终极控制人、多元化战略与现金持有水平

发布时间：2018-03-22 12:17

本文选题：现金持有水平　切入点：多元化战略　出处：《管理世界》2012年07期 　论文类型：期刊论文

【摘要】：本文从多元化战略这一新的视角,对现金持有水平的影响因素进行了研究,并在此基础上进一步考察了多元化战略对现金持有水平的这种影响是否会因终极控制人特征的不同而有所改变。以2004~2010年我国593家A股上市公司的面板数据为样本,运用固定效应模型进行实证检验发现,多元化程度与现金持有水平显著负相关,这主要因为多元化经营具有分散风险和内部融资的优势,为降低现金持有成本,企业倾向于持有较少现金,多元化经营由此起到了对现金持有水平的优化配置作用。但是,当企业的终极控制人为政府,尤其是地方政府时,由于这类企业受到的外部融资约束较小,通过内部融资获取资金的动力和意愿较弱,所以多元化战略对现金持有水平的优化作用也有所减弱。另外,当终极控股股东与中小股东之间的代理问题较为严重时,在控股股东谋取私利的驱动下,企业的内部资金配置优势得不到充分体现,多元化战略对现金持有水平的优化作用也不太明显。本研究不仅拓展和完善了现金持有研究的理论认识,丰富了相关领域的研究文献,而且对企业优化现金持有水平、提高资金使用效率和企业价值也有一定的借鉴意义。
[Abstract]:This paper studies the influencing factors of cash holding level from the new perspective of diversification strategy. On this basis, the paper further investigates whether the influence of diversification strategy on cash holding level will change with the characteristics of ultimate controller. The panel data of 593 A-share listed companies in China from 2004 to 2010 are taken as samples. It is found that diversification is negatively correlated with cash holding level by using fixed effect model. This is mainly because diversification has the advantages of dispersing risk and internal financing, in order to reduce the cost of cash holding. Enterprises tend to hold less cash, and diversification plays an important role in optimizing the level of cash holdings. However, when the ultimate control of the enterprise is the government, especially the local government, Because such enterprises are less constrained by external financing and are less motivated and willing to obtain funds through internal financing, the diversification strategy also weakens the optimization of cash holdings. When the agency problem between the ultimate controlling shareholder and the minority shareholder is serious, driven by the controlling shareholder for private profit, the internal capital allocation advantage of the enterprise can not be fully reflected. This study not only expands and perfects the theoretical understanding of cash holding research, enriches the relevant research literature, but also optimizes the cash holding level of enterprises. Improving the efficiency of the use of funds and enterprise value also has certain reference significance.
【作者单位】：哈尔滨工业大学经济与管理学院会计系;
【基金】：国家自然科学基金重点项目“投资者视角下的战略投资决策与风险管理研究”(项目编号71031003);国家自然科学基金面上项目“我国上市公司治理溢价度量模型研究”(项目编号70972097)的资助
【分类号】：F832.51;F224

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