本文主要探討資訊不對稱對於公司現金持有及超額現金持有價值的影響，並加入集團企業及所有權結構，以了解資訊不對稱在各種公司型態對公司現金持有及價值的影響。本研究以2004年至2013年中國上市公司共12,680個觀察值，進行實證分析。實證結果顯示：在中國，資訊不對稱對於現金持有及超額現金價值皆會有負向的影響，顯示在外部治理機制較弱的國家，現金價值主要由代理問題驅動，使得外部投資人對公司所持有的現金產生疑慮，因而減少其現金持有並且降低其超額現金價值之評價；而加入集團企業的考量後，發現當公司屬於集團企業時，資訊不對稱對於現金持有及超額現金價值仍產生負向的影響，顯示集團內複雜組織結構所產生的資訊不對稱，加深投資人對公司現金持有的疑慮，再加上集團所形成的內部資本市場，使得投資人對於集團所持有的超額現金給予負向評價；最後在集團企業中加入所有權結構考量，發現不論是國家或私人持有之集團，資訊不對稱對於現金持有及超額現金價值仍產生負向的影響，顯示集團的組織形式對代理問題的影響支配了所有權結構對代理問題的影響。本文研究結果對資訊不對稱在新興資本市場的管理影響有重要貢獻。

This research investigates the relationship among cash holdings, value of corporate excess cash holdings and firm-specific information asymmetry. The sample contains the listed firms in China from 2004 to 2013 and obtains 12,680 firm-year observations. Our results support the free cash flow theory and indicate that information asymmetry negatively moderates the relationship between cash holdings and value of corporate excess cash holdings in China. We further divide the sample into group affiliated firms and non-group affiliated firms and find that the negative moderating effect exists in group affiliated firms. Finally, we take ownership structure into account and the negative moderating effect is found in both state-owned group affiliated firms and private group affiliated firms.The results in this study imply show that agency problem of free cash flow dominates the effect of information asymmetry in group affiliated firms.

［1］ 紀松佑，公司治理與現金持有之關係─中國大陸上市公司股改前後之實證研究， 國立中央大學，碩士論文，民國101年。
［2］ 陳柏瑞，公司治理與企業現金持有關係之探討-以台灣上市、櫃公司為例─國立中央大學，碩士論文，民國99年。
［3］ 王劭騏，影響公司投資支出與內部現金流量間敏感度之因素─國立中央大學，碩士論文，民國94年。
［4］ Almeida, H. , S. Y. Park, M. G. Subrahmanyam, and D. Wolfenzon, "The structure and formation of business groups: Evidence from korean chaebols", Journal of Financial Economics, 99, pp. 447-475, 2011.
［5］ Attig, N. , W. M. Fong, Y. Gadhoum, and L. H. P. Lang, "Effects of large shareholding on information asymmetry and stock liquidity", Journal of Banking & Finance, 30, pp. 2875-2892, 2006.
［6］ Bae, K. H. , J. Kang, and J. M. Kim, "Tunneling or value added? Evidence from mergers by korean business groups", The Journal of Finance, 57, pp. 2695-2740, 2002.
［7］ Baek, J. S. , J. K. Kang, and I. Lee, "Business groups and tunneling: Evidence from private securities offerings by korean chaebols", The Journal of Finance, 61, pp. 2415-2449, 2006.
［8］ Bai, C. E. , Q. Liu, J. Lu, F. M. Song, and J. Zhang, "Corporate governance and market valuation in china", Journal of Comparative Economics, 32, pp. 599-616, 2004.
［9］ Bates, T. W. , K. M. Kahle, and R. M. Stulz, "Why do u.S. Firms hold so much more cash than they used to?", The Journal of Finance, 64, pp. 1985-2021, 2009.
［10］ Belenzon, S. , T. Berkovitz, and L. A. Rios, "Capital markets and firm organization: How financial development shapes european corporate groups", Management Science, 59, pp. 1326-1343, 2013.
［11］ Bhabra, H. S. , T. Liu, and D. Tirtiroglu, "Capital structure choice in a nascent market: Evidence from listed firms in china", Financial Management, 37, pp. 341-364, 2008.
［12］ Boubakri, N. , J. C. Cosset, and W. Saffar, "Political connections of newly privatized firms", Journal of Corporate Finance, 14, pp. 654-673, 2008.
［13］ Boubakri, N. , O. Guedhami, D. Mishra, and W. Saffar, "Political connections and the cost of equity capital", Journal of Corporate Finance, 18, pp. 541-559, 2012.
［14］ Buchuk, D. , B. Larrain, F. Muñoz, and F. Urzúa , "The internal capital markets of business groups: Evidence from intra-group loans", Journal of Financial Economics, 112, pp. 190-212, 2014.
［15］ Byun, H. Y. , S. Choi, L. S. Hwang, and R. G. Kim, "Business group affiliation, ownership structure, and the cost of debt", Journal of Corporate Finance, 23, pp. 311-331, 2013.
［16］ Chan, K. , A. J. Menkveld, and Z. Yang, "Information asymmetry and asset prices: Evidence from the china foreign share discount", The Journal of Finance, 63, pp. 159-196, 2008.
［17］ Chaney, P. K. , M. Faccio, and D. Parsley, "The quality of accounting information in politically connected firms", Journal of Accounting and Economics, 51, pp. 58-76, 2011.
［18］ Chen, D. , S. Li, J. Z. Xiao, and H. Zou, "The effect of government quality on corporate cash holdings", Journal of Corporate Finance, 27, pp. 384-400, 2014.
［19］ Chen, G. , M. Firth, D. N. Gao, and O. M. Rui, "Ownership structure, corporate governance, and fraud: Evidence from china", Journal of Corporate Finance, 12, pp. 424-448, 2006.
［20］ Chen, G. , M. Firth, and L. Xu, "Does the type of ownership control matter? Evidence from china’s listed companies", Journal of Banking & Finance, 33, pp. 171-181, 2009.
［21］ Chen, Z. , and P. Xiong, "Discounts on illiquid stocks: Evidence from china", working paper, 2001.
［22］ Cheung, Y. L. , P. R. Rau, and A. Stouraitis, "Tunneling, propping, and expropriation: Evidence from connected party transactions in hong kong", Journal of Financial Economics, 82, pp. 343-386, 2006.
［23］ Claessens, S. , D. Simeon, J. P. H. Fan, and L. H. P. Lang, "Disentangling the incentive and entrenchment effects of large shareholdings", The Journal of Finance, 57, pp. 2741-2771, 2002.
［24］ Cull, R. , and L. C. Xu, "Who gets credit? The behavior of bureaucrats and state banks in allocating credit to chinese state-owned enterprises", Journal of Development Economics, 71, pp. 533-559, 2003.
［25］ Cull, R. , and L. C. Xu, "Institutions, ownership, and finance: The determinants of profit reinvestment among chinese firms", Journal of Financial Economics, 77, pp. 117-146, 2005.
［26］ Dittmar, A. , and J. Mahrt-Smith, "Corporate governance and the value of cash holdings", Journal of Financial Economics, 83, pp. 599-634, 2007.
［27］ Drobetz, W. , M. C. Grüninger, and S. Hirschvogl, "Information asymmetry and the value of cash", Journal of Banking & Finance, 34, pp. 2168-2184, 2010.
［28］ Faccio, M., "Politically connected firms", American Economic Review, 96, pp. 369-386, 2006.
［29］ Faccio, M., "Differences between politically connected and nonconnected firms: A cross-country analysis", Financial Management, 39, pp. 905-928, 2010.
［30］ Fama, E. F. , and K. R. French, "Taxes, financing decisions, and firm value", The Journal of Finance, 53, pp. 819-843, 1998.
［31］ Feng, X. , A. C. Johansson, and T. Zhang, "Political participation and entrepreneurial initial public offerings in china", Journal of Comparative Economics, 42, pp. 269-285, 2014.
［32］ Ferris, S. P. , K. A. Kim, and P. Kitsabunnarat, "The costs (and benefits?) of diversified business groups: The case of korean chaebols", Journal of Banking & Finance, 27, pp. 251-273, 2003.
［33］ Ferris, S. P. , R. Kumar, and A. Sarin, "The role of corporate groupings in controlling agency conflicts: The case of keiretsu", Pacific-Basin Finance Journal, 3, pp. 319-335, 1995.
［34］ Firth, M. , C. Lin, and S. M. L. Wong, "Leverage and investment under a state-owned bank lending environment: Evidence from china", Journal of Corporate Finance, 14, pp. 642-653, 2008.
［35］ Frésard, L. , and C. Salva, "The value of excess cash and corporate governance: Evidence from us cross-listings", Journal of Financial Economics, 98, pp. 359-384, 2010.
［36］ Ghatak, M. , and R. Kali, "Financially interlinked business groups*", Journal of Economics & Management Strategy, 10, pp. 591-619, 2001.
［37］ Gopalan, R. , V. Nanda, and A. Seru, "Affiliated firms and financial support: Evidence from indian business groups", Journal of Financial Economics, 86, pp. 759-795, 2007.
［38］ Hardin, W. , M. J. Highfield, M. Hill, and G. W. Kelly, "The determinants of reit cash holdings", The Journal of Real Estate Finance and Economics, 39, pp. 39-57, 2009.
［39］ He, J. , X. Mao, O. M. Rui, and X. Zha, "Business groups in china", Journal of Corporate Finance, 22, pp. 166-192, 2013.
［40］ Jensen, M. C. , "Agency costs of free cash flow, corporate finance, and takeovers", The American Economic Review, 76, pp. 323-329, 1986.
［41］ Jun K. K. , and R. M. Stulz, "Do banking shocks affect borrowing firm performance? An analysis of the japanese experience", The Journal of Business, 73, pp. 1-23, 2000.
［42］ Khanna, T. , and K. Palepu, "Is group affiliation profitable in emerging markets? An analysis of diversified indian business groups", The Journal of Finance, 55, pp. 867-891, 2000.
［43］ Khanna, T. , and J. W. Rivkin, "Estimating the performance effects of business groups in emerging markets", Strategic Management Journal, 22, pp. 45-74, 2001.
［44］ Krishnaswami, S. , and V. Subramaniam, "Information asymmetry, valuation, and the corporate spin-off decision", Journal of Financial Economics, 53, pp. 73-112, 1999.
［45］ Lan, Y. , L. Wang, and X. Zhang, "Determinants and features of voluntary disclosure in the chinese stock market", China Journal of Accounting Research, 6, pp. 265-285, 2013.
［46］ Leuz, C. , and F. Oberholzer-Gee, "Political relationships, global financing, and corporate transparency: Evidence from indonesia", Journal of Financial Economics, 81, pp. 411-439, 2006.
［47］ Lopes, A. B. , and R. C. de Alencar, "Disclosure and cost of equity capital in emerging markets: The brazilian case", The International Journal of Accounting, 45, pp. 443-464, 2010.
［48］ Masulis, R. W. , C. Wang, and F. Xie, "Globalizing the boardroom—the effects of foreign directors on corporate governance and firm performance", Journal of Accounting and Economics, 53, pp. 527-554, 2012.
［49］ Megginson, W. L. , B. Ullah, and Z. Wei, "State ownership, soft-budget constraints, and cash holdings: Evidence from china’s privatized firms", Journal of Banking & Finance, 48, pp. 276-291, 2014.
［50］ Morck, R. , and M. Nakamura, "Banks and corporate control in japan", The Journal of Finance, 54, pp. 319-339, 1999.
［51］ Myers, S. C. , and N. S. Majluf, "Corporate financing and investment decisions when firms have information that investors do not have", Journal of Financial Economics, 13, pp. 187-221, 1984.
［52］ Myers, S. C. , and R. G. Rajan, "The paradox of liquidity", The Quarterly Journal of Economics, 113, pp. 733-771, 1998.
［53］ Opler, T. , L. Pinkowitz, R. Stulz, and R. Williamson, "The determinants and implications of corporate cash holdings", Journal of Financial Economics, 52, pp. 3-46, 1999.
［54］ Ozkan, A. , and N. Ozkan, "Corporate cash holdings: An empirical investigation of uk companies", Journal of Banking & Finance, 28, pp. 2103-2134, 2004.
［55］ Pinkowitz, L. E. E. , R. Stulz, and R. Williamson, "Does the contribution of corporate cash holdings and dividends to firm value depend on governance? A cross-country analysis", The Journal of Finance, 61, pp. 2725-2751, 2006.
［56］ Pinkowitz, L. , R. Stulz, and R. Williamson, "Does the contribution of corporate cash holdings and dividends to firm value depend on governance? A cross-country analysis", Journal of Finance, 61, pp. 2725-2751, 2006.
［57］ Porta, R. La , F. Lopez-de-Silanes, and A. Shleifer, "Corporate ownership around the world", The Journal of Finance, 54, pp. 471-517, 1999.
［58］ Qiu, H. , and S. Yao, 2009, Share merger reform, corporate governance and firm value in china, Corporate Governance and Firm Value in China (November 1, 2009). 22nd Australasian Finance and Banking Conference.
［59］ Wang, K. , O. Sewon, and M. C. Claiborne, "Determinants and consequences of voluntary disclosure in an emerging market: Evidence from china", Journal of International Accounting, Auditing and Taxation, 17, pp. 14-30, 2008.
［60］ Wang, X. , and M. Wu, "The quality of financial reporting in china: An examination from an accounting restatement perspective", China Journal of Accounting Research, 4, pp. 167-196, 2011.
［61］ Wu, W. , C. Wu, and O. M. Rui, "Ownership and the value of political connections: Evidence from china", European Financial Management, 18, pp. 695-729, 2012.
［62］ Xiao, J. Z. , H. Yang, and C. W. Chow, "The determinants and characteristics of voluntary internet-based disclosures by listed chinese companies", Journal of Accounting and Public Policy, 23, pp. 191-225, 2004.
［63］ Yiu, D. , G. D. Bruton, and Y. Lu, "Understanding business group performance in an emerging economy: Acquiring resources and capabilities in order to prosper*", Journal of Management Studies, 42, pp. 183-206, 2005.