东北财经大学学报
東北財經大學學報
동북재경대학학보
Journal of Dongbei University of Finance and Economics
2013年
1期
57~64
,共null页
第一大股东持股比例 第一大股东性质 现金持有量 企业价值
第一大股東持股比例 第一大股東性質 現金持有量 企業價值
제일대고동지고비례 제일대고동성질 현금지유량 기업개치
：the largest shareholder＇s ratio of shareholding;the largest shareholder＇s nature;cash holdings;firm value
本文以沪深两市2005-2010年391家上市公司为样本，检验了大股东控制对中国上市公司现金持有价值的影响。研究发现，第一大股东持股比例与企业价值间是一种近似U型的非线性关系，第一大股东持股比例的临界点为45％。将第一大股东持股比例与现金持有量的交互项引入模型，回归发现，当第一大股东持股比例小于45％时，交互项的系数显著为负，大股东控制的壕沟效应占主导；当第一大股东持股比例超过45％时，交互项的回归结果不显著。没有证据表明第一大股东性质会对企业价值发挥显著影响。
本文以滬深兩市2005-2010年391傢上市公司為樣本，檢驗瞭大股東控製對中國上市公司現金持有價值的影響。研究髮現，第一大股東持股比例與企業價值間是一種近似U型的非線性關繫，第一大股東持股比例的臨界點為45％。將第一大股東持股比例與現金持有量的交互項引入模型，迴歸髮現，噹第一大股東持股比例小于45％時，交互項的繫數顯著為負，大股東控製的壕溝效應佔主導；噹第一大股東持股比例超過45％時，交互項的迴歸結果不顯著。沒有證據錶明第一大股東性質會對企業價值髮揮顯著影響。
본문이호심량시2005-2010년391가상시공사위양본，검험료대고동공제대중국상시공사현금지유개치적영향。연구발현，제일대고동지고비례여기업개치간시일충근사U형적비선성관계，제일대고동지고비례적림계점위45％。장제일대고동지고비례여현금지유량적교호항인입모형，회귀발현，당제일대고동지고비례소우45％시，교호항적계수현저위부，대고동공제적호구효응점주도；당제일대고동지고비례초과45％시，교호항적회귀결과불현저。몰유증거표명제일대고동성질회대기업개치발휘현저영향。
This article acted 391 listed companies as samples, which listed on the Shanghai and Shenzhen markets from 2005 to 2010, tested the relation of the big shareholder control and the value of cash holdings. We found a kind of approximate＂ U＂ type of nonlinear relationship between the share ratio of the largest shareholder and the value of firm, the critical point of the share ratio of the largest shareholder of was 45%. We introduced the interactive item between the ratio of the largest shareholder and cash hohlings, regression results showed when the share ratio of the largest shareholder is less than 45% , the coefficient of the interaction was negative, the big shareholder control＇s entrenchment effect was significant; When the share ratio of the largest shareholder was more than 45%, the interactive item＇s regression results was not significant. There was no evidenee to show that the first big shareholder＇s nature would play significant influence on the value of firm.
