上市公司股权结构与现金持有水平关系的实证分析  

An Empirical Study on the Relationship between Ownership Structure and Cash Holdings

作　　者：胡国柳[1] 刘宝劲[1] 马庆仁[1] 

机构地区：[1]西南财经大学博士后流动站,四川成都610074

出　　处：《财经理论与实践》2006年第4期39-44,共6页The Theory and Practice of Finance and Economics

基　　金：国家社科基金资助项目(03BJY019);海南省教育厅高校科研资助项目(Hjsk200512);海南大学科研基金资助项目(Kyjj0405)

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。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.

关 键 词：股权结构 公司治理 现金持有 

分 类 号：F830.91[经济管理—金融学]