The Determinants on Deciding How Much Excess Cash and Bank Short Term Loan to Hold - Survey and Cross Section Analysis

[[abstract]]本研究以邏輯斯迴歸分析探討超額現金與短期銀行借款之間是否存在替代性，並以多元迴歸研究影響超額現金持有與短期銀行貸款動用的因素。採問卷調查作輔助，訪查台灣企業財務主管對兩種流動資金重要影響因素的看法。邏輯斯迴歸結果，支持兩種資金在小規模、上市時間較短的企業，獲利能力較差，負債比率越低，董事長與總經理為同一人，控制權與現金流量請求權之偏離程度大，市場利率相對較低時，確實具某種程度的替代性。多元迴歸分析中顯示，電子業有較高現金持有，當經營績效較佳，營收較穩定，負債比率越低的企業，董事長與總經理非為同一人時，公司會累積較多超額現金，再者，非電子業短期銀行借款較多，當經營績效較差，負債比率越高，無現金股利發放，董事長與總經理為同一人，控制權與現金流量請求權之偏離程度較小，企業則會有較高短期銀行借款。問卷調查結果顯示，影響超額現金運用的主要因素為支應營運需求與貸款利率高低，而影響短期銀行借款重要因素，除了支應營運所需外，尚考量財務結構之健全性。兩種流動性資金的運用，影響的主要因素沒有太大不同，電子業與非電子業對選擇流動資金上考量的因素並無顯著差異。[[abstract]]In this study, we investigate the existence of the substitution between Excess Cash and Bank Credit Lines by using Logistic Regression. Furthermore, we also study the factors which affect the Excess Cash and Bank Short Term Loan by using Multiple Regression. More than that, we do questionnaires with Taiwan Companies’ Chief Financial Officers (CFOs) to find out their point of view on those. Logistic Regression results support that Excess Cash and Bank Short Term Loan have substitution in small-scale, shorter time listed companies, with poor profitability, lower the debt ratio, CEO duality, deviations from a greater degree of control rights and cash flow rights, and lower market interest rates. Electronics industry which have higher cash holdings, good operating performance, stabile revenue, lower the debt ratio, and chairman and CEOs which are the different person will accumulate more excess cash. In contrast, Company in non-electronics industry which has poor operating performance, higher the debt ratio, no dividends payouts, CEO duality, smaller deviation between control rights and cash flow rights will have a higher bank credit line. Moreover, the survey shows that operational requirements and lending rates are the most affective factors of excess cash requirement. Operational cash requirements and financial structure both significantly affect Bank Short Term Loan. Liquidity Funds make no difference on those factors, and there is no significant difference to Bank Short Term Loan from the electronics and non-electronics industry