股权结构、不确定性与现金持有异象——经验证据及其解读  

Ownership Structure,Uncertainty and the Anomalies of Cash Holdings:Empirical Evidence and Its Interpretation

作　　者：黄晓波[1] 邓俊秀[1] 胡施羽 

机构地区：[1]湖北大学商学院,湖北武汉430062 [2]广州金发科技股份有限公司财务部,广东广州510663

出　　处：《南京审计大学学报》2017年第1期45-56,共12页Journal of Nanjing Audit University

基　　金：教育部人文社会科学规划基金项目(11YJA790054)

摘　　要：以中国非金融业上市公司为研究对象,对现金持有量及其影响因素进行统计分析和实证检验,结果表明:在中国上市公司中,高额现金持有现象普遍存在;在职消费和代理成本都与现金持有量显著正相关;股权集中度和股权制衡度都与现金持有量之间存在显著的倒"U"型关系;经营活动不确定性和财务活动不确定性都与现金持有量显著负相关;盈利能力与现金持有量显著正相关;负债融资与现金持有量显著负相关。上述研究发现提供了一些现金持有异象的经验证据,说明中国上市公司的制度环境和治理结构具有一定的特殊性。Taking non-financial listed companies in China as the research object,this paper makes a statistical analysis and empirical test on the cash holdings and its influencing factors. The results show that in the listed companies in China,the phenomenon of high cash holdings exists universally. Both on-the-job consumption and agency cost have a significantly positive correlation with cash holdings. Both the degree of ownership concentration and the degree of equity restriction have a significantly inverted＂U＂-shaped relationship with cash holdings. Both the uncertainty of operating activities and the uncertainty of financial activities have a significantly negative correlation with cash holdings. Profitability has a significantly positive impact on cash holdings. Debt financing is negatively related to the cash holdings significantly. The above findings provide some empirical evidence about the anomalies of cash holdings,which shows the particularity of Chinese institutional environment and governance structure of listed companies.

关 键 词：股权结构 股权集中度 股权制衡度 代理成本 现金持有异象 财务杠杆 公司治理结构 流动性偏好 优序融资理论 

分 类 号：F234.4[经济管理—会计学]