上市公司终极控制特征与现金持有及市场价值

发布时间：2018-08-10 18:00

【摘要】：以我国上市公司2003～2008年的数据为样本,实证检验了上市公司终极控制特征对现金持有水平及其市场价值的影响。研究结果发现:(1)终极控制人性质为国有的上市公司的现金持有比例显著低于民营上市公司;(2)终极控制人性质为国有的上市公司多数不存在控制权与现金流权分离的现象,终极控制特征并不显著影响上市公司的现金持有水平;(3)民营上市公司中普遍存在控制权与现金流权分离的现象,并且分离度越大,公司持有的现金比例越低;(4)在终极控制权与现金流权分离的情况下,提高现金持有水平将降低股票横截面收益,说明终极控制权与现金流权分离降低了上市公司持有的现金的市场价值,但多元回归系数并未通过显著性检验,需待未来做进一步的探讨。研究结果为公司现金持有行为的代理理论提供了证据。
[Abstract]:Taking the data of Chinese listed companies from 2003 to 2008 as a sample, this paper empirically examines the influence of ultimate control characteristics of listed companies on the level of cash holdings and their market value. The results show that: (1) the cash holding ratio of the listed companies with the nature of ultimate controller is significantly lower than that of the private listed companies; (2) most of the listed companies with the nature of the ultimate controller do not have the phenomenon of separation of control and cash flow rights. The ultimate control characteristics do not significantly affect the cash holding level of listed companies; (3) the separation of control rights and cash flow rights is common in private listed companies, and the greater the separation degree is, (4) in the case of the separation of ultimate control and cash flow rights, raising the cash holding level will reduce the cross-sectional return of the stock. It shows that the separation of ultimate control right and cash flow right reduces the market value of cash held by listed companies, but the multiple regression coefficient does not pass the significance test, which needs to be further discussed in the future. The results provide evidence for agency theory of cash holding behavior.
【作者单位】：重庆大学经济与工商管理学院;
【基金】：国家自然科学基金项目(71172082) 中央高校基本科研业务费重点项目(CDJXS11022201)
【分类号】：F275;F832.51;F224

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