上市公司高额持有现金行为的动因研究

【作者】 王栋；

【导师】 车幼梅；

【作者基本信息】 浙江大学 ， 会计学， 2007， 硕士

【摘要】 现金持有量决策是公司财务管理的一项重要内容。现金资产流动性最强，价值最为稳定，当然收益性也最低。持有现金资产，可以用于满足日常生产经营和投资的需求，化解公司财务支付危机，更好的促进公司的发展；可以保证现金股利的连续和足额的发放，给股东传递公司健康发展的信号，以促进股价上扬。但另一方面，由于收益低，持有现金资产，会产生较大的机会成本，丧失将现金投资于其它项目而可以获得的高额收益，这又与实现公司最大化价值，维护股东利益的目标相悖。所以就存在一个现金持有水平的权衡问题。在经济充分发展的现代社会，现金持有决策又受到公司资本结构，盈利能力和治理结构等多方面因素的影响，现金持有水平成为各种因素综合作用的产出函数。本文的目的在于研究高额现金持有公司其持有的动因何在，分析它们的行为是权衡理论的结果还是代理理论的影响，以便为上市公司的现金管理提供科学的指导意见，提高现金的利用效率，防范现金资产侵占行为的发生。本文以我国2003—2005年沪深两地制造业上市公司的数据为研究样本，首先定义了哪些是高额持有现金的公司，将公司样本分成高低两组。然后从公司内部现金积累，外部融资和对现金的操控性等角度进行考虑，设计了影响现金持有水平的相关因素，包括企业规模，盈利能力，公司成长性和股东情况等，通过构建模型找出其与现金持有水平的相关性。之后对高低两组公司样本进行了数据的假设检验，确定出和模型理论预期相符合的变量指标，勾勒出高额现金持有公司的具体特征。由于前人的理论支持，以及模型得出的相关结论，笔者认为这些显着不同于低额现金持有水平公司样本的特征指标很可能可以用来解释公司高额持有现金行为的动因。更多还原

【Abstract】 The dicision of cash holding is pretty much important in corporate financial management. Cash assets have highly liquidity and the most stable value while it generates less income. On one hand, We can meet the need of our daily manufature, operation and investment,decease the probality of payment crisis,and promote the development of company with cash assets; It can make sure that devidend is paid enough and without any interruption, which can pass the active information about company to shareholders and increase the market price of stock.On the other hand, holding cash assets will generate much opportunity cost and lost the revenue of investment on other items.This behavior will do harm to fortune maximization of shareholders.So we need balance the level of cash holding. In the mordern economy society.cash holding is affected by all kinds factors such as capitial structure,profit margin and corporate govermance structure and becomes the output function. We want to find out what are the reasons of high level of cash holding? Agent theory or trade-off theory? So we can provide socientic suggestion for listed companies.The paper is based on listed companies about manufacturing from 2003 to 2005 in Shanghai and Shenzhen in China. We difine what is high level of cash holding, divide the stylebook into two parts, and design the relative factors which may have affect on cash holding. These factors are designed from such angle as cash accumulation, exterior financing, and so on. We try to find out the relatity between these factors and cash holding. Then we compare our theory result with the actual data of stylebook and describe the company character of high level cash holding. We believe these characters may be reasons of such behavior.更多还原