治理环境、政府控制与公司持有现金价值

Governance Environment,Government Control and the Value of Corporate Hold Cash

该文基于我国A股上市公司2002—2005年数据,利用樊纲、王小鲁(2007)编制的中国各地区市场化进程数据及其子数据构建各地区公司治理环境指数,从终极控制权的角度实证研究了治理环境、政府控制与公司持有现金价值的关系。研究结果表明,在其他条件相同的情况下,治理环境越好,公司持有现金对公司价值的正向作用越强;上市公司的政府控制性质降低了持有现金对公司价值的正向作用;相对于非政府控制上市公司来说,在政府控制的公司中,治理环境对公司持有现金价值的正向作用较弱。

Based on the data of the ultimate shareholders disclosed by the listed companies in 2002 to 2005,and the data on regional market development of China worked out by Fan and Wang （2007）,this paper analyses the impact of governance environment and governmental control on the value of corporate hold cash. We find that the better the governance environment, the stronger positive effect of hold cash on corporate value; government controlled quality reduces the positive effect of hold cash on corporate value;the governance environment ms positive effect on the value of cash holdings is weaker in government controlled companies.