本研究探討超額現金與業外損益的關聯性。採用台灣經濟新報資料庫中存續超過二十五年以上的上市櫃企業作為觀察樣本。基於這3,822筆企業的年度資料並採用固定效果迴歸的實證結果發現老企業持有超額現金對其業外損益會有顯著的負面影響。在事後分析中，本研究發現其負面影響主要來自投資相關的損益及其他業外損益。另外，傳產業中的老企業也顯示其持有超額現金對業外損益有顯著的負面影響，電子業則無。最後本研究也執行了一些穩健性測試更證實本研究的發現。

This study explores the relationship between excess cash and non-operating earnings. We utilized the TEJ (Taiwan Economic Journal) database and retrieved Taiwan-listed companies that have existed for more than 25 years as the observation sample. Based on the 3,822 firm-year observations and fixed effect regressions, the empirical results show that old companies holding relatively high (low) excess cash tend to have relatively low (high) non-operating earnings. In post-hoc analysis, we find that the negative relationship is more prominent for investment income items and other non-operating earnings. Furthermore, old firms located in traditional industry rather than electronic industry provide similar results. We also conduct several robustness tests to support the above findings.

論文審定書 i
中文摘要 ii
Abstract iii
目 錄 iv
第一章、緒論 1
第二章、文獻探討 3
2.1企業持有現金部位的動機 3
2.2超額現金 5
2.3業外損益 6
2.4研究假說 7
第三章、資料敘述及研究方法 9
3.1資料來源與樣本描述 9
3.2變數定義與衡量 11
3.3 研究方法 18
第四章、實證結果分析 19
4.1變數之敍述統計 19
4.2變數之相關係數 23
4.3超額現金與業外損益淨額實證結果 25
第五章、穩健性測試 27
第六章、事後分析 30
6.1超額現金與業外損益細項的實證結果 30
6.2公司治理評鑑下超額現金與業外損益淨額的實證結果 32
6.3超額現金與業外損益的實證結果-電子業vs傳產業 34
第七章、研究討論 36
7.1理論上貢獻 36
7.2管理上貢獻 36
第八章、結論與研究限制 38
參考文獻 39

彭秋萍. (1992). 臺灣上市公司損益平穩化行為之動機研究 碩士論文/國立臺灣大學]. 台北市.

王正杰. (2006). 業外損益與公司價值的關係-以門檻迴歸模型分析之 碩士論文/國立臺北科技大學]. 台北市.

李幸曄. (2017). 董事會結構與經理人薪酬對公司負債程度之關聯性-以超額現金之角度 碩士論文/長榮大學]. 台南市.

林秀玲. (2004). 現金持有與經營績效 碩士論文/朝陽科技大學]. 台中市.

林思廷. (2020). 超額現金和企業社會責任之深究探討 碩士論文/國立中山大學]. 高雄市.

胡偉哲. (2012). 為什麼台灣公司的現金比率逐年增加? 碩士論文/國立中央大學]. 桃園縣.

翁淑育. (2000). 台灣上市公司股權結構、核心代理問題與公司價值之研究 碩士論文/輔仁大學]. 新北市.

逄坤军. (2009). 上市公司现金持有量影响因素研究. 現代商業, 2009(10B), 76-77.

許雅琪. (2003). 營業外損益動因分析之研究 碩士論文/國立彰化師範大學]. 彰化縣.

葉力榮. (2013). 營業外損益對證券報酬之影響 碩士論文/國立中正大學]. 嘉義縣.

董俊展. (2015). 臺灣上市櫃企業持有現金部位對獲利影響之研究 碩士論文/國立交通大學]. 新竹市.

蔡承育. (2018). 探討業外損益對公司績效的影響-以家族企業為例 碩士論文/國立中山大學]. 高雄市.

蔡麗雯. (2015). 企業超額現金持有與租稅規避 博士論文/國立政治大學]. 台北市.

蘇玄啟, 羅仙法, 施懿宸, & 李汶育. (2016). 臺灣上市公司的現金持有、現金持有價值與公司生命週期：預防性動機假說之驗證. 臺大管理論叢, 26(2), 173-209.

蘇俐卉. (2014). 跨國上市公司之現金持有與超額現金價值分析-以發行美國存託憑證為例 碩士論文/國立中興大學]. 台中市.

Appelt, K. (2016). Keynes' Theory of the Interest Rate: A Critical Approach. Theory Methodology Practice: Club of Economics in Miskolc, 12(1), 3-8.

Bao, B.-H., & Bao, D.-H. (2004). Value relevance of operating income versus non-operating income in the Taiwan Stock Exchange. Advances in International Accounting, 17, 103-117.

Bartov, E. (1993). The timing of asset sales and earnings manipulation. Accounting Review, 840-855.

Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do US firms hold so much more cash than they used to? The journal of finance, 64(5), 1985-2021.

Black, E. L., Sellers, K. F., & Manly, T. S. (1998). Earnings management using asset sales: An international study of countries allowing noncurrent asset revaluation. Journal of Business Finance & Accounting, 25(9‐10), 1287-1317.

Denis, D. J. (1994). Investment opportunities and the market reaction to equity offerings. Journal of Financial and Quantitative Analysis, 29(2), 159-177.

Dittmar, A., & Mahrt-Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of Financial Economics, 83(3), 599-634.

Eisenhardt, K. M. (1989). Agency theory: An assessment and review. Academy of management review, 14(1), 57-74.

Francis, J., Hanna, J. D., & Vincent, L. (1996). Causes and effects of discretionary asset write-offs. Journal of accounting research, 34, 117-134.

Harford, J., Mansi, S. A., & Maxwell, W. F. (2008). Corporate governance and firm cash holdings in the US. Journal of Financial Economics, 87(3), 535-555.

Harris, C., & Roark, S. (2019). Cash flow risk and capital structure decisions. Finance Research Letters, 29, 393-397.

Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323-329.

Jory, S., Ngo, T., & Wang, H. (2020). Non‐operating earnings and firm risk*. Review of Financial Economics, 39(1), 95-123.

Kinney, M., & Trezevant, R. (1997). The use of special items to manage earnings and perceptions. Journal of Financial Statement Analysis, 3, 45-54.

Kutner, M. H., Neter, J., Nachtsheim, C. J., & Wasserman, W. (2004). Applied linear statistical models. McGraw-Hill/Irwin

Lang, L., Poulsen, A., & Stulz, R. (1995). Asset sales, firm performance, and the agency costs of managerial discretion. Journal of Financial Economics, 37(1), 3-37.

Myers, S. C. (1984). Capital structure puzzle. NBER Working Paper(w1393).

Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.

Penman, S. H. (2001). Financial statement analysis and security valuation. McGraw-Hill Education.

Tahir, M. S., Alifiah, M. N., Arshad, M. U., & Saleem, F. (2016). Financial theories with a focus on corporate cash holding behavior: A comprehensive review. International Journal of Economics and Financial Issues, 6(3S).

Lin, J.-H., Lin, M.-L., & Kuo, W.-H. (2010). Corporate Governance and the Payment Decisions of Excess Cash Holdings. Sun Yat-Sen Management Review, 18(4), 1051-1088.