摘要
本文研究了1999—2003年间中国上市公司现金持有水平的影响因素,包括财务特征、股权结构和治理环境。就全部样本来说,我们发现,(1)上市公司的现金持有水平与规模和财务杠杆负相关,与资产周转效率、现金流量、成长性／投资机会、股利支付需要和融资需要等正相关。(2)第一大股东持股比例与超额现金持有水平之间存在着显著的U型非线性关系,外部大股东持股比例与超额现金持有水平之间存在着显著的正相关关系;治理环境基本上与超额现金持有水平之间呈现出明显的负相关关系。同时,我们还根据控股股东性质对四个子样本进行了分析,发现在不同子样本的实证结果之间存在着一些比较明显的差异。
This study investigates the determinants of cash holdings in China＇s listed companies during 1999-2003, including financial characteristics, ownership structure, and corporate governance systems. For the whole sample, we find that, （1） there are significantly negative effects on cash holdings for the determinants of size and leverage, and significantly positive effects on cash holdings for the determinants of asset turnover, cash flow, growth, dividend payment, and financing demand; （2） there is a significantly nonlinear U shape relationship between the ownership concentration and excess cash holdings, and a significantly positive linear relationship between the outside block-holders and excess cash holdings; （3） generally, the relationship between governance environment and excess cash holdings is significantly negative. We also find that obvious different effects of determinants on cash holdings decisions exist among various types of listed companies.
出处
《中国会计评论》
2006年第2期307-320,共14页
China Accounting Review
基金
广东省自然科学基金项目(5300541)
中山大学青年教师桐山基金项目(0509047)的资助
关键词
现金持有水平
财务特征
股权结构
治理环境
财务决策理性
Cash Holdings, Financial Characteristics, Ownership Structure, Governance Environment, Decision Rationale
