多个大股东与企业现金持有  

Multiple Large Shareholders and Corporate Cash Holding

作　　者：郑鹏 ZHENG Peng(School of Economics and Management,Zhejiang University of Science and Technology,Hangzhou,Zhejiang 310023)

机构地区：[1]浙江科技大学经济与管理学院,浙江杭州310023

出　　处：《管理现代化》2024年第1期42-51,共10页Modernization of Management

基　　金：浙江省哲学社会科学规划青年项目“制造业企业数字化驱动节能降碳的影响机制与实施路径研究”(24NDQN171YBM);广东省基础与应用基础研究基金项目“上市公司实施双重股权制度行为研究:动机、方式和企业绩效”(2021A1515011729)。

摘　　要：以2008-2018年中国A股上市公司为研究样本,实证检验多个大股东对企业现金持有行为的影响效应及作用机理。研究发现,多个大股东并存增加了企业现金持有,这种增加效应主要出于大股东的“预防性动机”和“战略性动机”;而且其影响在民营企业和市场化程度高的地区更加明显。这种“高持现”并非大股东之间“共谋”的结果;相反,多个大股东股权结构通过增加企业现金持有提升了企业价值。因而,上市公司应结合自身企业特点,引入多个大股东并存的治理机制,发挥大股东积极的公司治理作用;同时,保持充足的现金储备,把握市场机遇,在竞争中获取优势地位。Taking Chinese A-share listed companies from 2008 to 2018 as a research sample,we empirically examine the effect and mechanism of multiple large shareholders on corporate cash holding behavior.The study finds that the coexistence of multiple major shareholders in-creases firms'cash holdings,and that this increase is mainly due to the precautionary and stra-tegic motives of the major shareholders;its effect is more pronounced in privately owned firms and in regions with a high degree of marketization.Such"high holdings"are not the result of a"conspiracy"among major shareholders;rather,multiple major shareholders'equity structure enhances firm value by increasing firm cash holdings.As a result,listed companies should con-sider their own corporate characteristics,introduce the governance mechanism of multiple major shareholders coexisting,and play an active corporate governance role of major shareholders;at the same time,they should maintain sufficient cash reserves to seize market opportunities and gain an advantageous position in the competition.

关 键 词：多个大股东 预防性动机 战略性动机 企业价值 

分 类 号：F713.55[经济管理—市场营销]