超额现金持有的上市公司特质研究——对我国制造业上市公司的实证分析  

Characteristics of Excess Cash Holding Companies:An Empirical Analysis on Chinese Listed Companies in Manufacturing Industry

作　　者：干胜道[1] 胡建平[1] 庆艳艳[1] 

机构地区：[1]四川大学工商管理学院,四川成都610064

出　　处：《财贸研究》2008年第6期108-112,共5页Finance and Trade Research

基　　金：国家自然科学基金项目"基于自由现金流量的我国上市公司业绩变化研究"(编号:70672013)

摘　　要：超额持有现金的上市公司具有什么特质呢?以我国制造业329家上市公司2004—2006年的数据为整体样本,通过界定超额现金持有上市公司,将整体样本分成超额现金持有和非超额现金持有两个子样本,从公司治理、财务方面设计变量对两个子样本进行比较分析。实证结果表明,与非超额现金持有公司相比,超额持有现金公司负债比率要低,长期业绩会变差,现金股利支付比率低,而股东保护度和管理费用率不存在显著差异。What are the characteristics of excess cash holding companies？ Using the data of 329 Chinese listed companies in manufacturing industry from 2004 to 2006 as a whole sample and dividing it into two sub-samplesJ-holding excess cash and not-by defining excess cash holding companies, we study the characteristics of the excess cash holding companies from corporate governance and finance. The excess cash holding companies are lower in rate of debt-toasset, rate of cash dividend payment and growth rate of equity than those companies not holding excess cash. And there are no distinct differences in shareholder protection and agency costs.

关 键 词：超额现金持有 公司特质 代理成本 自由现金流量 

分 类 号：F276.6[经济管理—企业管理]