【摘要】：現(xiàn)金是企業(yè)至關(guān)重要的財(cái)務(wù)資源，對(duì)企業(yè)的籌資、投資、經(jīng)營(yíng)等各方面的行為都有著重大影響，并與企業(yè)的經(jīng)營(yíng)業(yè)績(jī)密切相關(guān)。權(quán)衡現(xiàn)金持有量及對(duì)其影響因素的研究是企業(yè)重要的理財(cái)行為，它綜合反映了公司的財(cái)務(wù)戰(zhàn)略，同時(shí)與公司財(cái)務(wù)特征和公司治理狀況緊密相連。如今，對(duì)現(xiàn)金持有量及其影響因素的研究在國(guó)外企業(yè)的成長(zhǎng)中發(fā)揮著重要的作用。國(guó)內(nèi)學(xué)者主要是基于現(xiàn)金持有量影響因素的權(quán)衡理論、信息不對(duì)稱(chēng)理論、代理理論以及其它解釋現(xiàn)金持有行為的理論進(jìn)行了深入的研究，但是基于我國(guó)特殊的制度環(huán)境，對(duì)上市公司現(xiàn)金持有量影響因素的研究還有待做全面的理論分析和實(shí)證檢驗(yàn)。 為此，本文在回顧國(guó)內(nèi)外學(xué)者研究現(xiàn)金持有量影響因素經(jīng)驗(yàn)文獻(xiàn)的基礎(chǔ)上，對(duì)相關(guān)理論進(jìn)行深入領(lǐng)會(huì)。并結(jié)合我國(guó)上市公司的特殊制度背景，將影響我國(guó)上市公司現(xiàn)金持有量的因素分為上市公司財(cái)務(wù)特征因素和公司治理結(jié)構(gòu)因素兩大類(lèi)。選取我國(guó)深滬兩市2008-2010年的712家上市公司為樣本數(shù)據(jù)，并對(duì)其進(jìn)行描述性統(tǒng)計(jì)分析、多重共線(xiàn)性檢驗(yàn)、多元線(xiàn)性回歸分析，主要結(jié)論如下： （1）基于公司財(cái)務(wù)特征的研究結(jié)論：①現(xiàn)金流量越大、現(xiàn)金替代物越多、財(cái)務(wù)杠桿及債務(wù)結(jié)構(gòu)越高，則現(xiàn)金持有量越低。②再融資活動(dòng)越多、公司規(guī)模越大、股利支付越多，則現(xiàn)金持有量越高。 （2）基于公司治理結(jié)構(gòu)的研究結(jié)論：①?lài)?guó)有股越多、經(jīng)營(yíng)者持股比例越高、股權(quán)集中度越高、兩職兼任情況越少、獨(dú)立董事比例越多、股東保護(hù)程度越好，則現(xiàn)金持有量越低；②流通股和法人股越多、董事會(huì)規(guī)模越大，則現(xiàn)金持有量越多。 針對(duì)以上實(shí)證研究結(jié)果發(fā)現(xiàn)，我國(guó)上市公司財(cái)務(wù)特征及治理結(jié)構(gòu)在特殊的制度背景下還存在一定的弊端。因此，，文章的落腳點(diǎn)是從技術(shù)及制度兩方面對(duì)對(duì)優(yōu)化現(xiàn)金持有量提出相應(yīng)的政策性建議。
[Abstract]:Cash is the most important financial resource, which has great influence on the enterprise's financing, investment, management and so on, and is closely related to the enterprise's performance. The study of weighing cash holdings and influencing factors is an important financial management behavior of enterprises. It reflects the financial strategy of the company and is closely related to the financial characteristics and corporate governance. Nowadays, the research on cash holdings and its influencing factors plays an important role in the growth of foreign enterprises. Domestic scholars are mainly based on the trade-off theory of influencing factors of cash holdings, information asymmetry theory, agency theory and other theories to explain cash holding behavior, but based on the special institutional environment of our country. The research on the influencing factors of cash holdings of listed companies still needs to be made a comprehensive theoretical analysis and empirical test. Therefore, based on the review of domestic and foreign scholars' empirical literature on the influencing factors of cash holdings, this paper makes a deep understanding of the relevant theories. Combined with the special institutional background of listed companies in China, the factors affecting the cash holdings of listed companies in China are divided into two categories: the financial characteristics of listed companies and the factors of corporate governance structure. This paper selects 712 listed companies from 2008 to 2010 in Shenzhen and Shanghai stock markets as sample data, and carries on descriptive statistical analysis, multiple collinear test and multivariate linear regression analysis. The main conclusions are as follows: (1) the larger the cash flow, the more cash substitutes, the higher the financial leverage and debt structure, the lower the cash holdings and the more refinancing activities. The larger the company is, the more dividend is paid, the higher the cash holding is. (2) the research based on corporate governance structure shows that the more one state-owned stock, the higher the ownership ratio, the higher the ownership concentration, and the less the situation of holding both positions. The more the proportion of independent directors, the better the degree of shareholder protection, the lower the cash holdings, the more outstanding shares and corporate stocks, the larger the board size, the more cash holdings. According to the above empirical research results, the financial characteristics and governance structure of listed companies in China still have some drawbacks under the special institutional background. Therefore, the conclusion of this paper is to put forward corresponding policy suggestions on optimizing cash holdings from two aspects of technology and system.
【學(xué)位授予單位】：長(zhǎng)安大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F275;F832.51;F224

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本文編號(hào)：2121096