本文關鍵詞： 超額現(xiàn)金持有 財務杠桿 債務期限結(jié)構(gòu) 影響因素　出處：《蘭州商學院》2012年碩士論文　論文類型：學位論文

【摘要】：本文以中國所有A股上市公司為研究對象，探討了公司超額現(xiàn)金持有的影響因素和現(xiàn)金持有的價值效應�，F(xiàn)金是企業(yè)流動性最強的一種資產(chǎn)，是企業(yè)確保持續(xù)經(jīng)營的必要前提。上市公司雖然擁有龐大的現(xiàn)金籌集和擴展能力，但目前很多上市公司傾向于持有較高的現(xiàn)金，而且從我國上市公司持有現(xiàn)金的整體水平來看，我國上市公司的總體現(xiàn)金持有水平遠遠高于西方發(fā)達國家。相對于國外大量豐富的研究成果，目前我國的研究還不夠深入，還處于探索階段。本文將權(quán)衡理論、優(yōu)序融資理論和代理理論作為研究的理論基礎，對中國上市公司普遍持有超額現(xiàn)金的行為進行分析，探討影響上市公司持有超額現(xiàn)金的主要因素，對于正確認識和解決我國上市公司的超額現(xiàn)金持有問題，既有理論意義又有實踐價值。 本文系統(tǒng)回顧了國內(nèi)外學者研究上市公司超額現(xiàn)金持有影響因素的研究文獻，在國外已有的關于超額現(xiàn)金持有的理論基礎上，與中國的經(jīng)濟體制的具體特點相結(jié)合，以我國2008—2010年滬深兩地上市公司的數(shù)據(jù)作為研究樣本，定義了超額現(xiàn)金持有的公司，并將樣本公司分成高低兩組水平，在已有研究的基礎之上，通過對比的方法，主要從公司財務特征和治理特征兩方面出發(fā)，初步找出了公司規(guī)模、財務杠桿、現(xiàn)金流量、債務期限結(jié)構(gòu)、現(xiàn)金替代物、國有股持股比例、董事會規(guī)模、股權(quán)集中度和資產(chǎn)有形性這9個可能影響公司超額現(xiàn)金持有的因素，并據(jù)此作為研究變量，構(gòu)建合理的模型，采用實證研究的方法確定對超額現(xiàn)金持有水平影響較強的因素，分析這些因素與超額現(xiàn)金持有水平之間存在何種相關性。本文最后根據(jù)實證研究的結(jié)果，本文建議大力發(fā)展和完善我國資本市場，降低企業(yè)投融資成本，合理解決代理問題，以從根本上解決我國上市公司的超額現(xiàn)金持有現(xiàn)狀。
[Abstract]:Taking all A-share listed companies in China as the research object, this paper discusses the influencing factors of excess cash holdings and the value effect of cash holdings. Cash is the most liquid asset in enterprises. Although listed companies have a huge ability to raise and expand cash, many listed companies tend to hold higher cash at present, and from the overall level of cash held by listed companies in China, The overall cash holding level of listed companies in China is far higher than that of western developed countries. Compared with a large number of rich research results abroad, the current research in our country is not deep enough and is still in the exploratory stage. Based on the theory of priority financing and agency theory, this paper analyzes the behavior of Chinese listed companies holding excess cash, and probes into the main factors that affect the excess cash held by listed companies. It is of both theoretical and practical significance to correctly understand and solve the problem of excess cash holdings of listed companies in China. This paper systematically reviews the domestic and foreign scholars' researches on the influencing factors of excess cash holding of listed companies. On the basis of the existing theories about excess cash holding abroad, it combines with the specific characteristics of China's economic system. Taking the data of listed companies in Shanghai and Shenzhen from 2008 to 2010 as the research sample, this paper defines the companies with excess cash holdings, and divides the sample companies into two groups. Mainly from the two aspects of corporate financial characteristics and governance characteristics, the paper preliminarily finds out the size of the company, financial leverage, cash flow, debt maturity structure, cash substitutes, the proportion of state-owned shares, the size of the board of directors. There are nine factors that may affect the excess cash holding of the company, such as the degree of ownership concentration and the materiality of assets. Based on this, a reasonable model is constructed and the empirical research method is used to determine the factors that have a strong influence on the excess cash holding level. Finally, according to the results of empirical research, this paper suggests to develop and perfect the capital market of our country, reduce the cost of investment and financing of enterprises, and solve the problem of agency reasonably. In order to fundamentally solve the status quo of excess cash holdings of listed companies in China.
【學位授予單位】：蘭州商學院
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F275;F224;F832.51

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本文編號：1548515