摘要
本文借鉴Fama和French(1998)经典企业价值回归模型的思想,实证分析了我国上市公司持有现金的市场价值。结果表明,就我国上市公司整体而言,公司持有现金的价值小于账面价值。进一步研究表明,公司持有现金的价值受公司股权性质的影响,公司的国有股权性质降低了公司持有现金的价值。本文从公司持有现金价值的视角进一步说明我国投资者法律保护程度偏低,上市公司中代理问题严重,也为我国上市公司的自由现金流假说与掏空行为提供了证据。
Based on the valuation regressions of Fama and French（ 1998）, this paper investigates the market value of cash holdings of listed corporate in China. We show that market value of cash holdings is less than book value wholly ; furthermore, we show that ownership quality affects the value of cash holdings, and state ownership reduces the market value of cash holdings. This study supports the viewpoints that Chinese investor protection is poor, and agency problem of listed corporate is serious from value of cash holdings, our paper also provides evidence on the free cash flow hypothesis and tunneling in listed corporate of China.
出处
《经济研究》
CSSCI
北大核心
2008年第12期111-123,共13页
Economic Research Journal
基金
国家社会科学基金项目(07CJY012)
国家软科学项目(2006GXQ3D170)
石河子大学自然科学与技术创新项目(ZRKX200738)的资助
关键词
制度背景
股权性质
公司治理
持有现金价值
Institution Background
Ownership Property
Corporate Governance
Value of Cash Holdings
