企业集团、产权性质与现金持有水平

Business Groups,the Nature of Ownership,and Corporate Cash Holdings

从现金持有的预防性动机出发,我们提出了一个企业集团、产权性质与现金持有的理论分析框架。在此基础上,借助于一个外生政策冲击对企业集团的影响,本文通过构造工具变量来克服内生性问题,利用沪深A股上市公司2003-2012年的研究样本对企业集团、产权性质与现金持有之间的关系进行了实证检验。研究发现:首先,从整体上来看,与不属于企业集团控制的独立公司相比,作为集团成员的上市公司持有更少的现金,这源于企业集团的内部资本市场功能降低了上市公司的融资约束;其次,企业集团对现金持有的影响存在着显著的所有制差异,企业集团的作用在民营企业中更加显著。一系列的稳健性检验结果进一步证实了上述结论的可靠性。

We investigate whether business groups in China influence corporate cash holdings of the member firms,and the difference of this influence between state-owned enterprises and non-state-owned enterprises. We find that group affiliated firms have a lower corporate cash holdings than the independent ones,which means business groups act as internal capital markets. We also find that the impact of business group on corporate cash holdings varies between state-owned enterprises and non-state-owned enterprises,we find a more significant correlation in non-state-owned enterprises.