| Summary: | 碩士 === 國立中正大學 === 財務金融系研究所 === 105 === This study explores the relationship between cash holdings and corporate performance before and during recession in Taiwan. Use the 2003 to 2011 Taiwan listed manufacturing industry company information and the research model of Nason, R. S. and Patel, P. C. (2016), the empirical results show that the relationship between cash holdings and corporate performance are negative curves before and during the recession in Taiwan, and it is confirmed that excessive cash holdings have a negative impact on corporate performance. And the study also find the positive impact of cash holdings on corporate performance is not as good as before the recession while during the recession. But during the recession the corporate performance is declining at a higher cash holding ratio, that is, the negative curve relationship between cash holdings and corporate performance is gentler.
Keywords：cash holdings、corporate performance、recession
|
|---|
