企业集团财务管控与上市公司现金持有水平研究

发布时间：2018-01-04 22:35

本文关键词：企业集团财务管控与上市公司现金持有水平研究　出处：《会计研究》2012年05期 　论文类型：期刊论文

【摘要】：与现有基于上市公司单个企业的研究不同,本文以股改后2006—2009年沪深股市3958个A股上市公司为样本,考察了企业集团财务管控对上市公司现金持有水平的影响。实证发现集团控股上市公司现金持有水平较高,国有集团控股的更高。集团财务管控方式显著影响上市公司现金持有水平,集团选派CFO使之显著降低,拥有财务公司的集团选派CFO使之降幅更大,高达30%。财务公司对现金持有水平影响不显著,但按CFO选派、ERP、产权性质分组后发现,当集团选派CFO或上市公司有ERP财务系统或民营控股时,财务公司显著降低上市公司现金持有水平。上市公司ERP财务信息系统能够提升公司现金管理水平,提高其现金持有水平,而集团选派的CFO可能会通过财务公司和ERP配置现金,降低其控股上市公司现金持有水平。
[Abstract]:With the current research of listed companies based on different individual enterprises, in this paper, after the reform from 2006 to 2009, the Shanghai and Shenzhen stock market 3958 A shares of listed companies as a sample, the effects of financial control on the level of cash holdings of listed companies. The empirical group holdings of cash holdings of listed companies in high level, state-owned holding higher. Significant influence the control group of financial listed companies cash holdings group, selected CFO to significantly reduce the decline, financial companies owned group send CFO to make it larger, up to 30%. financial company on the cash holding level is not significantly affected, but according to CFO ERP, select the nature of property rights groups found that when the group selected CFO or listed companies ERP financial system or private holding, financial companies significantly reduce the level of cash holdings of listed companies. The ERP system of financial information of listed companies to enhance the company's cash management Levels, raising their cash holdings, and the group's selected CFO may be able to cut cash holdings through financial companies and ERP to reduce the level of cash holding of its holding listed companies.

【作者单位】：云南财经大学MBA教育学院;
【基金】：教育部人文社科基金(09XJA630007) 云南省社科基金(QN2009021) 云南省自然基金(2008CD114;2011FZ145)的阶段性成果
【分类号】：F275;F224;F832.51
【正文快照】： 一、引言近年来大量的文献对上市公司现金持有进行了研究,然而中国上市公司大量被企业集团控股,企业集团是中国公司群重要的组织形式,集团内部资本市场的效率、集团及其控股上市子公司间的代理问题已成为国内外学术界的一个重要研究领域。集团控股上市公司现金持有水平必然受

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