大股东控股影响企业现金持有水平分析——基于人力资源成本视角

Analysis on the Influence of Major Shareholders Holdings on the Level of Corporate Cash Holdings:From the Perspective of Human Resource Cost

大股东控股现象对资本市场和经济运营有着重要影响,大股东控股如何影响经济市场运营一直是我国经济发展的热点问题。以中国2008-2020年A股上市公司数据为研究样本,基于人力资源成本视角,考察中国A股上市公司中大股东控股对企业现金持有水平的影响。研究发现主要有以下三个方面:第一,上市公司大股东控股水平和企业现金持有水平呈负相关关系;第二,在大股东控股过程中,人力资源成本可作为中介变量,抑制企业现金持有水平,说明大股东在企业发展治理过程中更多地表现为“利益协调效应”;第三,大股东控股比例增加,在降低企业现金持有水平的同时也在极大程度上提升了企业价值,降低了企业面临的外部经济风险。研究基于人力资源成本视角,在大股东控股对于影响企业现金持有水平方面为相关监管部门出台鼓励大股东控股政策提供了理论支撑,为防范经济市场不确定风险提供了政策启示。

The phenomenon of large shareholder holding has an important impact on the capital market and economic operation. How large shareholder holding affects economic market operation has been a hot issue in China’s economic development. Taking the data of A-share listed companies in China from 2008 to 2020 as the research sample,based on the perspective of human resource cost,this paper examines the impact of majority shareholders’ holding on the cash holding level of Chinese A-share listed companies. The research finds that there are mainly three aspects as follows: Firstly,there is a negative correlation between the controlling level of major shareholders and the cash holding level of listed companies.Secondly,in the process of controlling by large shareholders,the cost of human resources can be used as an intermediary variable to restrain the level of cash holdings of enterprises,indicating that large shareholders are more likely to show“interest coordination effect”in the process of corporate development and governance. Thirdly,the increase of controlling proportion of major shareholders has greatly improved the enterprise value and reduced the external economic risks faced by the enterprise while reducing the cash holding level of the enterprise. Based on the perspective of human resource cost,the study provides theoretical support for relevant regulatory authorities to issue policies to encourage controlling large shareholders in terms of the impact of controlling large shareholders on the level of corporate cash holdings,and provides policy inspiration for preventing the risk of economic market uncertainty.