股权结构、股东保护与上市公司现金持有量

Equity Ownership Structure, Shareholder Protection and Corporate Cash Holdings

我国上市公司的治理结构一直是各方关注的焦点,尤其是股权结构、中小股东保护等问题。本文选取了2000年上市公司样本991个,定义了基于股权结构的股东保护变量,并在此基础上研究了股东保护与现金持有量之间的关系。研究结果表明,上市公司现金持有量差异较大,并且在股东保护较好的情况下,现金持有量相对较小,二者之间呈现负相关的关系。由于影响现金持有量的因素较多,我们选取了相当数量的影响因素作为控制变量,检验在其进入模型的情况下,对股东保护与现金持有量之间关系的影响;结果表明,股权结构影响下的股东保护与现金持有量具有负的线性相关性。

Corporate govemance of listed companies is an important issue that many people have focused on for a long time, especially on equity ownership structure, minority shareholders protection and so on. For a sample of 991 firms from capital market in year 2000, we define the concept of shareholder protection according to equity ownership structure and study its relationship to the cash holdings. We find that cash holdings are different from each other, and on condition that shareholders' rights are comparatively well protected, cash holdings are smaller. When we further take into account control variables and other influential factors, the relationship does not change. In our conclusion, shareholder protection according to ownership structure has negative linear relationship to corporate cash holdings.