上市公司治理结构对货币资金留存比率的影响研究——以北京市上市公司为例  

The Influence of Listed Company Governance Structure on Cash Retained Ratio——Taking Beijing Listed Companies as Examples

作　　者：韩世君[1] 谷泽北[2] 

机构地区：[1]中央财经大学财经研究院 [2]中央财经大学金融学院

出　　处：《财贸经济》2013年第5期54-61,共8页Finance & Trade Economics

摘　　要：本文以北京市上市公司为样本,收集了2005-2011年样本公司的有关治理结构和财务数据,采用描述统计方法、独立样本t检验和回归方法,分析研究了控制和不控制财务变量情况下主要治理结构因素对上市公司货币资金留存比率的影响。分析结果印证了本文的主要假设,即具有较好治理结构的上市公司能够有效地降低货币资金留存比率。在此基础上,本文对如何通过进一步完善北京市上市公司治理结构来降低货币资金留存比率、提高货币资金使用效率的相关问题进行了探讨。This paper applies descriptive statistics, independent-samples T-Test, and regression methods to analyze the influence of main corporate governance structural factors on cash retention ratio, under the situations that financial variables are controlled and non-controlled respectively. The samples collected cover the corporate governance structural and financial data of listed companies in Beijing, with a time span from 2005 to 2011. The empirical result is in accordance with the assumption that a better corporate governance structure result in a lower cash retention ratio. Furthermore, this paper discusses and proposes measures to improve corporate governance structure in order to lower the cash retention ratio, and to raise cash efficiency.

关 键 词：上市公司 治理结构 货币资金 

分 类 号：F275[经济管理—企业管理] F276.6[经济管理—国民经济]