中小上市公司治理结构对现金持有量影响研究  

Study on the Effect of Listed Small and Medium-Sized Companies' Governance Structure on Cash Holdings in China

作　　者：吴钊[1] 程克群[1] 张贵友[1] 

机构地区：[1]安徽农业大学

出　　处：《哈尔滨师范大学自然科学学报》2016年第6期20-25,共6页Natural Science Journal of Harbin Normal University

基　　金：安徽省自然科学基金项目(1208085MG122);安徽省教育厅人文社科项目(2011sk717);安徽省领导圈定课题(SLDQDKT16-19F)

摘　　要：以我国中小上市公司2012~2015年的数据作为研究样本,首先对国内外文献进行梳理;再构建固定效应面板数据回归模型进行实证分析,得出股权集中度、董事会规模等与现金持有量负相关,法人股比例、管理者持股比例等与现金持有量正相关的结论;最后,提出加强对中小股东的利益保护等建议.In recent years, China＇s scholars study on the effect of listed companies＇ governance structure on cash holdings has a lot, but the extent and correlation of the effect on cash holdings has not reached a unified conclusion. This paper takes listed small and medium - sized companies in china from 2012 to 2015 as the research sample data, firstly, Combing on the domestic and foreign literatures; then constructs the fixed effect panel data regression model for empirical analysis, the effect of ownership concentration and size of the board of directors etc on cash holdings are negatively correlated, the effect of proportion of corporate shares and management shareholding ratio etc on cash holdings are positive correlation; finally, recommendations of strengthen the protection of the interests of small shareholders etc are given.

关 键 词：中小上市公司 治理结构 现金持有量 面板数据回归模型 实证分析 

分 类 号：F230[经济管理—会计学] F276[经济管理—国民经济]