CAJ | 학술논문

本文以北京市上市公司为样本，收集了2005—2011年样本公司的有关治理结构和财务数据，采用描述统计方法、独立样本t检验和回归方法，分析研究了控制和不控制财务变量情况下主要治理结构因素对上市公司货币资金留存比率的影响。分析结果印证了本文的主要假设，即具有较好治理结构的上市公司能够有效地降低货币资金留存比率。在此基础上，本文对如何通过进一步完善北京市上市公司治理结构来降低货币资金留存比率、提高货币资金使用效率的相关问题进行了探讨。
본문이북경시상시공사위양본，수집료2005—2011년양본공사적유관치리결구화재무수거，채용묘술통계방법、독립양본t검험화회귀방법，분석연구료공제화불공제재무변량정황하주요치리결구인소대상시공사화폐자금류존비솔적영향。분석결과인증료본문적주요가설，즉구유교호치리결구적상시공사능구유효지강저화폐자금류존비솔。재차기출상，본문대여하통과진일보완선북경시상시공사치리결구래강저화폐자금류존비솔、제고화폐자금사용효솔적상관문제진행료탐토。
This paper applies descriptive statistics, independent-samples T-Test, and regression methods to analyze the influence of main corporate governance structural factors on cash retention ratio, under the situations that financial variables are controlled and non-controlled respectively. The samples collected cover the corporate governance structural and financial data of listed companies in Beijing, with a time span from 2005 to 2011. The empirical result is in accordance with the assumption that a better corporate governance structure result in a lower cash retention ratio. Furthermore, this paper discusses and proposes measures to improve corporate governance structure in order to lower the cash retention ratio, and to raise cash efficiency.