近年來臺灣企業之現金持有水準持續的攀升，推測原因之一可能是於西元2020年開始的Covid-19疫情。為了因應疫情導致的全球經濟局勢不穩定，許多企業傾向提高自身現金儲備量緩解可能遇到之風險。然而，企業現金儲備並非多多益善，過多的現金持有導致資本使用不效率，可能使企業發展不利；但是，過少的現金持有也易造成企業營運時的周轉不靈。為找尋臺灣企業是否存在最適現金持有水準，本研究納入總體經濟的角度估計企業最適現金持有水準，並檢視企業現金持有及企業績效之間的關聯性。在實證上發現了現金持有水準對估計之最適現金持有水準的偏離使得未來公司績效產生負面的影響，藉此推斷對於臺灣企業而言存在一最適現金持有水準使企業績效最大化。

In recent years, Taiwanese companies have experienced a continuous increase in their cash holdings, and one possible reason for this trend could be the impact of the Covid-19 pandemic that began in the year 2020. To cope with the economic instability caused by the pandemic on a global scale, many companies have inclined towards raising their cash reserves to mitigate potential risks. However, it is essential to note that holding too much cash may lead to inefficient capital utilization, potentially hindering the company's development. On the other hand, holding too little cash may result in operational difficulties for the company. To determine the optimal cash holding level for Taiwanese enterprises, this study incorporates a macroeconomic perspective to estimate the ideal cash holdings and examines the relationship between cash reserves and corporate performance. Empirical evidence suggests that deviating from the estimated optimal cash holding level negatively impacts future company performance. From this, it can be inferred that there exists an optimal cash holding level for Taiwanese companies, ensuring the maximization of corporate performance.

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