治理环境与上市公司现金持有量的关系研究

Study on the Relationship between Governance Environments and Cash Holdings of Listed Companies

研究了治理环境对上市公司现金持有量的影响问题。分别使用樊纲和王小鲁(2006)编制的中国各地区市场化进程数据及其子数据以及世界银行(2007)公布的关于投资环境和政府效率的城市排名来构建各地区治理环境指数,研究发现治理环境与现金持有量成正相关关系。和治理环境好的地区相比,治理环境差的地区,投资者保护水平较弱,上市公司快速地花费现金,导致现金持有量的降低,并且这种正相关关系在非政府控制的上市公司中更为明显。

This study investigates the effect of corporate governance environments on cash holdings. Based on marketization index and its sub-index developed by Fan Gang and Wang Xiaolu （2006） ,and the city rankings of investment climate and government effectiveness published from The Word Bank （2007）, we construct the regional governance environments index. Our study shows there is a positive correlation between the governance environments and cash holdings. Comparing with the better corporate governance environments, the level of investor protection in the poorer corporate governance environments is lower. The listed companies in the poorer governance environments spend cash holdings quickly which will lead to the lower cash holdings, and the positive correlation is obviously higher in the non-government control companies.