新疆财经
新疆財經
신강재경
Finance & Economics of Xinjiang
2011年
2期
76~80
,共null页
logistic回归 高现金持有 股权收购
logistic迴歸 高現金持有 股權收購
logistic회귀 고현금지유 고권수구
Logistic Regression; High Cash Reserves; Stock Acquisition
本文采用logistic回归分析的方法,对高现金持有与股权收购动因之间的关系进行了研究,研究表明：上市公司的确存在着滥用自由现金流的现象,也就是现金持有量高的公司,会由于存在＂自由现金流＂而增加股权收购次数,以消化掉本应返还给投资者的资金;代理成本越高的公司,管理层与股东之间的利益冲突越严重,这会进一步加剧管理层滥用自由现金流的行为;大规模公司由于自身的某些优势,比小规模公司更有可能进行股权收购活动。
本文採用logistic迴歸分析的方法,對高現金持有與股權收購動因之間的關繫進行瞭研究,研究錶明：上市公司的確存在著濫用自由現金流的現象,也就是現金持有量高的公司,會由于存在＂自由現金流＂而增加股權收購次數,以消化掉本應返還給投資者的資金;代理成本越高的公司,管理層與股東之間的利益遲突越嚴重,這會進一步加劇管理層濫用自由現金流的行為;大規模公司由于自身的某些優勢,比小規模公司更有可能進行股權收購活動。
본문채용logistic회귀분석적방법,대고현금지유여고권수구동인지간적관계진행료연구,연구표명：상시공사적학존재착람용자유현금류적현상,야취시현금지유량고적공사,회유우존재＂자유현금류＂이증가고권수구차수,이소화도본응반환급투자자적자금;대리성본월고적공사,관리층여고동지간적이익충돌월엄중,저회진일보가극관리층람용자유현금류적행위;대규모공사유우자신적모사우세,비소규모공사경유가능진행고권수구활동。
The paper investigates the relationship between high cash reserves and stock acquisition by using logistic model.The findings are that free cash flow is in fact abused in Chinese listed companies with high cash reserves,that is,they are more likely to engage in stock acquisition in order not to pay free cash flow to stockholders;the conflicting interests of management and stockholders are more severe in high agency cost companies,and this prompts the deed that management abuses free cash flow;big companies are more likely to engage in stock acquisition than small companies because of its some advantages.
