股权分置改革对上市公司现金使用的影响研究  

The Influence of Split Share Structure Reform on Firms' Use of Cash

作　　者：薛健[1] 窦超[1] 

机构地区：[1]清华大学经济管理学院会计系

出　　处：《投资研究》2016年第8期38-59,共22页Review of Investment Studies

基　　金：国家自然科学基金委的项目资助(项目批准号71322201和71272025)

摘　　要：本文利用2001-2013年间A股上市公司的数据,通过股改这一事件从四个方面检验了大股东代理问题对企业现金使用状况的影响。实证结果表明,股改后企业的现金分红水平显著下降,运用现金偿还债务的力度有所加大,与此同时上市公司的投资支出更为有效,盲目并购的行为有所减少,进一步的研究也表明企业运用现金进行投资的回报率显著上升。以上结果均表明,企业内部代理问题的缓解能有效约束大股东掏空企业的行为,并提升企业的资金使用效率。We use the data of listed companies in China during 2001 and 2013 to test the relation between the split share structure reform and firms＇ use of cash. Our results show that after the reform,cash dividend drops significantly,and more cash is paid to reduce firms＇ liabilities. Moreover,firms use cash to do investment more efficiently and bad mergers are reduced too.Further tests indicate that the return of cash investment increases significantly. Overall,our results show that after the share reform,the agency problem could be remitted in a large scale so that firms could improve their cash using more efficiently.

关 键 词：股改 现金使用 效率 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]