本研究的主要目的在檢視是否IFRS的採用能調節資訊不對稱與公司現金持有之關係。結果發現採用IFRS後公司之現金持有顯著增加。我們進一步使用Oaxaca-Blinder分解模型將採用前後期現金持有的差異拆解為能被特徵效果(亦即資訊不對稱的差異)解釋的部分以及能被係數效果(亦即資訊不對稱估計係數的差異)解釋的部分，以分析影響採用前後現金持有差異的原因。結果顯示採用IFRS後公司之現金持有增加是源自於公司特性衡量之資訊不對稱的減少與公司特性衡量之資訊不對稱對應參數的增加。進一步以傾向分數配對採用IFRS的臺灣公司與未採用IFRS的日本公司執行差異中差異測試，結果一致。整體而言，研究結果支持現金持有之監督成本假說。

The main purpose of this paper is to examine whether the adoption of IFRS moderates the relation between information asymmetry and cash holding. The results suggest that firms significantly increase their cash holdings after the IFRS adoption. We further utilize Oaxaca-Blinder decomposition model to decompose the difference in cash holdings between the pre- and post-adoption period into the part that can be explained by the endowment effect (i.e., changes in information asymmetry) and the part that can be explained by the coefficient effect (i.e., changes in the coefficient estimates of information asymmetry). And analysis the reason that impact the pre-post change in cash holdings. The results indicate that the cash holdings increase after the IFRS adoption is due to a decrease in information asymmetry (which is measured base on firms’ characteristics) and an increase in regression coefficient of information asymmetry. Further, we match each adoption firm (Taiwanese firm) to a non-adoption firm (Japanese firm) on a propensity score and conduct a difference-in-differences test. The results are unchanged. Overall, the results support the monitoring cost hypothesis of cash holdings.

近年多數公司的流動性管理是採取寬鬆的現金水準，由於現金持有的多寡可能有著顯著持有利益與持有成本（特別是代理成本，如管理者過度投資等）的經濟後果，提供公司現金管理政策為研究主題具有相對的重要性。文獻指出公司的現金持有與資訊不對稱間有著強烈的關聯性，因此本研究以此作為研究主軸檢測目前公司資訊不對稱與公司現金持有水準間的關係，這將有助於解釋目前現金管理政策的影響因素。由於資訊不對稱源於公司管理者行為真實目的以及外部人是否能理解管理者行為的能力，若資訊環境能有所改善，應能減緩資訊不對稱的情況。而臺灣上市櫃公司於2013接軌採用國際財務報導準則，國際會計準則委員會制訂IFRS的目標為提高報表透明度，降低資訊成本，減少資訊不對稱情況。換言之，採用IFRS，藉由準則變動可能可以增加資訊環境透明度，調節資訊不對稱與現金持有的關係。因此，本研究檢測採用IFRS前後是否調節資訊不對稱與現金持有關係之研究結果，在實務上的意涵上，不僅有助於了解我國於實施IFRS後，是否能達成準則制定者預期的目標，提供我國會計準則制定主管機關對我國實施IFRS後續評估與改進之參考；亦有助於了解在新準則下，公司資訊不對稱對現金持有水準的影響是否產生不同的變化，藉由公司內部人與外部人資訊不對稱情況的觀測，不僅能提供給公司管理者未來現金管理決策參考，亦可作為資金提供者在做投資與授信決策的考量依據。而在理論上的意涵上，本研究提供可選擇的研究方法，利用差異分解方法有效控制群體間的結構差異，克服過去研究於迴歸分析直接加入虛擬變數以及交互作用項可能產生的結果偏誤，使研究結果更具堅韌性，並且使用臺灣上市櫃公司資料，補充目前我國文獻尚較缺乏的部分。

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