股权分置改革影响控股股东的现金持有偏好吗?  

Does Split-Share Structure Reform Affect the Cash Preference of Controlling Shareholders?

作　　者：姜英兵[1] 于彬彬[1] 

机构地区：[1]东北财经大学会计学院/中国内部控制研究中心,116025

出　　处：《会计研究》2013年第4期58-65,96,共8页Accounting Research

摘　　要：本文以截至2011年底完成股改并满足一定条件的788家上市公司为研究样本,以2004-2011年为时间窗口,研究了控股股东的现金积累偏好在股改前后的差异。按照股权性质分组的研究结论表明,非国有企业控股股东的现金积累偏好在股改后明显减弱,而国有企业前后没有明显变化。按照股改批次分组研究结论表明,控股股东对公司持现比率的影响在股改后存在明显减弱的证据,证实了股改对控股股东侵占动机的缓解作用。Using a sample of 788 firms which meet certain requirements between 2004 and 2011,this paper investigates if the controlling shareholders' preference for cash has changed after the split-share structure reform.The comparative research between state-owned samples and private ones showed that the preference for cash of controlling shareholders has significantly weakened after the reform in those enterprises owned by private investors,yet no significant change has been found in state-owned enterprises.The comparative research among samples in different stages of the reform shows that the impact of controlling shareholders on cash holding has faded.The final conclusion is that split-share structure reform has relieved the controlling shareholders' expropriation motivation.

关 键 词：公司现金持有 股权分置改革 控股股东 第一大股东持股比例 

分 类 号：F275[经济管理—企业管理] F224[经济管理—国民经济]