本文主要探討公司財務受限與公司治理之間的關係。而本研究對財務受限的定義為公司取得資金的能力，之所以研究此議題的主要原因為全球在經歷了多次金融風暴後許多學者開始意識到了公司治理的重要性，而當中更有學者認為某些公司治理變數與公司的現金持有存在著某種關聯性。本文採用台灣經濟新報資料庫(TEJ) 收集了1989到2018台灣所有上市貴公司除金融業的資料，並採用了Almeida, Campello and Weisbach (2004) 所使用的衡量變數然後加入公司治理變數進行驗證。此外本文採用了OLS估計方法來檢驗現金流量敏感度與持有現金變動量之間的關係，而研究結果預期者兩者的關係為正相關。 
  本研究不同於美國學者使用ＷＷ指數作為衡量財務受限的方法，而是採用 Hovakimian (2009)的方法去求出每一間公司的現金流量敏感度後， 接著再區分為財務不受限以及財務受限的公司以符合台灣公司的資料。最後本研究將法人持股率列為重要的公司治理變數，因為根據Ginglinger and Saddour (2007)所提出的論點，他們發現財務受限的公司可能因為少數股東的集權因而增加代理成本並持有大量現金。而張麗娟、晁罡與詹芷樺 (2016)也同樣認為法人持股以及獨立董監席次、董監質押比率相較於其他公司治理變數對於公司的經營績效是較有影響力的。而實驗結果因台灣的公司治理樣本並不齊全因此大多的公司治理變數與公司財務受限與否呈現為不顯著，唯獨獨立董監席次這項變數為顯著的負相關。

This paper mainly discusses the relationship between corporate financial constraint and corporate governance. Financial constraints mean the ability of firms to obtain funds in this paper. After the financial crisis, many scholars around the world have noticed the importance of corporate governance. Therefore, hypothesis believed that some corporate governance variables might affect the cash holding of firms. This paper utilizes the Taiwan Economic News Database (TEJ) to collect data on all listed companies in Taiwan except for the financial industry from 1989 to 2018, and modified the measurement variables used by Almeida, Campello and Weisbach (2004) and then adds corporate governance variables for verification. Besides, Ordinary Least Squares (OLS) methodology was adopted to figure out the correlation of the sensitivity of cash flow and the amount of change in cash held, and the result of this experiment evidence that those observations have a positive correlation.
Unlike American scholars adopted WW index to measure financial constraints. This paper references the method invented by Hovakimian (2009) which measured the cash flow sensitivity of each firm and then classification it into financial unconstraint and financial constraint firms. 
Finally, according to Ginglinger and Saddour (2007), financial constraints firms may increase agency costs and hold large amounts of cash due to the centralization of the minority of shareholders. Besides, Zhang Lijuan, Chao Gang, and Zhan Zhihua (2016) also believe that compare to other corporate governance variables corporate shareholding, the number of independent director and pledge ratios have a significant effect on the firms' performance. However, due to the shortage of corporate governance data in Taiwan, the results of this paper indicate that most of the corporate governance variables do not have a significant correlation with financial constraint. Only the number of independent directors has a significant negative correlation.

目錄
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 論文架構與研究流程....................4
第二章 文獻探討............................6
第一節 資本結構之相關理論....................6
第二節 財務受限與現金流量敏感度之相關文獻.......9
第三節 財務受限與公司治理相關文獻.............11
第三章 研究方法............................14
第一節 樣本研究期間與採樣標準.................14
第二節 研究變數定義及衡量....................14
第三節 研究模型.............................21
第四節 研究步驟.............................23
第五節 縱橫資料模型及動態縱橫資料模型...........23
第四章 實證結果.............................27
第一節 基本統計分析..........................27
第二節 持有現金敏感度分析.....................34
第三節 各組投資與現金流量敏感度之摘要統計量......40
第四節 各組公司特性平均數及中位數..............43
第五節 各組投資對現金流敏感度分析..............46
第五章 結論與建議...........................49
第一節 結論................................49
第二節 研究建議與限制........................50
參考文獻...................................51
一、	國內文獻	..........................51
二、	國外文獻	..........................52
表目錄
表 4-1各變數之基本敘述統計表（情形一）..........29
表4-2各變數之基本敘述統計表（情形二）...........30
表4-3各變數之相關係數表(情形一)...............32
表4-4各變數之相關係數表（情形二）..............33
表4-5部分變數持有現金敏感度分析(情形ㄧ).........36
表4-6部分變數持有現金敏感度分析(情形二).........37
表4-7全部變數持有現金敏感度分析(情形ㄧ).........38
表4-8全部變數持有現金敏感度分析(情形二).........39
表4-9投資對現金流量敏感度之分組統計量表（情形一）.41
表4-10投資對現金流量敏感度之分組統計量表（情形二）42
表4-11各組公司特性之平均數與中位數（情形一）.....44
表4-12各組公司特性之平均數與中位數（情形二）.....45
表 4-13 投資對現金流量敏感度之各組迴歸（情形一）.47
表 4-14 投資對現金流量敏感度之各組迴歸(情形二)...48
圖目錄
圖 1-1研究流程圖..............................5

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