外资持股、信息环境与现金持有价值  

Foreign Ownership,Information Environment and the Valuation of Cash Holdings

作　　者：孙刚[1] 

机构地区：[1]上海财经大学会计学院,上海200439

出　　处：《上海金融》2011年第2期29-36,共8页Shanghai Finance

基　　金：2010年度国家自然科学基金面上项目(批准号:70972060);2010年度浙江省教育厅科研项目(批准号:Y201010040);2009-2011年度浙江省高等学校优秀青年教师资助计划(浙教办高科((2009)164号)

摘　　要：借鉴Faulkender and Wang(2006)和Dittar and Mahrt Smith(2007)提出的衡量现金持有价值的方法,采用固定效应回归模型,系统检验了2001-2006年我国A股、AB股和AH股上市企业的资金效率差异。实证检验发现,在资本市场分割和双重信息披露的作用下,有外资持股的AH股和AB股企业在统计和经济意义上表现出显著高于A股企业的资金效率。并且由于AH股企业面临着比AB股更为严厉的证券监管和法律保护实施,使得AH股的资金效率要较之AB股企业更高。外资持股企业的资金效率优势在样本区间的早期表现更加显著。研究表明,资本市场的投资者法律保护实施和信息披露环境完善对提高企业的资金效率发挥了重要的公司治理作用。Base on the Faulkender and Wang（2006） and Dittar and Mahrt Smith（2007） methods of measuring the valuation of cash holdings, utilizing fixed effects regression model, the paper examines the differences in the marginal valuation of cash holdings among A-share, AB-share and AH-share firms within sample years between 2001-2006. The findings indicate that the valuation of cash holdings in AH-share and AB-share firms is higher than that in A- share firms statistically and economically. Further, the valuation of cash holdings in AH-share firms is higher than that in AB-share firms, considering the stricter securities regulation and legal protection in AH-share firms. Moreover, the above findings are more significant in the early period of sample year between 2001-2003. The findings convince us the enforcement of investors legal protection and the improvement of information disclosure environment exerts important corporate governance mechanism in enhancing the efficiency of cash holdings.

关 键 词：外资持股 信息环境 公司治理 现金持有价值 

分 类 号：F830[经济管理—金融学]