财经理论与实践
財經理論與實踐
재경이론여실천
The Theory and Practice of Finance and Economics
2006年
4期
39~44
,共null页
股权结构 公司治理 现金持有
股權結構 公司治理 現金持有
고권결구 공사치리 현금지유
Ownership Structure; Corporate Governance; Cash Holdings
从公司治理视角出发,以中国上市公司为样本,对股权结构与企业现金持有决策关系进行了理论与实证分析。结果表明,经理人员持股比例、流通A股比例与企业现金持有水平显著正相关;法人股比例、股权集中度与企业现金持有水平显著负相关;第一大股东持股比例与企业现金持有水平正相关,但不显著;国有股比例与企业现金持有水平负相关,但极不显著。
從公司治理視角齣髮,以中國上市公司為樣本,對股權結構與企業現金持有決策關繫進行瞭理論與實證分析。結果錶明,經理人員持股比例、流通A股比例與企業現金持有水平顯著正相關;法人股比例、股權集中度與企業現金持有水平顯著負相關;第一大股東持股比例與企業現金持有水平正相關,但不顯著;國有股比例與企業現金持有水平負相關,但極不顯著。
종공사치리시각출발,이중국상시공사위양본,대고권결구여기업현금지유결책관계진행료이론여실증분석。결과표명,경리인원지고비례、류통A고비례여기업현금지유수평현저정상관;법인고비례、고권집중도여기업현금지유수평현저부상관;제일대고동지고비례여기업현금지유수평정상관,단불현저;국유고비례여기업현금지유수평부상관,단겁불현저。
Using a panel data of China's listed companies, this paper conducts an empirical study about the relationship between ownership structure and corporate cash holdings based on corporate governance. The evidences show that corporate cash holding has significantly positive relation with the proportion of management shareholding and tradable A shares, significantly negative relation with the ownership concentration and the proportion of institutional shares. The empirical evidence also show that the proportion of the first block shareholdings has a positive coefficient, but not statistically significant, and corporate cash holding is negatively correlated with the proportion of state shares, but the relationship is statistically insignificant.