現金管理是財務管理的重要一環，本研究探討與現金流量表、現金轉換循環有關的會計科目與公司價值的關連性，而且並納入目前企業所重視的公司治理變數為控制變數。其實證結果顯示，不論是現金流量表的科目與其萃取的資訊，抑或與企業短期融資周轉有關之現金轉換循環科目對公司價值有相當程度的影響；而且在以台灣50ETF成分股、中型100ETF成分股與富邦ETF成分股，都顯示出現金管理對公司價值有舉足輕重的影響。所以未來投資人在投資台股時，對於財報上與現金有關的科目，有加以重視的必要性。

Cash management should be an important section of the financial management. We investigate whether and how the accounts related to either cash flow statement or cash conversion cycle would affect firm values with concerning corporate governance variables as controlling variables. The results show that the accounts related to cash flow statement and information retrieved from cash flow statement would indeed affect the firm value.  In addition, the ratios related to cash conversion cycles also play an important role for firm value, which might infer the ratio deemed as the management of short-term financing. By employing the constituent stocks of Taiwan50 ETF, medium-size Taiwan 100 ETF, and Fubon ETF, we reveal that the variables related to cash management do play important roles for firm value. Therefore, market participants should put more attention on the accounts or ratio relate to cash management as investing these constituent stocks.

目錄
第一章 緒論1
第一節 研究動機	1
第二節 研究目的	2
第三節 研究流程	4
第四節 研究架構	5
第二章 文獻探討	6
第一節 公司治理與公司價值之相關文獻	6
第二節 財務報表與公司價值之相關文獻	8
第三節 現金與公司價值之相關文獻9
第三章 研究假說與方法11
第一節 研究資料與假說	11
第二節 變數定義	14
第三節 研究模型與方法	16
第四章 實證結果與分析21
第一節 敘述統計分析	21
第二節 以台灣50ETF成份股為樣本的實證結果與分析	25
第三節 以中型100ETF成分類股樣本的實證結果與分析28
第四節 以富邦ETF成分類股樣本的實證結果與分析	30
第五章 結論與建議34
第一節 研究結論	34
第二節 投資管理意涵35
第三節 研究限制與建議	35
參考文獻37
	
表目錄
表3-1 變數對照表16
表4-1 模型一至三之各變數VIF值21
表4-2 模型一之各變數敘述統計量22
表4-3模型二之各變數敘述統計量23
表4-4模型三之各變數敘述統計量24
表4-5台灣50與現金週轉循環變數之Panel Data模型實證結果25
表4-6台灣50與現金流量變數之Panel Data模型實證結果26
表4-7台灣50與現金週轉循環變數現金流量變數之Panel Data模型實證結果26
表4-8中型100與現金週轉循環變數之Panel Data模型實證結果28
表4-9中型100與現金流量變數之Panel Data模型實證結果28
表4-10中型100與現金週轉循環變數現金流量變數之Panel Data模型實證結果29
表4-11 富邦ETF與現金週轉循環變數之Panel Data模型實證結果30
表4-12 富邦ETF與現金流量變數之Panel Data模型實證結果31
表4-13 富邦ETF與現金週轉循環變數現金流量變數之Panel Data模型實證結果32




圖目錄
圖1-1 研究流程圖	4

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