本研究採用2014年至2020年間台灣上市與上櫃企業的財務數據，分析企業在環境、社會及公司治理（ESG）方面的表現是否影響其現金持有策略，並進一步探討ESG各構面是否對此決策產生獨立且顯著的影響。研究結果顯示，整體ESG評分較高的企業傾向持有較多現金，反映出良好的ESG表現可能在企業流動性管理上發揮關鍵作用。此外，本研究發現，在環境（E）、社會（S）與公司治理（G）三個構面中，若企業在任一構面表現優異，通常會提高現金持有量，顯示ESG因素在企業財務決策中具有一定的影響力。進一步的產業別分析亦發現，各產業對ESG表現與現金持有策略的關聯性存在差異，進一步驗證本研究的觀察結果。此外，為確保研究結論的可靠性，本研究進行穩健性檢驗，結果支持主要研究發現，強化了結論的穩定性與可信度。

This study utilizes financial data from publicly listed and over-the-counter (OTC) companies in Taiwan between 2014 and 2020 to examine whether corporate performance in environmental, social, and governance (ESG) factors influences cash-holding strategies. Additionally, it investigates whether each ESG dimension has a distinct and significant impact on cash-holding decisions. The findings indicate that companies with higher overall ESG scores tend to hold more cash, suggesting that strong ESG performance plays a crucial role in corporate liquidity management. Moreover, the study reveals that firms demonstrating excellence in any of the three ESG dimensions—environmental (E), social (S), or governance (G)—generally increase their cash holdings, highlighting the influence of ESG factors on financial decision-making. An industry-specific analysis further uncovers variations in the relationship between ESG performance and cash-holding strategies across different sectors, reinforcing the study’s observations. To ensure the robustness of the findings, this study also conducts sensitivity tests, which support the main conclusions and enhance the reliability and credibility of the results.

論文審定書 i
誌謝 ii
摘要 iii
Abstract iv
目錄 v
表次 vi
第一章 緒論 1
第二章 文獻回顧 3
第一節 現金持有相關理論回顧 3
第二節 企業現金持有目的及影響因素文獻回顧 5
第三節 建立研究假說 6
第三章 研究設計 11
第一節 樣本描述 11
第二節 研究方法 12
第三節 研究模型與設計 17
第四章 實證結果分析 20
第一節 基本敘述統計結果分析 20
第二節 實證結果分析 23
第五章 事後分析 31
第六章 穩健性測試 33
第七章 結論與建議 36
第一節 結論 36
第二節 建議 36
參考文獻 38

Arouri, M., & Pijourlet, G. (2017). CSR performance and the value of cash holdings: International evidence. Journal of Business Ethics, 140, 263-284.
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.
Baumol, W. J. (1952). The transactions demand for cash: An inventory theoretic approach. The Quarterly journal of economics, 66(4), 545-556.
Chang, C.-H., Chen, S.-S., Chen, Y.-S., & Peng, S.-C. (2019). Commitment to build trust by socially responsible firms: Evidence from cash holdings. Journal of Corporate Finance, 56, 364-387.
Cheung, A. (2016). Corporate social responsibility and corporate cash holdings. Journal of Corporate Finance, ---.
Claessens, S., Djankov, S., Fan, J. P., & Lang, L. H. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. The journal of finance, 57(6), 2741-2771.
Claessens, S., & Laeven, L. (2003). Financial development, property rights, and growth. The journal of finance, 58(6), 2401-2436.
Cooper, E. W., & Uzun, H. (2015). Corporate Social Responsibility and the Cost of Debt. Journal of Accounting & Finance (2158-3625), 15(8).
Deng, X., Kang, J.-k., & Low, B. S. (2013). Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of financial economics, 110(1), 87-109.
Dittmar, A., & Mahrt-Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of financial economics, 83(3), 599-634.
El Ghoul, S., Guedhami, O., Kwok, C. C., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of banking & finance, 35(9), 2388-2406.
Ferreira, M. A., & Vilela, A. S. (2004). Why do firms hold cash? Evidence from EMU countries. European financial management, 10(2), 295-319.
Fresard, L. (2010). Financial strength and product market behavior: The real effects of corporate cash holdings. The journal of finance, 65(3), 1097-1122.
Fukuyama, F. (2000). Social capital and civil society.
Gao, H., Harford, J., & Li, K. (2013). Determinants of corporate cash policy: Insights from private firms. Journal of financial economics, 109(3), 623-639.
García‐Teruel, P. J., Martínez‐Solano, P., & Sánchez‐Ballesta, J. P. (2009). Accruals quality and corporate cash holdings. Accounting & Finance, 49(1), 95-115.
Graff Zivin, J., & Neidell, M. (2014). Temperature and the allocation of time: Implications for climate change. Journal of Labor Economics, 32(1), 1-26.
Guiso, L., Sapienza, P., & Zingales, L. (2004). The role of social capital in financial development. American economic review, 94(3), 526-556.
Habib, A., & Hasan, M. M. (2017). Social capital and corporate cash holdings. International Review of Economics & Finance, 52, 1-20.
Han, S., & Qiu, J. (2007). Corporate precautionary cash holdings. Journal of Corporate Finance, 13(1), 43-57.
Harford, J. (1999). Corporate cash reserves and acquisitions. The journal of finance, 54(6), 1969-1997.
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.
Harper, J., & Sun, L. (2020). Environmental performance and corporate cash holdings. Applied Economics Letters, 27(15), 1234-1237.
Hendijani Zadeh, M., Magnan, M., Cormier, D., & Hammami, A. (2023). Does corporate social responsibility transparency mitigate corporate cash holdings? International Journal of Managerial Finance, 19(1), 63-87.
Huang, H. H., Liu, C., & Sun, L. (2019). Chemical releases and corporate cash holdings. International Review of Financial Analysis, 64, 159-173.
Itzkowitz, J. (2013). Customers and cash: How relationships affect suppliers' cash holdings. Journal of Corporate Finance, 19, 159-180.
Javakhadze, D., Ferris, S. P., & French, D. W. (2016). Social capital, investments, and external financing. Journal of Corporate Finance, 37, 38-55.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000). Investor protection and corporate governance. Journal of financial economics, 58(1-2), 3-27.
Lacey, R., & Kennett-Hensel, P. A. (2010). Longitudinal effects of corporate social responsibility on customer relationships. Journal of Business Ethics, 97, 581-597.
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.
Ng, A. C., & Rezaee, Z. (2015). Business sustainability performance and cost of equity capital. Journal of Corporate Finance, 34, 128-149.
Ogden, J. P., & Wu, S. (2017). Corporate Cash Balance, Volatility, and Adjustment: Growth Firms vs. Cash Cows. Journal of Accounting and Finance, 17(7), 24-38.
Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of financial economics, 52(1), 3-46.
Ozkan, A., & Ozkan, N. (2004). Corporate cash holdings: An empirical investigation of UK companies. Journal of banking & finance, 28(9), 2103-2134.
Pérez, A., & Rodríguez del Bosque, I. (2015). Corporate social responsibility and customer loyalty: exploring the role of identification, satisfaction and type of company. Journal of Services Marketing, 29(1), 15-25.
Portes, A. (1998). Social capital: Its origins and applications in modern sociology. Annual review of sociology, 24(1), 1-24.
Woolcock, M. (1998). Social capital and economic development: Toward a theoretical synthesis and policy framework. Theory and society, 27(2), 151-208.
Yu, E. P. y., Guo, C. Q., & Luu, B. V. (2018). Environmental, social and governance transparency and firm value. Business Strategy and the Environment, 27(7), 987-1004.