CAJ | 학술논문

利用中国上市公司的数据研究国有企业所有权结构变化与企业投资-现金敏感性之间的关系。研究发现,国有企业所有权结构的转变能有效地降低其投资对现金的敏感性,但这种影响仅在治理环境较差的企业中显著。而在治理环境较好的企业中,国有企业所有权结构的转变并不影响其投资对现金的敏感性。研究结果表明,国有企业较高的投资-现金敏感性主要是由其公司治理的低效率所导致的,这为过度投资假说提供了直接的证据,同时也意味着转变国有企业的所有权结构可以有效地减少其过度投资行为。
이용중국상시공사적수거연구국유기업소유권결구변화여기업투자-현금민감성지간적관계。연구발현,국유기업소유권결구적전변능유효지강저기투자대현금적민감성,단저충영향부재치리배경교차적기업중현저。이재치리배경교호적기업중,국유기업소유권결구적전변병불영향기투자대현금적민감성。연구결과표명,국유기업교고적투자-현금민감성주요시유기공사치리적저효솔소도치적,저위과도투자가설제공료직접적증거,동시야의미착전변국유기업적소유권결구가이유효지감소기과도투자행위。
Using the data from Chinese listed companies, this paper studies the relation between the change of ownership structure of stated-owned firms and investment-cash holding sensitivity. The paper finds that the change of ownership structure of stated-owned firms can reduce the investment-cash holding sensitivity effectively. However, this paper also finds the mentioned effect of change of ownership structure on investment-cash holding sensitivity is only significant in firms with poor corporate governance, and there is no relation between change of ownership struc- ture of stated-owned firms and investment-cash holding sensitivity in finns with better corporate governance. This re- sult indicates that the inefficiency of governance in state-owned firms results in the higher sensitivity of investment of cash holding, which also provides evidence supporting the overinvestment hypothesis. Meanwhile it indicates that the change of ownership structure can reduce the overinvestment of state owned firms.