董事会成员的政治联系层级与现金持有量——基于中国民营上市公司A股的实证分析

The Board of Political relationships level and cash holdings——An Empirical Analysis of Private Listed Companies in China A Shares

以2009至2011年中国民营上司公司A股的数据为样本,探讨公司董事会成员的政治联系及政治联系级别高低对公司现金持有量水平的影响。理论分析表明:存在政治联系的中国民营上市公司的现金持有量水平较低,政治级别高的上市公司持有较低的现金水平。验证结果发现:(1)民营上司公司董事会成员的政治联系不对公司现金持有量水平产生显著影响,回归分析结果显示两者间不存在显著相关;(2)董事会成员政治联系级别的高低对公司现金持有量水平产生影响,回归分析结果显示为显著相关。

To explore the member＇s political relationships in the Board of private company to affect the level of cash holdings with the data of A shares in China in 2009 -2011 as a sample, and the political connections of rank on the impact of the company＇s cash holdings. Theoretical analysis shows that ： Private Companies in Chinag political connections is lower level of cash hold- ings with high political level. Verified shows ： （ 1 ） Private member of the Board in the Company political relationships does not the company＇s cash holdings have a significant impact, the level of political relationships regression analysis showed that the level of cash holdings of political relationships with the company there is no significant correlation; （2） members of the Board the level of impact on the company＇s cash holdings, high - level political contact the eompany＇s cash holdings below the level of cash holdings of low - level political contact, regression analysis showed significantly related.