大股东控制与现金持有量关系的经验研究——基于融资约束背景  

Empirical Research of Big Shareholder Control and Cash Holdings's Relation——Based on the Background of Financing Constraints

作　　者：姜毅[1] 

机构地区：[1]东北财经大学津桥商学院,辽宁大连116023

出　　处：《山西财经大学学报》2012年第5期106-114,共9页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金项目"上市公司如何选择并购对价与融资方式--基于嵌套结构的经验研究"(71172120);辽宁社会科学规划基金项目"辽宁省上市公司大股东控制下的现金持有问题研究"(L11DGL021);辽宁省高等教育学会"十二五"高等教育科研课题"高等学校预算管理体系研究"(GHYB110116)

摘　　要：以2006~2010年沪深两市的上市公司为样本,在控制了行业因素、年度因素和相关财务变量的基础上,基于融资约束的视角,对大股东行为与上市公司现金持有量的关系进行了实证检验。研究发现,第一大股东持股比例在＂30%＂点与现金持有量呈显著的倒U型关系,在融资约束企业这种关系更加显著,而在非融资约束企业则不明显;融资约束企业的第一大股东性质为国有时会增加现金持有量,非融资约束企业则不存在这种关系。In this article, the author takesShanghai and Shenzhen＇s listed companies as a sample from 2006 to 2010, after con- troling the industry factors, the annual factors and financial variables, and the paper makes a research on the relation of the behavior of the largest shareholder and the listed company＇s cash holdings based on the perspective of financing constraints. The results find that the proportion of the largest shareholders in the 30% point and the cash holdings has ＂inverted U＂ relationship, which is more sig- nificant in financing constraints eorporates, non-financing constraints eorporates arenot significant. When the largest shareholder＇s corporate nature is state-owned in financing constraints corporate, the corporate would increase the cash holdings, but non-financing constraints eorporates have not such relations.

关 键 词：第一大股东持股比例 融资约束 现金持有量 

分 类 号：F23[经济管理—会计学]