市场化进程、多元化经营与公司现金持有  

Marketization,Diversification and Corporate Cash Holdings

作　　者：杨兴全[1] 曾春华[1] 

机构地区：[1]石河子大学经济与管理学院,新疆石河子832000

出　　处：《管理科学》2012年第6期43-54,共12页Journal of Management Science

基　　金：国家自然科学基金(70962005);国家社会科学基金(11XGL002);教育部新世纪优秀人才支持计划(NCET-08-0919);教育部人文社会科学研究项目(09YJA630103;09XJC630014);新疆维吾尔自治区普通高校人文社科重点研究基地项目(XJEDU020112A01)~~

摘　　要：公司多元化经营伴生的内部资本市场和代理成本是影响公司现金持有决策的重要因素,转型经济的制度特征是公司实施多元化战略的主要背景。基于中国市场化进程,将多元化经营与公司现金持有问题相结合进行创新研究具有重要的理论价值和应用价值,以2004年至2009年的中国上市公司为样本,基于市场化进程,采用分组分析和多元回归方法,实证检验多元化经营对公司现金持有水平和价值的影响。研究结果表明,上市公司的多元化经营及其程度与公司的现金持有水平和价值显著负相关,市场化进程的推进进一步强化了公司多元化经营程度与现金持有水平和价值的负相关性。研究结论不仅有利于正确认识中国多元化公司的现金持有行为,而且有助于从现金持有水平及其价值的结果判断公司多元化经营的收益和成本以及市场化进程与内部资本市场的相互作用。Internal capital market and agency costs which are accompanied with diversification are the important factors for the company policy of cash holdings. The institution in transitional economy is the main background of diversification. Therefore, based on the marketization in China, the innovative research on the corporate cash holdings combined with diversification has an important theoretical and practical contribution. Based on the sample of listed companies from the year 2004 to the year 2009, by subsample analysis and multivariate regression analysis, this article tested the effects of diversification on the level and value of cash holdings in view of marketization. The results showed that the degree of diversification of listed companies was significantly and negatively correlated with the level and value of cash holdings. And the marketization intensifies the negative relation between the degree of diversification and the level and value of cash holdings. This study not only helps to recognize behaviors of cash holdings of companies that implement diversification, but also helps to evaluate the benefits and costs of diversification according to the level and value of cash holdings. In addition, it helps to realize the interaction between the marketization and the internal capital market.

关 键 词：市场化进程 多元化经营 现金持有水平 现金持有价值 内部资本市场 

分 类 号：F275[经济管理—企业管理]