公司特征、股权结构与现金持有量

Corporate Characteristics,Ownership Structure and Cash Holdings

在中国特定的制度和治理背景下探讨企业特征与股权结构对企业现金持有量的影响,并从静态和动态两个角度进行实证研究的结果表明,虽然静态实证结果显示权衡理论、代理理论和融资优序理论都能一定程度上解释中国企业的现金持有行为,但动态实证结果显示中国上市公司的现金持有量具有动态的均值复归趋势。这符合权衡理论和代理理论的预期,但不符合融资优序理论预期。

Under China＇s special institution and governance structure, this paper analyzes the impact of corporate characteristics and ownership structures on the cash holdings for listed companies in China from the angle of static and dynamic analysis. The result of static empirical study shows that to a certain extent, trade-off theory, agency theory and pecking-order theory all can explain the behavior of corporate holding cash, however, the result of dynamic empirical study shows that cash holdings of listed companies have a dynamic trend of mean reversion. The results are consistent with the hypothesis of trade-off theory and agency theory, but do not meet the expectation of pecking-order theory.