股权性质、多元化经营与现金持有价值——基于我国上市公司面板数据的实证研究

Ownership Property,Diversified Operation and the Value of Cash Holdings——Based on the Empirical Analysis of the Listed Company Panel Data

以2003—2009年我国所有A股上市公司作为研究样本,实证分析了我国不同股权性质的上市公司,多元化经营对现金持有价值的影响。研究表明,多元化经营程度总体而言对现金持有价值的影响不显著。将研究样本进一步划分为国有企业和民营企业后,可以发现:对于国有企业而言,多元化经营的程度与现金持有价值成反比,证实了多元化经营的"折价"效应;与国有企业相反,民营企业的多元化经营程度与现金持有价值成正比,从而证实了多元化经营的"溢价"效应。

Based on the value regressions model of Fama and French(1998),this article investigates the influence of diversified operations on the value of cash holdings of listed companies from 2003 to 2009 which have different ownership property.It shows that on the whole,the influence is not significant.Furthermore,when the samples are divided into state-owned enterprises and private enterprise,it shows that the diversified operation is inversely proportional to the value of cash holdings for state-owned enterprises,which confirms the discount effect of diversified operations.On the contrary,the diversified operation is proportional to the value of cash holdings for private enterprises,which confirms the premium effect of diversified operations.