治理环境、终极控制与超额现金持有——来自中国A股上市公司的经验数据

Management Environment,Ultimate Control and Excess Cash Holding——Experience Data from China A-share Listed Companies

以我国2004-2007年上市公司为样本,实证研究了终极控股股东控制权与现金流权分离对公司超额现金持有量水平及其市场价值的影响,并在此基础上引入了治理环境,研究市场治理环境的变化是否降低了这一影响。研究结果发现:两权分离程度越高,上市公司的超额现金持有水平越高;我国民营终极控股的上市公司两权分离程度较国有终极控股的上市公司高,且其相应的超额现金持有量也略高于国有终极控股的上市公司;市场化进程的提高能够降低民营终极控股的上市公司的超额现金持有量水平,但却不能降低国有终极控股的上市公司的超额现金持有量水平。

Taking the listed companies in 2004 - 2007 of our country as a sample, this paper empirically studies the influence of the separation of the ultimate controlling shareholders＇control and cash flow right on corporations＇excess cash holding and its marketable value. On this basis, management environment is introduced to study if the changes of it lessen the effect. The results show that the higher level of the separation means the higher level of the excess cash holing. The degree of separation of the two rights in China＇s private ultimate holding listed companies is higher than that of the state - owned ultimate holding listed companies, and the corresponding excess cash holding is also slightly higher. The improvement of marketization process can reduce the excess cash holdings level of the private ultimate holding listed companies, but cant reduce that of the state - owned ultimate holding listed companies.