公司治理水平、现金持有量与公司价值

发布时间：2018-04-21 06:03

本文选题：公司治理 + 现金持有量　；参考：《西南财经大学》2014年硕士论文

【摘要】：现金持有决策,一直以来都是公司财务领域的核心问题,“现金为王”更是财务经理们的金科玉律。尤其是2008年美国次贷危机转变成全球金融危机之后,各界都普遍关注和重视现金持有问题。公司持有足额现金,不仅可以满足其经营和投资活动的需要,快速有效实施公司的发展战略,避免因外部筹资而支付高额成本,又可通过发放现金股利的方式传达公司运转状况良好的信号。国外雷曼兄弟的破产,克莱斯勒公司等美国汽车业巨头的财务危机,均说明了现金资产的重要性。然而,我们会提出疑问：公司持有现金资产是否越多越好呢?信息不对称理论和融资优序理论都分析认为公司持有现金会增加公司价值。而且在现实生活中,阿里巴巴仅2009年上半年仅半年时间就现金流增长40%,万科总裁郁亮更是公开场合表示坚持“现金为王”。这些事例都在无声地支持着这一观点：现金越多越好。然而,人们只看到了现金流动强的特性,却忽略了另外一个特点：其收益最低。公司拥有过多的闲置资金反而会增加了其机会成本。并且代理成本理论与自由现金流假说也解释道管理层为牟取私利也可能持有更多的现金,从而损害公司价值。这就难怪布雷利和迈尔斯(1996)会提出,财务领域尚未解决的十大难题之一就是决定公司现金持有量的多少。在二十世纪九十年代,学者们就开始研究现金持有决策问题。根据已有文献,有关现金持有的文献是相当多的,而且主要研究了现金持有量的影响因素及其经济后果等。然而,该领域的研究结论仍未达成统一。首先是现金持有量的影响因素的确定。学者们从各个方面验证了影响现金持有量的因素,但影响关系并不一致。其次是对现金持有量的经济后果影响。学者迈克森等(2003)实证得出现金持有量越多的公司,其经营业绩越好,而斯奇维特勒等(2004)的结果恰恰相反。到底公司持有现金是好是坏?对公司价值有什么样的影响?再者,现金流动性强的特点也决定了其能够被自由处置和随意侵占。所有权与经营权的分离产生代理问题,管理层与公司股东利益不一致,更有可能操控现金,公司治理机制的影响也就摆在了突出位置。与当前研究关注公司现金持有量的影响因素及其经济后果不同,从公司微观制度特征角度出发研究公司治理水平对现金持有量与公司价值关系的影响文献偏少。基于此,本文将公司治理水平、现金持有量与公司价值纳入一个框架内,依托我国特殊的制度背景,选取上市公司相关数据为样本,在运用主成分分析法计算出公司综合治理水平的基础上,对以下三个问题采用理论分析和实证研究相结合的方式进行研究：(1)公司治理水平怎么影响现金持有量；(2)现金持有量如何影响公司价值；(3)公司治理水平对现金持有量与公司价值之间的关系是否有影响。期望以此能为学术界和实务界提供一些粗浅的依据和借鉴。本文内容主要包括以下六章：第一章,导论。根据本文的研究背景简要阐明其研究意义,其次介绍了本文的主要内容、框架安排及研究方法,最后阐述了本文贡献。第二章,文献综述。从相关现金持有量的文献入手,分为现金持有量的影响因素、现金持有量与其经济后果、公司治理与公司价值关系这三部分来进行归纳综述,指明本文研究重点。第三章,理论分析。首先是对本文相关基础理论进行梳理；其次界定公司治理水平、现金持有量和公司价值；最后,基于以上论述,从理论角度解释公司治理水平、现金持有量与公司价值的关系,奠定本文的理论基石。第四章,研究设计。首先依据国内外文献和理论分析,提出本文研究假设。其次是说明样本的选取原则和变量的定义,并构建公司治理水平与现金持有量模型和现金持有量与公司价值关系模型,用以检验本文提出的研究假设。第五章,实证分析。首先根据第三章的理论分析确定样本公司的公司综合治理水平。其次是对样本数据进行描述性统计。其中详细描述了上市公司现金持有量的现状。通过按全行业和分行业对我国上市公司现金持有量进行描述性统计分析,以期更全面认识了解现金持有现状。然后针对第四章提出的研究假设,利用模型进行实证检验,最后系统分析回归结果。第六章,研究结论及政策建议。根据实证分析得出本文研究结论,从中获取关于我国上市公司治理的启示,从现金持有量的角度出发,给出完善相关公司治理的有利建议,同时也指出本文研究存在的局限。通过实证研究,文章得出的主要结论有：第一,本文在借鉴国内外文献和南开大学公司治理评价体系的基础上,选取了股权结构、股权集中度、董事会和监事会、经理层和股东大会五个维度共十六个变量,利用主成分分析法计算出样本公司的公司综合治理水平。在经过以均值为划分点分为两组进行分析之后,从中得出研究结论：我国上市公司公司综合治理水平不仅总体水平偏低,并且个体之间差异很大。第二,公司治理水平与现金持有量显著地正相关。好的公司治理水平能发挥其制度约束职能,有效地解决或缓解代理成本问题,防止管理层的自利行为,从而持有更多现金量更能帮助公司应对经营和投资过程中所面临的困境。而当公司治理水平较差时,公司持有现金可能就为管理层追求私利提供了便利渠道,并且现金又是流动性最强的资产,管理层更容易进行操控。第三,现金持有量与公司价值呈非线性关系,即倒U型关系。在现金缺乏的情况下,信息不对称带来了较高的外部融资成本,融资优序又使得上市公司优先选择内源融资,以高额现金的方式及时把握有利机会,帮助其提升公司价值；而随着现金持有量逐渐增多,代理问题的出现又容易出现管理层为了追求私利做出有损公司价值的行为。第四,公司治理水平对现金持有量与公司价值之间的关系有显著影响。目前我国所处经济改革时期,信息的不对称致使外部融资相对困难,较高的现金持有量能够提高公司对有利机会的把握,从而提升公司价值。而且良好的公司治理水平能够有效解决或缓解代理成本问题,使得公司现金持有量不再是管理层们寻求私利的“温床”,真正能够为公司创造价值。本文的研究贡献主要体现在以下几个方面：首先,本文从整体评价得出的公司治理水平入手研究公司治理对现金持有量与公司价值的影响作用,以新的切入点强调了公司治理制度的重要性。关于公司治理水平对现金持有量与公司价值的关系影响结论,国内的现有研究大多数着手于现金持有量的影响因素及其经济后果,而本文则跳出这个圈子,从公司微观制度特性出发,将三者纳入一个研究框架,研究公司治理水平对现金持有量与公司价值关系的影响作用。其次,研究内容的创新。本文运用主成分分析法计算得出公司综合治理水平,以此来支持本文后续的实证研究。同时本文将在检验得出现金持有量与公司价值的非线性关系基础上研究公司治理水平的影响作用,而现有文献仅通过现金持有量与公司价值的线性关系来研究公司治理因素的影响。
[Abstract]:Cash held decision - making has always been a core issue in the financial sector of the company , and " cash is the king " is the golden rule of the financial managers . In particular , the financial crisis of the American auto giant , such as the bankruptcy of Lehman Brothers , Chrysler and other American automobile giants , has shown the importance of cash assets . However , it is no wonder that the company has too many idle funds to hold cash . But it is no wonder that the company has too many idle funds to hold cash . It is no wonder that the company has too many idle funds to hold more cash . It is no wonder that Mr . Breiley and Miles ( 1996 ) suggest that one of the ten biggest challenges that have not yet been resolved in the financial field is to determine how much cash holdings are held by the company .

In the 1990s , scholars began to study the decision - making problem of cash holdings . According to the existing literatures , the literatures about cash holdings were quite different , and the influence factors of cash holdings were studied .

On the basis of this , this paper takes the corporate governance level , the amount of cash holdings and the value of the company into a framework , relying on the special system background of our country , selecting the relevant data of the listed company as a sample , and using the principal component analysis method to calculate the comprehensive corporate governance level , and then study the following three problems : ( 1 ) how the corporate governance level affects the cash holdings ;
( 2 ) How cash holdings affect the company ' s value ;
( 3 ) Whether the level of corporate governance has an impact on the relationship between the amount of cash holdings and the company ' s value . It is hoped that this will provide some superficial basis and reference for the academic and practical circles .

This article mainly includes the following six chapters :

Chapter One , Introduction . According to the research background of this paper , the significance of the research is briefly stated . Secondly , the main contents , frame arrangement and research methods of this paper are introduced . Finally , the contribution of this paper is expounded .

Chapter 2 , the literature review , starts with the relevant cash holdings , is divided into the influence factors of cash holdings , cash holdings and their economic consequences , corporate governance and the company ' s value relationship .

In the third chapter , the basic theory of this paper is first reviewed .
Secondly , it defines corporate governance level , cash holdings and corporate value ;
Finally , based on the above discussion , the relationship between corporate governance level , cash holdings and corporate value is explained from the perspective of theory , which lays the theoretical foundation for this paper .

In chapter 4 , the research design is presented . Firstly , according to the domestic and foreign literature and theory analysis , this paper presents the hypothesis of this paper . Secondly , the definition of the selection principle and variable of the sample is explained , and the model of corporate governance level and cash holdings model and cash holdings and the relationship model of cash holdings and company ' s value are constructed to test the research hypothesis proposed in this paper .

Chapter five , empirical analysis . Firstly , according to the theoretical analysis of chapter three , the paper determines the comprehensive corporate governance level of the sample company . Secondly , it describes the present situation of the cash holdings of listed companies .

Chapter 6 , research conclusion and policy suggestion . Based on the empirical analysis , the conclusion of this paper is drawn . From the point of view of cash holdings , this paper gives some suggestions for improving the governance of listed companies , and also points out the limitations of this paper .

Through empirical research , the main conclusions are as follows :

First , based on the domestic and foreign literatures and the corporate governance evaluation system of Nankai University , we have selected 16 variables in five dimensions : equity structure , equity concentration , board of directors and board of supervisors , manager level and shareholders ' meeting .

Second , the level of corporate governance is positively related to the amount of cash holdings . Good corporate governance can play its institutional constraints , effectively address or mitigate agent costs and prevent management ' s self - profit behavior , thus holding more cash to help companies cope with the difficulties they face in their operations and investment . When corporate governance is poor , the company ' s cash holdings may provide convenient channels for management to pursue private profits , and cash is the strongest asset for management , and management is easier to manipulate .

Third , the amount of cash holdings is non - linear with the value of the company , that is , the inverted U - type relationship . In the absence of cash , the information asymmetry brings higher external financing cost , and the financing optimal order makes the listed company preferentially select the inner source financing , and can seize the favorable opportunity in a timely manner with high cash , and help it to improve the value of the company ;
With the increasing amount of cash holdings , the emergence of the agency problem is easy to see the behavior of management in order to pursue private profits .

Fourthly , the level of corporate governance has a significant impact on the relationship between cash holdings and corporate value . At present , the asymmetry of information leads to the relative difficulty of external financing .

The research contributions of this paper are mainly embodied in the following aspects :

First , this paper starts with the corporate governance level from the overall evaluation to study the effect of corporate governance on cash holdings and corporate value , and emphasizes the importance of corporate governance .

Secondly , the paper uses the principal component analysis method to calculate the comprehensive corporate governance level to support the follow - up empirical research . At the same time , we will study the effect of corporate governance on the basis of the nonlinear relation between the cash holdings and the company value , and the existing literature studies the influence of corporate governance factors only through the linear relationship between cash holdings and company value .

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F275;F224

【参考文献】