CAJ | 학술논문

中国上市公司高额现金持有现象十分突出，本文基于控股股东侵占与中小投资者法律保护视角对这一问题进行了系统研究。通过利用2004—2008年上市公司数据，采用面板数据方法中的固定效应模型，本文研究表明：代表控股股东侵占的控股股东控制权与现金流权分离度越大，公司现金持有比例越高，而在投资者法律保护好的情况下，分离度对现金持有比例的影响减小。进一步研究表明，两权分离度对现金持有的市场价值产生显著为负的影响，投资者法律保护则产生正向影响。本文的研究从公司治理角度揭示了中国企业高额现金持有现象产生机制及市场影响，并从现金持有角度进一步揭示了控股股东侵占行为。
중국상시공사고액현금지유현상십분돌출，본문기우공고고동침점여중소투자자법률보호시각대저일문제진행료계통연구。통과이용2004—2008년상시공사수거，채용면판수거방법중적고정효응모형，본문연구표명：대표공고고동침점적공고고동공제권여현금류권분리도월대，공사현금지유비례월고，이재투자자법률보호호적정황하，분리도대현금지유비례적영향감소。진일보연구표명，량권분리도대현금지유적시장개치산생현저위부적영향，투자자법률보호칙산생정향영향。본문적연구종공사치리각도게시료중국기업고액현금지유현상산생궤제급시장영향，병종현금지유각도진일보게시료공고고동침점행위。
The phenomena of high - level cash holding are popular in Chinese listed companies. This paper analyzes such a problem based on the perspective of controlling shareholders＇ expropriation and legal protection. Using the data of 2004 - 2008, through the methodology of fixed effect of panel data, this paper shows that the bigger is the separation ratio between control right and cash flow right, the more is the cash holding; When the investor legal protection is good, the impact of deviation ratio to cash holding decreases. Further research shows that the separation ratio between control right and cash flow right has significant negative effect to the value of cash holding, while investor legal protection has positive effect to the value of cash holding, although not significant. This paper＇ s research further explains the mechanism of cash holding and value impact from the perspective of corporate governance, and also provides new evidences of controlling shareholder＇ s expropriation from the perspective of cash holding.