【摘要】 从公司治理视角出发,以中国上市公司为样本,对股权结构与企业现金持有决策关系进行了理论与实证分析。结果表明,经理人员持股比例、流通A股比例与企业现金持有水平显著正相关;法人股比例、股权集中度与企业现金持有水平显著负相关;第一大股东持股比例与企业现金持有水平正相关,但不显著;国有股比例与企业现金持有水平负相关,但极不显著。更多还原

【Abstract】 Using a panel data of China’s listed companies,this paper conducts an empirical study about the relationship between ownership structure and corporate cash holdings based on corporate governance.The evidences show that corporate cash holding has significantly positive relation with the proportion of management shareholding and tradable A shares,significantly negative relation with the ownership concentration and the proportion of institutional shares.The empirical evidence also show that the proportion of the first block shareholdings has a positive coefficient,but not statistically significant,and corporate cash holding is negatively correlated with the proportion of state shares,but the relationship is statistically insignificant.更多还原