动态所有权结构与投资-现金敏感性——基于中国上市公司的实证研究  

Dynamic Ownership Structure and Firms' Investment-Cash Holding Sensitivity:Empirical Research Based on Chinese Listed Companies

作　　者：马如飞[1] 熊艳[2] 

机构地区：[1]澳门科技大学商学院,澳门999078 [2]山东财经大学会计学院,山东济南250014

出　　处：《首都经济贸易大学学报》2015年第4期98-106,共9页Journal of Capital University of Economics and Business

摘　　要：利用中国上市公司的数据研究国有企业所有权结构变化与企业投资-现金敏感性之间的关系。研究发现,国有企业所有权结构的转变能有效地降低其投资对现金的敏感性,但这种影响仅在治理环境较差的企业中显著。而在治理环境较好的企业中,国有企业所有权结构的转变并不影响其投资对现金的敏感性。研究结果表明,国有企业较高的投资-现金敏感性主要是由其公司治理的低效率所导致的,这为过度投资假说提供了直接的证据,同时也意味着转变国有企业的所有权结构可以有效地减少其过度投资行为。Using the data from Chinese listed companies, this paper studies the relation between the change of ownership structure of stated-owned firms and investment-cash holding sensitivity. The paper finds that the change of ownership structure of stated-owned firms can reduce the investment-cash holding sensitivity effectively. However, this paper also finds the mentioned effect of change of ownership structure on investment-cash holding sensitivity is only significant in firms with poor corporate governance, and there is no relation between change of ownership struc- ture of stated-owned firms and investment-cash holding sensitivity in finns with better corporate governance. This re- sult indicates that the inefficiency of governance in state-owned firms results in the higher sensitivity of investment of cash holding, which also provides evidence supporting the overinvestment hypothesis. Meanwhile it indicates that the change of ownership structure can reduce the overinvestment of state owned firms.

关 键 词：所有权结构 投资-现金持有敏感性 过度投资 公司治理 

分 类 号：F271.5[经济管理—企业管理]