多元化经营、代理冲突与公司现金持有水平

The Study on Corporate Diversification,Agency Conflict and Cash Holdings

将多元化经营理论与现金持有静态权衡理论相结合,剖析了多元化经营公司的内部资本市场、代理问题对现金持有水平的综合影响。基于我国2010-2014年A股上市公司财务数据的实证分析结果表明:相比于专业化公司,多元化经营公司具有内部资本市场的优势,其现金持有水平较低,且与多元化程度负相关;多元化公司复杂的组织结构在一定程度上导致公司的代理冲突更严重,代理动机下的现金增持弱化了初始多元化经营减持现金的功能,这种现象在公司治理水平较低、代理冲突严重的多元化经营公司中表现得更为突出。

Based on the combination of Cash Flow Static Trade Model and Corporate Diversification Model,this paper focuses on whether the organizational structure and agency conflict in diversified firms affect their cash holdings. We conduct an empirical study of1256 China A-listed companies from 2010 to 2014 and find that diversified firms hold significantly less cash than their focused counterparts because of their internal capital market advantages. However,the availability of active internal capital markets,and the increased agency problems cause the cash holding deduction function decline,especially in those firms with much lower company governance lever and more agency conflict problems. On providing China firm＇s empirical results,this paper enriches both the theory of Cash Flow Static Trade of Model and principal-agent problems.