2008年美國次貸風暴所致金融危機衝擊全球後，依據英格蘭銀行於2007年第四季至2008年底所做統計調查，顯示因銀行信用大幅緊縮，導致企業籌資與融資困難。近年全球歷經諸多重大事件，且現金股利亦呈逐步縮減，是否會影響企業之持有資金變化，此即本研究所欲探討之標的。
本研究係採由台灣經濟新報資料庫選取2009年2018年共計十年期間之電子產業上市櫃公司做為樣本資料，探討企業現金持有與法人持股比例間之關係；並參照Bao et al. (2012)所述方法，就現金流量對持有現金之敏感度進行實證分析，探討所得結果是否與其相符。本研究結果顯示，無論使用OLS或GMM4模型做為估計方法，現金流量敏感度與持有現金變動均呈正相關。
因企業營運倘具較多法人持股時，其公司監督較佳，故本研究於解釋變數中亦納入法人持股比例；經實證結果顯示法人持股比例與公司財務受限程度確具顯著負向關聯，亦即法人持股比例愈高，則公司持有現金比例愈少。

Since the 2008 financial crisis raided through the world that caused an economic shock in all kinds of industries, which led global supply chains to a major reshuffle, dropped worldwide stock markets significantly, and crashed the real economy. According to the Quarterly Bulletin 2007 Q4 presented by the Bank of England, banks launched the policies of credit crunch after one year of the crisis, which resulted in greater difficulties for enterprises to do external financing and loans. Additionally, with major events happened globally and the gradually decreasing cash dividend, this research aims to explore whether these factors will influence the business capital among corporation. 
Utilizing the ten-year data of electronics listed companies from 2009 to 2018 published by Taiwan Economic Journal (TEJ); this study discusses the correlation between the ratios of corporate Cash Holdings and Institutional Ownership. Moreover, using the method provided by Bao et al. (2012) to research the Cash Flow Sensitivity of Cash and observe if the result aligns with the data. Consequently, the analytic results show that Cash Flow Sensitivity and Cash Holdings have a positive correlation in both Ordinary Least Squares (OLS) and S4 Generalized Method of Moments (GMM4) methodologies. 
The study also adds a variable of Institutional Ownership into the explanatory variables. The analysis proves that a company tends to have lower Cash Holdings when the ratio of Institutional Ownership is higher. It is probably because enterprises usually have better corporate governance and management mechanisms, which makes the investors inhibit managers for holding excessive cash; therefore, leading a phenomenon of the lower ratio of cash holdings.

目錄 IV
表目錄 V
圖目錄 VI
第一章	緒論 1
第一節  研究背景與動機 1
第二節  研究目的 3
第三節  研究流程圖 4
第二章  文獻探討 5
第一節  資本結構理論文獻 6
第二節  財務受限與現金流量對持有現金敏感度之相關文獻 9
第三章	研究方法 16
第一節  研究變數定義及衡量 17
第二節  研究模型	23
第三節  研究步驟 27
第四章  實證結果與分析 29
第一節  變數實證說明 29
第二節  敘述統計分析 35
第三節  持有現金敏感度分析——比較OLS與GMM4 39
第四節  各組投資與現金流量敏感度之摘要統計量 43
第五節  不敏感組與正敏感組公司特性之平均數及中位數 44
第六節  投資對現金流量敏感度比較 45
第七節  穩健性測試 47
第五章  結論與建議 51
第一節  研究結論 51
第二節  研究限制與後續研究建議 52
參考文獻	54
附錄 58


表目錄
【表1-1】歷年重大國際事件	2
【表3-1】變數定義操作性定義說明 17
【表4-1】變數之基本敘述統計表 36
【表4-2】相關係數矩陣關係	38
【表4-3】持有現金敏感度分析—比較OLS與GMM4	41
【表4-4】持有現金敏感度分析—比較OLS與GMM4 (2)	42
【表4-5】投資對現金流敏感度分類統計表	43
【表4-6】各組公司特性平均數及中位數之比較	45
【表4-7】投資對現金流量敏感度區分不敏感、正敏感(OLS與GMM4比較)	46
【表4-8】財務受限指標：WW指數、股利支付率、公司規模—OLS模型估計	49
【表4-9】財務受限指標：WW指數、股利支付率、公司規模—GMM4模型估計	50

圖目錄

【圖1-1】研究流程圖	4
【圖2-1】資本結構理論	5
【圖4-1】持有現金變動量	29
【圖4-2】持有現金比例	30
【圖4-3】現金流量	31
【圖4-4】市場帳面價值比	31
【圖4-5】公司規模	32
【圖4-6】資本支出	33
【圖4-7】併購	33
【圖4-8】非現金營運資金變動量	34
【圖4-9】短期負債	35
【圖4-10】法人持股比例	35

中文文獻
1.江誼庭，(2017)，臺灣製造業上市櫃公司現金流量對持有現金的敏感度研究，淡江大學財務金融學系碩士學位論文。
2.沈中華、王健安，(2000)，「融資限制對公司投資的影響」，中央研究院經濟研究所經濟論文，第28卷，頁67-95。
3.張依玲，(2017)，機構法人持股與公司投資之關係，銘傳大學財務金融所碩士學位論文。
4.陳英豪，(2013)，台灣上市公司的機構法人持股對於現金持有與現金持有價值的影響，國立高雄第一科技大學財務管理所碩士學位論文。
5.陳雁羚，(2015)，臺灣投資與現金流量敏感度趨勢研究，淡江大學財務金融學系碩士論文。
6.黃昭文，(2019)，現金持有與法人持股之關係研究-以台灣製造業上市櫃公司為例，淡江大學財務金融學系碩士論文。
7.楊淑玲，(2015)，「企業融資來源與股利發放模式之選擇──次貸危機時期之實證」，經濟論文叢刊，第43卷第4期，頁495-547。
8.廖啟能，(2013)，法人持股穩定性與現金持有價值，國立中正大學會計與資訊科技研究所碩士學位論文。

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