法律环境、金字塔结构与现金持有价值

Law environmental, Pyramid Structure and the Value of Cash Holdings

本文以2004-2012年沪深两市A股上市的家族集团企业为研究样本,检验了金字塔结构与现金持有的关系,以及两者关系在不同法律环境下的变化。实证结果表明,金字塔结构与现金持有价值之间显著负相关。在金字塔结构下,1元超额现金的持有价值仅为0.183元,而在水平结构下,1元超额现金的持有价值为0.364元。进一步研究发现,在不同法律环境下,金字塔结构与现金持有的关系也会有所不同。法律环境好的地区相对于法律环境差的地区而言,金字塔结构下控股股东的寻租动机会减弱,企业现金持有价值增加。本文的研究结果对于理解金字塔结构的经济后果以及转型经济体加快健全完善法律制度具有一定的启示性意义。

In this paper, we examine the relationship between pyramid structure and the value of cash holdings, as well as the relationship changes under different law environment based on A share listed family business group of Shanghai and Shenzhen stock exchange from 2004 to 2012. In our empirical result, we find that the pyramid structure is negatively correlated with the value of cash holdings. Under the structure of pyramid, the value of excess cash holdings of 1 yuan is only 0.183 yuan, while in the horizontal structure, 1 yuan excess cash holdings of 0.364 yuan. furthermore, we found that the relationship between the pyramid structure and the value of cash holdings will be different under different legal circumstances. Under the bad legal environment, the pyramid structure reduces the value of cash holdings significantly, but in the good legal environment, the pyramid structure can improve the value of cash holdings significantly. This paper＇s conclusion has some enlightening significance for understanding the economic consequences of pyramid structure and for economy in transition improving the system of the law.