区域市场化进程的差异对我国上市公司现金持有量的影响研究

The Effect of Different Regional Market Development on Corporate Cash Holdings

本文从代理理论出发探讨了我国市场化进程与企业现金持有量之间的理论关系,并进行了实证研究。实证结果表明,我国上市公司的现金持有量与所在各省市的市场化总体进程、产品市场的发育程度、信贷市场的发育程度以及规模呈显著的正相关性,且这个结果不随所采用的统计方法或者样本期间的改变而改变。产生这个结果的根本原因在于各省市的市场化进程可能并没有带来投资者保护程度的相应改善,从而使得受到较弱约束的企业代理人倾向于持有更多的易于被侵占的现金资产。

Based on agency theory, this paper not only analyzes the theoretical relationship between Chinese market development and corporate cash holdings, but also studies the empirical relationship. The empirical results show that the cash holdings of Chinese public companies is positively co-related to the regional market development, the growth degree of product market and the growth degree and size of credit market, and such correlation does not vary due to the change of statistic methods and different sample period. The ultimate reason for this result lies in that the regional market development may have failed to result in a better protection for investors, so the corporate agents under weak regulatory constraints tend to hold more cashes that are likely to be appropriated.