2007-2008年美國次貸風暴引發的金融危機波及全世界，許多國家的股市、匯市均受到重挫，連中國、台灣也不例外。全球金融機構大量的倒閉或是被政府收購，而公司紛紛改變其投資和現金持有政策，以因應金融危機所帶來的流動性緊縮問題。本文嘗試以2001年至2014年台灣和中國公司，觀察金融危機發生後公司現金持有量之變化與資金來源、資金用途之相關影響因素，且探討現金持有量之變化是否會受到公司的營運、固定投資活動影響，進一步分析金融危機發生後，公司的投資現金流量敏感度之變化。最後考量融資限制之影響，檢視有無融資限制公司在金融危機過後的現金持有量和投資現金流量敏感度之變化是否存在顯著差異。本文主要結果如下：金融危機發生後，公司基於預防性動機，會改變現金持有政策，選擇持有較多現金，以應付未來外部突發情況、避免公司現金短缺而錯失良好的投資機會。台灣公司以增加股票發行和減少固定投資來增加其現金持有量；中國公司除了增加股票發行和減少固定投資外，還以增加營運獲利和減少股利支付來增加現金持有量。另外發現，金融危機過後台灣現金持有量較多的公司，其固定投資和營運投資會轉趨保守；中國公司在固定投資方面亦同，但營運投資活動卻變得較為積極。其次，在投資現金流量敏感度方面，金融危機過後台灣公司的營運投資現金流量敏感度顯著增加、固定投資現金流量敏感度顯著減少，表示台灣公司之固定投資由現金流量來支出的比重變小，可能改由其他融資方式來進行固定投資。最後探討融資限制對現金持有量之影響，不論在台灣或中國公司，小規模公司為了因應外部融資成本可能較高的問題，選擇持有較多的現金。且小規模公司在金融危機過後，現金持有量增加幅度也較大。在金融危機過後，有融資限制公司的固定投資現金流量敏感度變小，營運投資現金流量敏感度變大。台灣在金融危機過後持有更多現金，固定投資和營運投資活動趨於保守，保守的財務政策可能會使台灣降低在國際上的競爭力，反觀中國在金融危機過後，改變了現金持有政策，選擇持有更多的現金，且在營運投資活動方面，也有逐年增加的趨勢，表示中國仍努力地調整公司的資金管理政策，為公司謀得最大的利益，更幫助整體經濟成長。 After the 2007-08 global financial crisis, corporations changed their cash holdings and investment policies in response to a tightening of market liquidity. This paper use a sample of listed firms in Taiwan and China, to investigate the effect of the source and application of funds by examining changes in corporate cash holdings after financial crisis. Next, we analyze the changes in firms’ cash holdings and inspect whether firms’ operating investment and fixed investment influence firms’ cash holdings. And examining the change in each firms’ investment-cash flow sensitivity pre and post-crisis periods. Finally, investigate whether there are significant differences of changes in cash-holdings and investment-cash flow sensitivity between financially constrained firms and unconstrained before and after the crisis.The contributions of this paper are following: first, based on precautionary motive, we find that firms increase their cash holdings after the financial crisis. Firms in Taiwan build up cash holdings by increasing equity issuance and decreasing capital investment; firms in China enlarge cash holdings by adding profit and equity issuance and reducing fixed investment and payout. We also find the firms which have more cash holding in Taiwan, firms’ fixed investment and operating investment would become conserved. But firms’ operating investment would become positive in China. Second, after the crisis, operating investment-cash flow sensitivity increases and fixed investment-cash flow sensitivity decreases significantly in Taiwan. Last, investigating the effect of financial constraint on cash holding, the finding indicates that no matter in Taiwan or China, small-size firms hold more cash due to higher external financing costs. In addition, the extent of increasing cash holding becomes greater in small-size firms after the financial crisis. More financially constrained firms exhibit significantly smaller fixed investment-cash holding sensitivity and greater operating investment-cash flow sensitivity than less financially constrained firms.
