【作者】 孙杰；

【导师】 杨兴全；

【作者基本信息】 石河子大学 ， 会计学， 2007， 硕士

【摘要】 现金持有量是企业经营战略的一项重要理财行为,不但关系着企业日常交易和经营活动,而且还关系到企业其他财务决策,如投资,融资,股利决策等。此外企业现金持有水平还与公司治理状况紧密相连。西方学者针对企业现金持有量从不同角度进行了大量研究和探索,并提出了现金持有影响因素的静态权衡理论、信息不对称理论、代理理论以及其他解释现金持有的理论。20世纪90年代以来,西方学术界对该领域的实证研究文献开始大量涌现,现金持有量的决定因素快速扩容。国外对现金持有影响因素的理论和实证研究表明企业的成长机会、企业规模、现金股利、现金流量的变动性、财务杠杆、管理层持股等对现金持有量有重要的影响。相比国外学者的大量理论和实证研究,我国在这方面的研究才刚开始。本文在系统回顾西方学者研究企业现金持有量影响因素经验文献的基础之,结合我国具体的经济制度特点,将影响我国上市公司现金持有的因素分为公司特质因素、公司治理特征因素、产品市场竞争因素三大类。选取我国沪深两市2000-2005年892家上市公司5352个样本数据,通过单变量T检验、多元回归检验分析我国上市公司现金持有量的影响因素。研究结果显示,公司特质因素对现金持有量影响显著:财务杠杆、现金替代、银行负债与现金持有量显著负相关;现金流量、增长机会、股利分配与现金持有显著正相关。在公司治理特征因素对现金持有量的影响方面,本文发现:①股权结构上,国有股与现金持有量显著负相关,法人股、流通股与现金持有显著正相关,经营者持股与现金持有正相关,但影响不显著;②在股权集中度上,控股股东与企业的现金持有量负相关,但不具有显著性。控股股东性质对现金持有也没有显著影响。③反映董事会特征的董事会规模、独立董事比例、领导权结构对现金持有没有显著影响。④在股东法律保护程度上,股东保护程度与现金持有量显著负相关。在市场环境上,那些置身于激烈产品市场竞争之中的企业往往会持有较充裕的现金储备,而产品市场竞争程度低,收益稳定的上市公司持有的现金水平相对较少。更多还原

【Abstract】 Cash holdings is an important finance behavior and management strategy of corporate, which not only relating to the enterprise daily transaction and management, but also relates the enterprise’s other finance decision-making, like investment, financing, dividend distribution and so on. In addition, cash holdings has also close relation to corporate governance. Western scholar had started their cash holdings research from the different point of view,and presents some cash holdings theory ,including static tradeoff theory , asymmetry information theory , agency cost theory and financing hierarchy theory. In West Country, many experiential research on corporate cash holdings have becoming more and more from 1990, and the determinants of firm cash holdings has increased rapidly. In empirical study,they found evidence that corporate characteristics, such as cash flow,debt structure,bank debt,growth opportunities etc, have an large impact on cash holdings.This Paper divides the determinants of corporate cash holdings into corporate characteristics factors、governance characteristics factors and market environment factors investigates the empirical determinants of corporate cash holdings basing a sample of 892 firms public trade in china stock during the 2000-2005 Period.The results reveal that leverage, cash substitutes, bank debt, have a significant negative correlation with the corporation cash holdings; Cash flow, growth opportunity, providing cash dividend have a significant positive correlation. In terms of governance characteristics,this paper observes that they have an important effect on cash holdings. Firstly,State share has a significant negative impact on cash holding; Legal Person share, A share has positive correlation. Secondly ,controlling shareholder and the ownership of first shareholder has negative impact on cash holdings, but not statistically significant; Thirdly, board characteristics including board size, independent director ratio do not have a significant effect on cash holdings. Finally, share Protection has an negative effect on cash holding. In terms of market environment, firms which face drastically competitive in output market would hold more cash than the firms facing no competitive.更多还原