我国上市公司现金持有量影响因素的实证研究

发布时间：2018-07-14 08:42

【摘要】：现金是企业至关重要的财务资源，对企业的筹资、投资、经营等各方面的行为都有着重大影响，并与企业的经营业绩密切相关。权衡现金持有量及对其影响因素的研究是企业重要的理财行为，它综合反映了公司的财务战略，同时与公司财务特征和公司治理状况紧密相连。如今，对现金持有量及其影响因素的研究在国外企业的成长中发挥着重要的作用。国内学者主要是基于现金持有量影响因素的权衡理论、信息不对称理论、代理理论以及其它解释现金持有行为的理论进行了深入的研究，但是基于我国特殊的制度环境，对上市公司现金持有量影响因素的研究还有待做全面的理论分析和实证检验。为此，本文在回顾国内外学者研究现金持有量影响因素经验文献的基础上，对相关理论进行深入领会。并结合我国上市公司的特殊制度背景，将影响我国上市公司现金持有量的因素分为上市公司财务特征因素和公司治理结构因素两大类。选取我国深沪两市2008-2010年的712家上市公司为样本数据，并对其进行描述性统计分析、多重共线性检验、多元线性回归分析，主要结论如下：（1）基于公司财务特征的研究结论：①现金流量越大、现金替代物越多、财务杠杆及债务结构越高，则现金持有量越低。②再融资活动越多、公司规模越大、股利支付越多，则现金持有量越高。（2）基于公司治理结构的研究结论：①国有股越多、经营者持股比例越高、股权集中度越高、两职兼任情况越少、独立董事比例越多、股东保护程度越好，则现金持有量越低；②流通股和法人股越多、董事会规模越大，则现金持有量越多。针对以上实证研究结果发现，我国上市公司财务特征及治理结构在特殊的制度背景下还存在一定的弊端。因此，，文章的落脚点是从技术及制度两方面对对优化现金持有量提出相应的政策性建议。
[Abstract]:Cash is the most important financial resource, which has great influence on the enterprise's financing, investment, management and so on, and is closely related to the enterprise's performance. The study of weighing cash holdings and influencing factors is an important financial management behavior of enterprises. It reflects the financial strategy of the company and is closely related to the financial characteristics and corporate governance. Nowadays, the research on cash holdings and its influencing factors plays an important role in the growth of foreign enterprises. Domestic scholars are mainly based on the trade-off theory of influencing factors of cash holdings, information asymmetry theory, agency theory and other theories to explain cash holding behavior, but based on the special institutional environment of our country. The research on the influencing factors of cash holdings of listed companies still needs to be made a comprehensive theoretical analysis and empirical test. Therefore, based on the review of domestic and foreign scholars' empirical literature on the influencing factors of cash holdings, this paper makes a deep understanding of the relevant theories. Combined with the special institutional background of listed companies in China, the factors affecting the cash holdings of listed companies in China are divided into two categories: the financial characteristics of listed companies and the factors of corporate governance structure. This paper selects 712 listed companies from 2008 to 2010 in Shenzhen and Shanghai stock markets as sample data, and carries on descriptive statistical analysis, multiple collinear test and multivariate linear regression analysis. The main conclusions are as follows: (1) the larger the cash flow, the more cash substitutes, the higher the financial leverage and debt structure, the lower the cash holdings and the more refinancing activities. The larger the company is, the more dividend is paid, the higher the cash holding is. (2) the research based on corporate governance structure shows that the more one state-owned stock, the higher the ownership ratio, the higher the ownership concentration, and the less the situation of holding both positions. The more the proportion of independent directors, the better the degree of shareholder protection, the lower the cash holdings, the more outstanding shares and corporate stocks, the larger the board size, the more cash holdings. According to the above empirical research results, the financial characteristics and governance structure of listed companies in China still have some drawbacks under the special institutional background. Therefore, the conclusion of this paper is to put forward corresponding policy suggestions on optimizing cash holdings from two aspects of technology and system.
【学位授予单位】：长安大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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