本研究探討企業聲譽對公司現金持有及財務績效之影響，實證方法以被納入美國最受青睞公司（America’s Most Admired Firms）排名做為衡量企業聲譽的指標，探討美國企業被納入指標後公司現金持有及財務績效的變化。實證結果顯示企業聲譽與現金持有呈現負向關係，顯示聲譽較佳的企業傾向在帳上持有較少的現金。由於企業信貸額度的資料樣本較少，企業聲譽對於信貸額度的影響較不顯著。本研究也分析企業聲譽對於財務績效的影響，實證結果發現被納入美國最受青睞公司名單中, 企業的資產報酬率有顯著的提升, 但是企業的權益報酬率確有顯著的下跌, 可能原因為這些企業採取較為保守的財務策略維持營運，因此降低了權益報酬率表現。

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