本文選題：民營(yíng)上市公司　切入點(diǎn)：現(xiàn)金持有量　出處：《首都經(jīng)濟(jì)貿(mào)易大學(xué)》2012年碩士論文

【摘要】：現(xiàn)金作為公司的一項(xiàng)資產(chǎn)，有兩大特點(diǎn)：一是流動(dòng)性強(qiáng)，可以隨時(shí)用于公司的日常經(jīng)營(yíng)活動(dòng)支付，滿足投資需求，節(jié)省交易成本和清算成本；二是收益率低，現(xiàn)金資產(chǎn)幾乎不產(chǎn)生收益或收益很低，并且容易產(chǎn)生道德風(fēng)險(xiǎn)，，為公司高管出于自利動(dòng)機(jī)操縱現(xiàn)金資產(chǎn)帶來(lái)便利，代理成本上升。國(guó)外學(xué)者關(guān)于現(xiàn)金持有量的討論，從理論研究到實(shí)證分析，內(nèi)容較為豐富，提出了交易成本模型、存貨模型、米歐模型、規(guī)模經(jīng)濟(jì)假說(shuō)、靜態(tài)權(quán)衡理論、信息不對(duì)稱理論、優(yōu)序融資理論、自由現(xiàn)金流理論等相關(guān)理論，并實(shí)證研究了公司規(guī)模、投資機(jī)會(huì)、財(cái)務(wù)杠桿、現(xiàn)金流量、現(xiàn)金替代物、債務(wù)期限結(jié)構(gòu)、是否支付現(xiàn)金股利以及經(jīng)營(yíng)者持股、股權(quán)集中度、董事會(huì)特征等變量對(duì)現(xiàn)金持有量的影響。 在這樣的研究背景下，本文以2003至2010年間滬深兩市A股市場(chǎng)的民營(yíng)上市公司①作為大的研究樣本，并從中找出持續(xù)性較好②的民營(yíng)上市公司作為小的研究樣本，選取公司財(cái)務(wù)特征的變量包括公司規(guī)模、投資機(jī)會(huì)、財(cái)務(wù)杠桿、現(xiàn)金流量、現(xiàn)金替代物、債務(wù)期限結(jié)構(gòu)、是否支付現(xiàn)金股利以及公司治理結(jié)構(gòu)方面的變量經(jīng)營(yíng)者持股、股權(quán)集中度、董事會(huì)規(guī)模、獨(dú)立董事所占比例、董事長(zhǎng)與CEO是否兼任等作為論文的解釋變量，對(duì)民營(yíng)上市公司的現(xiàn)金持有量進(jìn)行研究。本文將大樣本的研究結(jié)論與小樣本的研究結(jié)論進(jìn)行對(duì)比分析，說(shuō)明持續(xù)性較好的民營(yíng)上市公司在進(jìn)行現(xiàn)金持有量決策時(shí)所考慮的因素與一般民營(yíng)上市公司的不同之處，同時(shí)對(duì)持續(xù)性較差的民營(yíng)上市公司提出建議，這是本文的一個(gè)探索。 本文的研究說(shuō)明，持續(xù)性較好的民營(yíng)上市公司的現(xiàn)金持有量水平低于民營(yíng)上市公司的整體水平，資本效率較高。在選擇持有多少現(xiàn)金額度時(shí)，一般的民營(yíng)上市公司主要考慮了公司的財(cái)務(wù)杠桿水平、債務(wù)融資能力，其次是現(xiàn)金流量和現(xiàn)金替代物；持續(xù)性較好的民營(yíng)上市公司主要考慮的是現(xiàn)金流量，其次是現(xiàn)金替代物、債務(wù)期限結(jié)構(gòu)。持續(xù)性較好的民營(yíng)上市公司在進(jìn)行現(xiàn)金持有量決策時(shí)所考慮的因素與一般公司相比，在財(cái)務(wù)杠桿水平?jīng)]有明顯差異的情況下，經(jīng)營(yíng)穩(wěn)健的民營(yíng)上市公司更多考慮的是現(xiàn)金流量等自身因素，而不是債務(wù)融資能力等外界因素，更大程度上將外界的“輸血”功能轉(zhuǎn)化為自己的“造血”能力，以此獲得經(jīng)營(yíng)的持續(xù)穩(wěn)定。
[Abstract]:As an asset of a company, cash has two major characteristics: first, it has strong liquidity, it can be used at any time to pay for the company's daily business activities, meet the investment demand, save transaction costs and liquidation costs; second, the rate of return is low.Cash assets produce little or very low income and are prone to moral hazard, which makes it convenient for executives to manipulate cash assets out of self-interest and increases agency costs.From theoretical research to empirical analysis, foreign scholars discuss cash holdings, and put forward transaction cost model, inventory model, Mio model, economies of scale hypothesis, static tradeoff theory, information asymmetry theory.The related theories, such as priority financing theory, free cash flow theory and so on, are empirically studied in terms of company size, investment opportunities, financial leverage, cash flow, cash substitutes, debt maturity structure, whether to pay cash dividends and managers' shareholdings.The influence of ownership concentration, board characteristics and other variables on cash holdings.Under such research background, this paper takes the private listed company 1 of Shanghai and Shenzhen A-share market from 2003 to 2010 as a large research sample, and finds out that the private listed company with good persistence is a small research sample.The variables of selecting corporate financial characteristics include company size, investment opportunities, financial leverage, cash flow, cash substitutes, debt maturity structure, whether to pay cash dividends, and variable operator shareholding in corporate governance structure.Equity concentration, board size, proportion of independent directors, chairman and CEO are the explanatory variables of this paper, and the cash holdings of private listed companies are studied.In this paper, the conclusions of large sample and small sample are compared and analyzed, which shows that the factors considered by private listed companies with good persistence are different from those of general private listed companies.At the same time, it is an exploration of this paper to put forward suggestions to the private listed companies with poor persistence.The research shows that the cash holding level of the private listed companies is lower than that of the private listed companies, and the capital efficiency is higher.When choosing how much cash to hold, the general private listed companies mainly consider the level of financial leverage, debt financing ability, followed by cash flows and cash substitutes;Private listed companies with good persistence mainly consider cash flow, followed by cash substitutes, debt maturity structure.The factors taken into account by the private listed companies with good persistence in making the decision on cash holdings are not significantly different from those of the ordinary companies in terms of the level of financial leverage.Private listed companies with stable management are more concerned with their own factors, such as cash flow, rather than external factors such as debt financing ability, and to a greater extent convert the "blood transfusion" function of the outside world into their own "hematopoietic" ability.In order to achieve continued stability of the operation.
【學(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

【引證文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 王s

本文編號(hào)：1724354