我国上市公司超额现金持有的影响因素研究

发布时间：2018-02-28 18:49

本文关键词： 超额现金持有财务杠杆债务期限结构影响因素　出处：《兰州商学院》2012年硕士论文　论文类型：学位论文

【摘要】：本文以中国所有A股上市公司为研究对象，探讨了公司超额现金持有的影响因素和现金持有的价值效应。现金是企业流动性最强的一种资产，是企业确保持续经营的必要前提。上市公司虽然拥有庞大的现金筹集和扩展能力，但目前很多上市公司倾向于持有较高的现金，而且从我国上市公司持有现金的整体水平来看，我国上市公司的总体现金持有水平远远高于西方发达国家。相对于国外大量丰富的研究成果，目前我国的研究还不够深入，还处于探索阶段。本文将权衡理论、优序融资理论和代理理论作为研究的理论基础，对中国上市公司普遍持有超额现金的行为进行分析，探讨影响上市公司持有超额现金的主要因素，对于正确认识和解决我国上市公司的超额现金持有问题，既有理论意义又有实践价值。本文系统回顾了国内外学者研究上市公司超额现金持有影响因素的研究文献，在国外已有的关于超额现金持有的理论基础上，与中国的经济体制的具体特点相结合，以我国2008—2010年沪深两地上市公司的数据作为研究样本，定义了超额现金持有的公司，并将样本公司分成高低两组水平，在已有研究的基础之上，通过对比的方法，主要从公司财务特征和治理特征两方面出发，初步找出了公司规模、财务杠杆、现金流量、债务期限结构、现金替代物、国有股持股比例、董事会规模、股权集中度和资产有形性这9个可能影响公司超额现金持有的因素，并据此作为研究变量，构建合理的模型，采用实证研究的方法确定对超额现金持有水平影响较强的因素，分析这些因素与超额现金持有水平之间存在何种相关性。本文最后根据实证研究的结果，本文建议大力发展和完善我国资本市场，降低企业投融资成本，合理解决代理问题，以从根本上解决我国上市公司的超额现金持有现状。
[Abstract]:Taking all A-share listed companies in China as the research object, this paper discusses the influencing factors of excess cash holdings and the value effect of cash holdings. Cash is the most liquid asset in enterprises. Although listed companies have a huge ability to raise and expand cash, many listed companies tend to hold higher cash at present, and from the overall level of cash held by listed companies in China, The overall cash holding level of listed companies in China is far higher than that of western developed countries. Compared with a large number of rich research results abroad, the current research in our country is not deep enough and is still in the exploratory stage. Based on the theory of priority financing and agency theory, this paper analyzes the behavior of Chinese listed companies holding excess cash, and probes into the main factors that affect the excess cash held by listed companies. It is of both theoretical and practical significance to correctly understand and solve the problem of excess cash holdings of listed companies in China. This paper systematically reviews the domestic and foreign scholars' researches on the influencing factors of excess cash holding of listed companies. On the basis of the existing theories about excess cash holding abroad, it combines with the specific characteristics of China's economic system. Taking the data of listed companies in Shanghai and Shenzhen from 2008 to 2010 as the research sample, this paper defines the companies with excess cash holdings, and divides the sample companies into two groups. Mainly from the two aspects of corporate financial characteristics and governance characteristics, the paper preliminarily finds out the size of the company, financial leverage, cash flow, debt maturity structure, cash substitutes, the proportion of state-owned shares, the size of the board of directors. There are nine factors that may affect the excess cash holding of the company, such as the degree of ownership concentration and the materiality of assets. Based on this, a reasonable model is constructed and the empirical research method is used to determine the factors that have a strong influence on the excess cash holding level. Finally, according to the results of empirical research, this paper suggests to develop and perfect the capital market of our country, reduce the cost of investment and financing of enterprises, and solve the problem of agency reasonably. In order to fundamentally solve the status quo of excess cash holdings of listed companies in China.
【学位授予单位】：兰州商学院
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F224;F832.51

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