第五章 結論與建議
第三節 未來研究建議
對於後續相關之研究，本研究提出下列建議：
1. 於公司治理方面，本研究僅包含法人持股比，未來研究可納入更多公司治理 變數，以涵蓋上市櫃公司治理實務守則中之公司治理六大構面：股東權益的 保障、資訊透明度的強化、強化董事會職能、審計委員會或監察人監督功能 的發揮、管理階層的紀律與溝通及利害關係人權益的尊重。
2. 各行業之產業特性不同，且各時期整體產業環境有所差異，可能影響盈餘品 質與現金持有及現金持有價值之關聯性，故本研究建議可針對個別行業及各 年度進行深入之分析。
3. 盈餘之持續性、平穩化、及時認列及盈餘目標亦為重要之盈餘特性，故本研 究建議可依照各項盈餘特性，分別進行現金持有及現金持有價值之分析。
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4. 現金持有模型之應變數，可使用現金之流量概念進行分析7，並進一步區分為 營運活動、投資活動及融資活動之現金流量，藉以探討影響公司持有現金變 動之來源。
7可參考 Lin, Song, and Sun (2013)之研究，以現金持有水準之變動除以總資產，作為現金持有模型 之應變數，以降低人為操縱之可能性。
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