农业上市公司高额现金持有动因的实证分析

An Empirical Analysis on the Motivation of High Cash Holdings of Agricultural Listed Companies

现金作为一种极容易受到侵害资产,为什么近年来上市公司不断出现高额现金持有量的现象 成为金融研究领域的热点.理论上主要从委托代理理论和融资顺位理论来解释高额现金持有之谜.为了破 解农业上市公司持有高额现金之健,本文以农业上市公司2012-2015年的数据为研究对象,通过实证发现 高额现金持有对公司产生负面影响,委托代理理论更适合解释农业上市公司高额现金持有的现象.

Cash is a highly vulnerable asset.In recent years, why does the phenomenon of high cash holdings continue to appear in listed companies？ It has become a hot spot in the field of financial research. In theory, the mystery of high cash holdings is explained mainly from the agency theory and financing theory. In this paper ,in order to solve the problems of the high cash holdings of agricultural listed companies, we conduct an empirical study on the data of agricultural listed companies from 2012 to 2015. Through empirical analysis, we find that high cash holdings have a negative impact on the company. Therefore, agency theory is more suitable to explain the phenomenon of high cash holdings of agricultural listed companies.