投资者保护、大股东持股比例与现金持有量  

Investor Protection,Shareholder Equity Ratio and Cash Holdings

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：《财经理论与实践》2013年第2期58-63,共6页The Theory and Practice of Finance and Economics

基　　金：国家自然科学基金(71172120);辽宁社会科学规划基金(L11DGL021);辽宁省高等教育学会"十二五"高等教育科研课题(GHYB110116)

摘　　要：以2005～2011年沪深两市A股391家上市公司为样本研究投资者保护、大股东持股比例和现金持有量的关系,研究结果表明,大股东持股比例与现金持有量间呈倒"U"型关系。进一步按照投资者保护程度的高低对样本进行分组,研究发现,当大股东持股比例小于48%时,投资者保护程度高的组,大股东持股比例和现金持有量呈显著正相关关系;当大股东持股比例大于48%时,投资者保护程度高的组,大股东持股比例和现金持有量呈显著负相关关系。Based on the data of 391 listed companies from Shanghai and Shenzhen two capital market from 2005 to 2011 as samples,the relationship of investor protection,shareholder equity ratio and cash holdings has been researched.The research results show that there is inverted ＂U＂ type relationship between shareholder equity ratio and cash holdings.Then the samples are divided into 2 groups according to investor protection degree.To the group with high investor protection,when shareholder equity ratio is less than 48%,there is a significant positive correlation between shareholder equity ratio and cash holdings,while there is an obvious negative correlation between shareholder equity ratio and cash holdings when large shareholder＇s share ratio is more than 48%.

关 键 词：投资者保护 大股东持股比例 现金持有量 

分 类 号：F830.91[经济管理—金融学]