股权集中度对现金持有的影响路径——基于大股东占款的中介效应  

The Influence of Ownership Concentration on Cash Holdings——Based on the Intermediary Effect of Large Shareholders' Occupying Funds

作　　者：黄冰冰 马元驹[1] HUANG Bingbing;MA Yuanju(Capital University of Economics and Business,Beijing 100070)

机构地区：[1]首都经济贸易大学会计学院

出　　处：《经济与管理研究》2018年第11期131-144,共14页Research on Economics and Management

基　　金：国家自然科学基金项目"风险导向式企业经营绩效评价体系的构建与应用研究"(71572118)

摘　　要：本文以上市公司1999—2016年面板数据为样本,深入研究股权集中度对现金持有的影响路径。研究发现:(1)股权集中度和现金持有呈倒"U"型关系,大股东占款是股权集中度影响现金持有的中介变量,分为"财务存款"占款和其他应收款占款。(2)股权集中度和"财务存款"占款呈倒"U"型关系。"财务存款"占款增加了上市公司现金持有,是股权集中度影响现金持有的完全中介变量。(3)股权集中度和其他应收款占款呈"U"型关系。其他应收款占款降低了上市公司现金持有,是股权集中度影响现金持有的部分中介变量。基于以上实证结果,本文界定了上市公司在不同股权集中度区间下所面临的大股东占款风险和现金持有风险。Taking the panel data of listed companies from 1999 to 2016 as samples,the internal path of the impact of ownership concentration on cash holdings is studied in depth.The findings are as follows:(1)Ownership concentration and cash holdings show an inverted“U”relationship.Large shareholders occupying funds are intermediary variables that affect the cash holdings by ownership concentration,which are divided into“financial depositss”occupation an other receivables occupation.(2)The ownership concentration and the“financial deposits”occupation show an inverted“U”relationship.The“financial deposits”occupation increases the cash holdings of the listed companies and is the complete intermediary variable of the ownership concentration affecting the cash holdings.(3)There is a“U”relationship between ownership concentration and other receivable occupation.Other receivables occupation decreases cash holdings of listed companies and is the part of the intermediary variables that affects cash holdings.Based on the empirical results,this paper defines the risk of large shareholders occupying funds and cash holding risks facing the listed companies in the range of different ownership concentration.

关 键 词：股权集中度 现金持有 大股东 占款 

分 类 号：F275.1[经济管理—企业管理]