【作者】 王思宏；

【导师】 潘爱玲；

【作者基本信息】 山东大学 ， 会计学， 2008， 硕士

【摘要】 随着我国证券市场的快速发展,上市公司数量逐年增多,规模逐年扩大,结构不断优化,运作也不断规范。与非上市公司相比,上市公司具有业绩好、规模大、筹资和扩张能力强等优势,已经成为现代市场经济中最具活力和发展潜力的企业组织。虽然上市公司有着巨大筹资和扩张能力优势,但是目前许多上市公司往往倾向于持有高额现金。理论和实证研究还没有对这一现象给出比较统一解释。本文实证研究采用了实证研究和规范研究相结合的方法,在前人研究的基础上,先从理论上寻找造成我国上市公司高额持有现金的原因并据此确定实证研究中的变量,选用合理的数学方法,构建模型,得出影响我国上市公司高额现金持有的因素,然后在此基础上研究公司高额现金持有和公司业绩的关系。研究结果表明:影响我国上市公司现金持有的因素主要有流动负债占总负债比、固定资产占总资产的比、资本支出率、是否发放现金股利、法人股持股比例、管理层持股比例和前三大股东持股比例。近年来我国上市公司中有大量的公司高额持有现金,我国高额现金持有公司占总上市公司总数80%左右,高额持有现金现象严重,并且高额现金持有公司在总上市公司的比重有上升的趋势。但从高额持有现金公司的业绩与非高额现金持有公司的业绩上看除了2003年高额持有现金与公司业绩之间存在相关性外,其他五年的数据分析结果表明高额现金持有与公司业绩不存在相关性。本文有三个方面的创新:第一,选题新颖。我国关于现金持有领域的实证研究到目前为止还比较少;第二,研究角度新。本文现金持有考虑行业因素的影响,是以前研究不曾有的;第三,样本大,变量多。研究模型选择了1084个样本公司6年的数据对21个变量进行模型构建。更多还原

【Abstract】 Along with the our country stock market fast development, the number of listed company increase, the scale expands, the structure unceasingly optimizes, the operation is unceasingly standard year by year.Compare with unlisted company, the listed company have good achievement, big scale, stronge ability expansion and so on. Listed company becomes the most active and the most developmental prospects in the modern market. Compares with other companies, listed company have financing adventage. But many listed company favor in holding the high cash.At present, the theory and empirical research has not produced the quite unified explanation to this phenomenon.This article bases on previous reseach to seek the theoretical reason of holding excess cash, definite variable and Constructs the model. Through the model we can discover the reason of holding excess cash in listed company.In this foundation research the relations of holding excess cash and company achievement. The article has used the method of the fundamental research and empirical research.The findings indicated that, the reasons of holding excess cash are the proportion of the current liability occupies all debt, the fixed asset accounts for the total property, the capital outlay rate, whether provides the cash dividend, legal person holds the stock proportion, the management level holds the stock proportion and the first three major stockholders holds the stock proportion. In recent years the massive companies hold excess cash, the level of holding cash is about 80 percent.This kind of phenomenon is serious, and also has the rise the tendency.From the relation of cash holding and company achievment, there is the relation in 2003,but in other 5 years it do not have this relation.This article has three Innovation aspects: First, the selected topic is novel. Related research quite few in our country. Second, the research point is new. In this article cash holding considerate profession, the enterprise scale and the many other factors influence. Third, reseach sample is big, the variable are many. The research model, which uses more than 20 variables to construct, chose 1,084 samples companies and six years’ data to reseach.更多还原