本研究利用2015年至2021年台灣上市上櫃公司的財務數據，分別探討新冠疫情(COVID-19)的爆發是否影響公司現金持有策略以及公司在疫情爆發前後之現金持有策略是否影響疫情期間公司之績效表現。首先，本研究發現爆發新冠疫情之後，台灣上市上櫃公司普遍會增加其現金持有。接著，本研究發現在COVID-19尚未爆發之前，若公司持有較高的現金水平，將有助公司於疫情期間擁有更好的績效表現。另一方面，本研究指出COVID-19期間的增額現金持有越高會有越好的績效表現。最後，本研究觀察受COVID-19負面影響及無影響之產業，在疫情期間增加其現金持有量，將有助於提升績效表現。但是在受惠於COVID-19影響的產業，在疫情期間增加其現金持有量，不會有更好的績效表現。

This study investigates whether corporate cash holdings play an essential role in helping the company survive the COVID-19 pandemic. First, this study shows that Taiwan-listed companies generally increase their cash holdings after the outbreak of the COVID-19 pandemic. Second, this study finds that prior to the COVID-19 outbreak, companies with higher cash holdings would have helped companies perform better during the pandemic than other companies with fewer cash holdings. Third, this study points out that the higher the increase of cash holdings between the COVID-19 outbreak and pre-COVID-19, the higher the firm performance. Finally, if the companies are in the industries negatively or never impacted by COVID-19, increasing their cash holdings during the COVID-19 pandemic will significantly affect firm performance. However, the company in the industries positively impacted by COVID-19 will not advance firm performance.

論文審定書 i
摘要 ii
Abstract iii
目錄 iv
圖次 v
表次 vi
第一章 緒論 1
第二章 文獻回顧 3
第一節 現金持有相關理論 4
第二節 現金持有相關文獻探討 5
第三節 危機相關文獻探討 6
第四節 研究假說建立 8
第三章 研究設計與方法 11
第一節 樣本描述 11
第二節 研究方法 11
第三節 研究設計 15
第四章 實證結果與分析 20
第一節 基本敘述統計分析 20
第二節 實證結果分析 24
第五章 穩健性探討 39
第一節 受疫情影響之產業 39
第六章 結論與建議 43
第一節 結論 44
第二節 建議 45
參考文獻 46

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