造成公司價值減損的情形；而現金是最容易被管理階層取得且操縱的一項資產。綜合以上兩點，本研究試圖檢視不同公司治理水準對於公司所持有現金的價值有何影響。 本研究以台灣上市公司約600家作為研究對象，並以資訊揭露程度作為公司治理的代理變數；研究結果發現： 1.公司治理較好企業持有現金的價值會高於公司治 理較差的企業。平均而言，公司治理較好企業持 有每1元現金的價值約為1.143元，而公司治理 較差企業則僅有0.279元。 2.在公司治理較好的企業中，管理階層能透過持有 超額現金來增加公司市值。意味著完善的公司治 理機制不但能夠抵銷持有過多現金的缺點，且能 夠進一步提升公司市值。 3.在公司治理較好的企業中，管理階層則能夠藉由 持有超額現金來增進公司績效。[[abstract]]After many well-known companies have the accounting scandals in the worldwide countries. The governments and academia have emphasized on corporate governance once again, hoping that decrease the firm valuation discount of agency problems by enforcing corporate governance mechanism. And cash reserves are easily accessible and controllable by management. From the above mentioned, our research attempts to investigate how different corporate governance level impacts firm value by holding cash. Using a sample of about 600 Taiwan-listed companies in our research, and use information disclosure level as a proxy of corporate government; this study finds: 1. The value of holding cash in well governed firms is higher than poorly governed firms. On average, $1.00 of cash in a well governed firms is valued at $1.143, but is valued at only 0.279 in a poorly governed firms . 2. The managers could increase firm value by holding excess cash in well governed firms. It implies that thorough corporate governance mechanism can not only offset the disadvantage of holding superabundant cash but also increase the firm value. 3.The managers can improve the firm performance by holding excess cash in well governed firms