其他綜合損益對公司現金持有之影響

The Effect of Other Comprehensive Income on Corporate Cash Holdings

本研究根據預防性動機假說及融資限制之觀點，以臺灣上市櫃公司為樣本，探討其他綜合損益(OCI)對公司現金管理與市場評價之影響。實證研究發現，OCI與公司現金持有水準具有顯著反向關係，且當OCI為負數時，其效果更為顯著，而公司現金持有價值也較高。本研究亦檢測OCI對本期綜合損益增額波動數在公司現金持有之影響，實證結果顯示OCI增額波動數與公司現金持有水準具有顯著正向關係，且當OCI增額波動數為正數時，其結果較為明顯，而公司現金持有之邊際價值也較高。本研究最後執行一些額外測試，包括使用超額現金持有、信用風險及財務限制之相關變數與考量潛在內生性問題。整體而言，本研究結果建議OCI變動會影響公司現金持有水準及現金持有價值，且OCI增額波動數能提供公司風險資訊於現金管理決策及市場評價。

Based on the precautionary motive hypothesis and the perspective of financial constraints, this study uses data from publicly listed companies in Taiwan to examine the effects of other comprehensive income (OCI) on corporate cash management and market valuation. Empirical results uncover a significant negative relationship between OCI and the level of cash holdings. Moreover, when OCI is negative, the effect is more pronounced and the value of cash holdings is higher. This study further investigates the impact of incremental OCI volatility on the firm’ s total comprehensive income for corporate cash holdings. Our results find that there is a significant positive correlation between incremental OCI volatility and cash holdings. When the incremental OCI volatility is positive, the result is more significant and the value of cash holdings is also higher. Finally, we conduct some additional tests including the effects of excess cash holdings, credit risk, financial constraints, and endogeneity concerns. Overall, our evidence suggests that change in OCI can influence the level and value of cash holdings. The incremental OCI volatility also provides useful information regarding firm risk on cash management and market valuation.