本研究針對上市上櫃公司進行研究，對於公司的超額現金持有進行探討，研究其對公司盈餘與盈餘管理的方式是否有影響，Dechow (1994)指出投資者無法直接觀察公司真正的經營績效，較容易取得的資訊為盈餘，而盈餘又是公司過去經營績效的最終表現，所以投資者或使用者會透過盈餘來觀察公司過去的績效反應，因此我們可以得知盈餘對於公司的重要性，然而會計盈餘又很容易受到人為操縱，投資人可能會懷疑企業是否有做盈餘管理的動機及行為。
盈餘管理可分為應計項目盈餘管理與實質盈餘管理，應計項目的盈餘管理利用會計方法的選擇或運用的時點、會計估計的變動或交易事項發生時點的調節都是典型的盈餘管理；而實質的盈餘管理是對於實質的經營活動做操弄，像是過度生產、降低裁決性的支出或利用增加銷量和降低銷貨成本創造出更多的盈餘。本研究針對此進行實證分析，本研究結果發現：(1)超額現金持有與異常營運活動的現金流量呈現正相關。(2)超額現金持有與異常製造成本沒關聯。(3)超額現金持有與異常的裁決性支出呈現負相關。(4)超額現金持有與應計項目盈餘管理呈現沒關聯。

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