我国上市公司治理结构与现金持有水平关系研究

发布时间：2018-05-18 12:25

本文选题：上市公司 + 公司治理　；参考：《天津大学》2012年硕士论文

【摘要】：合理的现金持有量是企业维持正常的生产经营活动所必须的。因而，现金持有量的决策是公司一项非常重要的财务决策。通过对企业的现金持有行为的研究，可以考察到公司更深层次的财务战略和经营战略，同时外在的宏观环境以及公司治理等因素与企业的现金持有行为也有着密切的关系。本文采用了实证研究的方法探讨公司治理结构与现金持有水平之间的关系。在梳理和总结有关公司治理和现金持有水平相关理论的基础上，本文以我国沪市A股上市公司2011年的数据为样本，对我国上市公司现金持有量的特征及公司治理结构对现金持有量的影响进行了系统的研究。描述性统计结果表明，我国上市公司整体现金持有量水平偏高。通过使用计量模型，本文检验了治理结构因素与现金持有水平间的关系。模型的回归分析结果显示，，我国上市公司中国家股、法人股以及股权集中程度都与现金持有量呈显著正相关的关系；管理层持股比例与现金持有水平存在着线性关系，且表现为正相关；董事会规模与结构与现金持有水平没有显著相关关系。本文进一步分析了造成上述实证结果的原因，希望能够丰富我国上市公司现金持有量的研究，并为完善公司治理提供一定的依据。
[Abstract]:Reasonable cash holdings are necessary for enterprises to maintain normal production and operation activities. Therefore, the decision of cash holdings is a very important financial decision. Through the study of the cash holding behavior of enterprises, we can find out the deeper financial strategy and management strategy of the company. At the same time, the external macro environment and corporate governance are also closely related to the cash holding behavior of the enterprise. This paper discusses the relationship between corporate governance structure and cash holding level. On the basis of combing and summarizing the related theories of corporate governance and cash holding level, this paper takes the data of A-share listed companies in Shanghai Stock Exchange in 2011 as a sample. The characteristics of cash holdings of listed companies in China and the influence of corporate governance structure on cash holdings are systematically studied. Descriptive statistical results show that the overall cash holdings of listed companies in China are on the high side. By using the measurement model, this paper examines the relationship between governance structure factors and cash holding level. The regression analysis results of the model show that there is a significant positive correlation between the state shares, corporate shares and the concentration of equity in listed companies in China, and there is a linear relationship between the proportion of management shares and the level of cash holdings. There is no significant correlation between the size and structure of the board and the level of cash holding. This paper further analyzes the causes of the above empirical results, hoping to enrich the study of cash holdings of listed companies in China, and to provide some basis for the improvement of corporate governance.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275.1;F832.51;F224

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