大股东控制与现金持有量关系的经验研究_基于融资约束背景_姜毅.pdfVIP

山西财 经大 学 学报 2012 年5 月 Joumal of Shanxi Finance and Economics University May. ，2012 第34 卷 第5 期 Vol.34 No.5 财务与会计 大股东控制与现金持有量关系的经验研究 ———基于融资约束背景 姜 毅 （东北财经大学津桥商学院，辽宁大连116023） ［摘 要］以2006~2010 年沪深两市的上市公司为样本，在控制了行业因素、年度因素和相关财务变量的基础上，基于融资 约束的视角，对大股东行为与上市公司现金持有量的关系进行了实证检验。研究发现，第一大股东持股比例在“30%”点与现金持 有量呈显著的倒U 型关系，在融资约束企业这种关系更加显著，而在非融资约束企业则不明显；融资约束企业的第一大股东性 质为国有时会增加现金持有量，非融资约束企业则不存在这种关系。 ［关键词］第一大股东持股比例；融资约束；现金持有量 ［中图分类号］F23 [文献标识码] A [文章编号] 1007- 9556（2012）05- 0106- 09 Empirical Research of Big Shareholder Control and Cash Holdings ’s Relation - - - - Based on the Background of Financing Constraints JIANG Yi （Kingbridge Business College, Dongbei University of Finance and Economics, Dalian 116023, China ) Abstract ：In this article, the author takesShanghai and Shenzhen ’s listed companies as a sample from 2006 to 2010, after con－ troling the industry factors, the annual factors and financial variables, and the paper makes a research on the relation of the behavior of the largest shareholder and the listed companys cash holdings based on the perspective of financing constraints. The results find that the proportion of the largest shareholders in the 30% point and the cash holdings has inverted U relationship, which is more sig－ nificant in financing constraints corporates, non -financing constraints corporates arenot significant. When the largest shareholder ’s corporate nature is state-owned in financing constraints corporate, the corporate would increase the cash holdings, but non-financing constraints corporates have not such relations. Key Words ：t