信息不对称视角下的现金持有量问题研究——基于金融市场微观结构测度的实证检验  

Study of Cash Holding from the Perspective of Information Asymmetry——Empirical Test Based on the Measures of Financial Market Microstructure

作　　者：陈辉[1] 顾乃康[2] 

机构地区：[1]广东金融学院中国金融转型与发展研究中心,广东广州510521 [2]中山大学管理学院,广东广州510275

出　　处：《山西财经大学学报》2012年第7期105-115,共11页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金项目"现金持有量的决定与价值研究"(70772079);教育部人文社会科学研究项目"制度约束下企业融资中的择时行为研究"(07JA630023);广东高校优秀青年创新人才培养计划项目"两类信息不对称与企业的权益融资行为:市场微观结构理论的视角"(wym11092);2011年中央财政专项资金"金融学省级重点学科建设项目"

摘　　要：传统的公司财务理论与实证研究大多仅关注信息不对称对公司融资行为的影响,而甚少关注信息不对称对现金持有的作用。通过发掘现有理论中蕴含的信息不对称与现金持有量之间的理论关系,并结合我国的制度背景,借鉴市场微观结构研究中测度信息不对称程度的方法,可以考察信息不对称程度与现金持有量之间的关系,以及投资者保护程度、终极控制人两权分离度和股权分置改革等对这一关系的影响。研究结果表明,信息不对称程度与现金持有量显著正相关,投资者保护程度越低、两权分离度越高,这一正相关关系就越强,而股权分置改革弱化了这一相关关系。Most of the theoretical and empirical studies of traditional corporate finance only pay attention to the effects of infor- mation asymmetry on financial behavior but pay little attention to the effect of information asymmetry on cash holding. The paper digs the theoretical relationships between information asymmetry and cash holding in the traditional theories. In combination with the insti- tutional background of China, the paper explores the relationships between information asymmetry and cash holding and the effects of investor protection, separation of ownership and control and non-tradable shares reform on these relationships by employing the mea- sure of information asymmetry in financial market mierostructure. The results show that, the relationship between information asymme- try and cash holding is positive; the lower the investor protection and the higher the separation of two rights, the stronger this relation- ship; the non-tradable shares reform weaken this relationship.

关 键 词：现金持有 信息不对称 投资者保护 两权分离度 股权分置改革 

分 类 号：F275[经济管理—企业管理]