公司治理与现金持有量——基于电力行业的实证  

The Governance Mechanism and Cash Holdings——An Empirical Research Based on the Power Industry

作　　者：余兰[1] 

机构地区：[1]广东水利电力职业技术学院

出　　处：《财会通讯（中）》2015年第9期25-27,共3页Communication of Finance and Accounting

摘　　要：本文以我国沪深两市47家电力上市公司2004-2013年数据为研究样本,实证分析企业公司治理与现金持有量之间的关系。结果表明：第一大股东持股比例、国有股比例与现金持有量显著负相关,社会公众股比例与现金持有量显著正相关,管理者持股比例、董事会规模和独立董事比例与现金持有量的相关性不显著。Using the data of 47 listed electric power companies in shanghai and shenzhen stock market from 2004~2013, this article have an study on the relationship between the governance mechanisms and cash holdings of listed companies. The result shows that the first big shareholder's shareholding and the proportion of state-owned shares have significantly negative correlation with the cash holdings, and the social public offerings ratio has significantly positive correlation with the cash holdings, and the manager ownership, board size and the proportion of independent directors has no clear correlation.

关 键 词：电力上市公司 公司治理 现金持有量 

分 类 号：F271[经济管理—企业管理] F406.7[经济管理—国民经济] F426.61