摘要
本文利用东京证券交易所上市企业作为分析样本,对日本企业股权结构、现金持有、企业价值三者之间的关系进行实证检验。研究结果表明,日本企业经营者与安定投资者(银行股东及关联企业股东)串谋实施内部控制,通过有意识地在企业中积累过多的现金,从而实现他们侵占其他股东利益的目的。本文研究为分析我国企业现金持有决策行为提供了有益的借鉴。
Based on a dataset of Japanese firms listed on the Tokyo Stock Exchange, this paper investigates the relationship among ownership structure, cash holdings and firm value. The results indicate that the managers of Japanese firms collude with stable investors （ bank shareholders and related corporate shareholders ） and build up large amount of cash holdings to consume the interests of minor shareholders. This research sheds light on the importance to analyze the cash holding decisions of Chinese firms.
出处
《中大管理研究》
2006年第2期135-149,共15页
China Management Studies
