大股东控制影响公司现金持有量的实证分析

An Empirical Test of the Impact of the Controlling Shareholder on Corporate Cash Holdings

本文结合我国上市公司所面临的内部治理机制特点及外部治理环境,从大股东行为的视角对公司现金持有量的影响因素进行实证分析。在加入年度控制变量、行业控制变量和公司财务特征控制变量后,对三项反映大股东行为特征的因素,即大股东持股比例、大股东属性和制度环境因素对公司现金持有量的影响进行了检验。结果表明,第一大股东持股比例较高的公司持有较多的现金,大股东的高持股比例是其占用企业资金侵占中小股东利益的基础。与国有企业相比,民营企业因遭受较强的外部融资约束而持有较高水平的现金。此外,制度环境的发展程度与公司现金持有水平正相关,表明制度环境较好地区的公司持有较多的现金。

Based on the features of corporate governance mechanisms and institutional environments in China, this paper investigates the determinants of corporate cash holdings through the perspective of large shareholders. By controlling the variables of year, industry effects and the impacts of fundamentals, we examine how largely shareholdings affect the cash holding decisions in Chinese listed companies. The results show that the companies of which the largest shareholder has higher ownership proportion holds more cash, which is likely to imply the high ownership is the basis of large shareholders expropriating minority shareholders. Compared with the state-owned enterprises, private enterprises have higher levels of cash holdings owing to external financing constraints. Moreover, the developing levels of the institutional environments have positive effects on corporate cash holdings, suggesting the companies in better institutional environments have opportunities to accumulate more cash.