公司治理、現金持有和公司績效三者之間相互影響和制約，共同影響公司的長期成功和可持續發展。良好的公司治理可以確保現金持有的合理性，從而提升公司績效；適當的現金持有則能為公司提供財務靈活性，支持公司的長期發展。
本研究探討臺灣上市公司，公司治理、現金持有與公司績效間之影響。樣本期間為2014年至2023年，使用大股東持股百分比、控制持股百分比及董事會獨立性作為公司治理的變數；現金流量比率及現金流量允當比作為現金持有的變數；資產報酬率、股東權益報酬率作為公司績效的變數。研究結果表示，公司治理變數唯獨控制持股百分比對公司績效，包含資產報酬率及股東權益報酬率具正向顯著關係，而大股東持股百分比與現金流量比率對資產報酬率有負向顯著關係；現金持有變數，包含現金流量比率及現金流量允當比則對資產報酬率及股東權益報酬率皆有正向顯著的關係。
Corporate governance, cash holdings, and corporate performance are interrelated and mutually restrictive, collectively influencing a company's long-term success and sustainable development. Good corporate governance ensures the rationality of cash holdings, thereby enhancing corporate performance, while appropriate cash holdings provide financial flexibility, supporting long-term development.
This study investigates the impact of corporate governance and cash holdings on the performance of listed companies in Taiwan. The sample period is from 2014 to 2023. The variables used include the percentage of shares held by Blockholders, the percentage of controlling shares, and board independence for corporate governance; cash flow ratio and cash flow adequacy ratio for cash holdings; and return on assets (ROA) and return on equity (ROE) for corporate performance. The results indicate that among corporate governance variables, only the percentage of controlling shares has a significant positive relationship with corporate performance, including ROA and ROE. Conversely, the percentage of shares held by Blockholders and the cash flow ratio have a significant negative relationship with ROA. For cash holdings variables, both the cash flow ratio and the cash flow adequacy ratio have a significant positive relationship with both ROA and ROE.
