民营上市公司现金持有量影响因素的实证研究

发布时间：2018-04-09 02:06

本文选题：民营上市公司　切入点：现金持有量　出处：《首都经济贸易大学》2012年硕士论文

【摘要】：现金作为公司的一项资产，有两大特点：一是流动性强，可以随时用于公司的日常经营活动支付，满足投资需求，节省交易成本和清算成本；二是收益率低，现金资产几乎不产生收益或收益很低，并且容易产生道德风险，，为公司高管出于自利动机操纵现金资产带来便利，代理成本上升。国外学者关于现金持有量的讨论，从理论研究到实证分析，内容较为丰富，提出了交易成本模型、存货模型、米欧模型、规模经济假说、静态权衡理论、信息不对称理论、优序融资理论、自由现金流理论等相关理论，并实证研究了公司规模、投资机会、财务杠杆、现金流量、现金替代物、债务期限结构、是否支付现金股利以及经营者持股、股权集中度、董事会特征等变量对现金持有量的影响。在这样的研究背景下，本文以2003至2010年间沪深两市A股市场的民营上市公司①作为大的研究样本，并从中找出持续性较好②的民营上市公司作为小的研究样本，选取公司财务特征的变量包括公司规模、投资机会、财务杠杆、现金流量、现金替代物、债务期限结构、是否支付现金股利以及公司治理结构方面的变量经营者持股、股权集中度、董事会规模、独立董事所占比例、董事长与CEO是否兼任等作为论文的解释变量，对民营上市公司的现金持有量进行研究。本文将大样本的研究结论与小样本的研究结论进行对比分析，说明持续性较好的民营上市公司在进行现金持有量决策时所考虑的因素与一般民营上市公司的不同之处，同时对持续性较差的民营上市公司提出建议，这是本文的一个探索。本文的研究说明，持续性较好的民营上市公司的现金持有量水平低于民营上市公司的整体水平，资本效率较高。在选择持有多少现金额度时，一般的民营上市公司主要考虑了公司的财务杠杆水平、债务融资能力，其次是现金流量和现金替代物；持续性较好的民营上市公司主要考虑的是现金流量，其次是现金替代物、债务期限结构。持续性较好的民营上市公司在进行现金持有量决策时所考虑的因素与一般公司相比，在财务杠杆水平没有明显差异的情况下，经营稳健的民营上市公司更多考虑的是现金流量等自身因素，而不是债务融资能力等外界因素，更大程度上将外界的“输血”功能转化为自己的“造血”能力，以此获得经营的持续稳定。
[Abstract]:As an asset of a company, cash has two major characteristics: first, it has strong liquidity, it can be used at any time to pay for the company's daily business activities, meet the investment demand, save transaction costs and liquidation costs; second, the rate of return is low.Cash assets produce little or very low income and are prone to moral hazard, which makes it convenient for executives to manipulate cash assets out of self-interest and increases agency costs.From theoretical research to empirical analysis, foreign scholars discuss cash holdings, and put forward transaction cost model, inventory model, Mio model, economies of scale hypothesis, static tradeoff theory, information asymmetry theory.The related theories, such as priority financing theory, free cash flow theory and so on, are empirically studied in terms of company size, investment opportunities, financial leverage, cash flow, cash substitutes, debt maturity structure, whether to pay cash dividends and managers' shareholdings.The influence of ownership concentration, board characteristics and other variables on cash holdings.Under such research background, this paper takes the private listed company 1 of Shanghai and Shenzhen A-share market from 2003 to 2010 as a large research sample, and finds out that the private listed company with good persistence is a small research sample.The variables of selecting corporate financial characteristics include company size, investment opportunities, financial leverage, cash flow, cash substitutes, debt maturity structure, whether to pay cash dividends, and variable operator shareholding in corporate governance structure.Equity concentration, board size, proportion of independent directors, chairman and CEO are the explanatory variables of this paper, and the cash holdings of private listed companies are studied.In this paper, the conclusions of large sample and small sample are compared and analyzed, which shows that the factors considered by private listed companies with good persistence are different from those of general private listed companies.At the same time, it is an exploration of this paper to put forward suggestions to the private listed companies with poor persistence.The research shows that the cash holding level of the private listed companies is lower than that of the private listed companies, and the capital efficiency is higher.When choosing how much cash to hold, the general private listed companies mainly consider the level of financial leverage, debt financing ability, followed by cash flows and cash substitutes;Private listed companies with good persistence mainly consider cash flow, followed by cash substitutes, debt maturity structure.The factors taken into account by the private listed companies with good persistence in making the decision on cash holdings are not significantly different from those of the ordinary companies in terms of the level of financial leverage.Private listed companies with stable management are more concerned with their own factors, such as cash flow, rather than external factors such as debt financing ability, and to a greater extent convert the "blood transfusion" function of the outside world into their own "hematopoietic" ability.In order to achieve continued stability of the operation.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

【引证文献】