發(fā)布時(shí)間：2018-01-04 22:35

  本文關(guān)鍵詞：企業(yè)集團(tuán)財(cái)務(wù)管控與上市公司現(xiàn)金持有水平研究　出處：《會(huì)計(jì)研究》2012年05期 　論文類型：期刊論文

  更多相關(guān)文章： 企業(yè)集團(tuán) 現(xiàn)金持有 財(cái)務(wù)公司 財(cái)務(wù)總監(jiān) ERP

【摘要】：與現(xiàn)有基于上市公司單個(gè)企業(yè)的研究不同,本文以股改后2006—2009年滬深股市3958個(gè)A股上市公司為樣本,考察了企業(yè)集團(tuán)財(cái)務(wù)管控對(duì)上市公司現(xiàn)金持有水平的影響。實(shí)證發(fā)現(xiàn)集團(tuán)控股上市公司現(xiàn)金持有水平較高,國(guó)有集團(tuán)控股的更高。集團(tuán)財(cái)務(wù)管控方式顯著影響上市公司現(xiàn)金持有水平,集團(tuán)選派CFO使之顯著降低,擁有財(cái)務(wù)公司的集團(tuán)選派CFO使之降幅更大,高達(dá)30%。財(cái)務(wù)公司對(duì)現(xiàn)金持有水平影響不顯著,但按CFO選派、ERP、產(chǎn)權(quán)性質(zhì)分組后發(fā)現(xiàn),當(dāng)集團(tuán)選派CFO或上市公司有ERP財(cái)務(wù)系統(tǒng)或民營(yíng)控股時(shí),財(cái)務(wù)公司顯著降低上市公司現(xiàn)金持有水平。上市公司ERP財(cái)務(wù)信息系統(tǒng)能夠提升公司現(xiàn)金管理水平,提高其現(xiàn)金持有水平,而集團(tuán)選派的CFO可能會(huì)通過(guò)財(cái)務(wù)公司和ERP配置現(xiàn)金,降低其控股上市公司現(xiàn)金持有水平。
[Abstract]:With the current research of listed companies based on different individual enterprises, in this paper, after the reform from 2006 to 2009, the Shanghai and Shenzhen stock market 3958 A shares of listed companies as a sample, the effects of financial control on the level of cash holdings of listed companies. The empirical group holdings of cash holdings of listed companies in high level, state-owned holding higher. Significant influence the control group of financial listed companies cash holdings group, selected CFO to significantly reduce the decline, financial companies owned group send CFO to make it larger, up to 30%. financial company on the cash holding level is not significantly affected, but according to CFO ERP, select the nature of property rights groups found that when the group selected CFO or listed companies ERP financial system or private holding, financial companies significantly reduce the level of cash holdings of listed companies. The ERP system of financial information of listed companies to enhance the company's cash management Levels, raising their cash holdings, and the group's selected CFO may be able to cut cash holdings through financial companies and ERP to reduce the level of cash holding of its holding listed companies.

【作者單位】： 云南財(cái)經(jīng)大學(xué)MBA教育學(xué)院;
【基金】：教育部人文社科基金(09XJA630007) 云南省社科基金(QN2009021) 云南省自然基金(2008CD114;2011FZ145)的階段性成果
【分類號(hào)】：F275;F224;F832.51
【正文快照】： 一、引言近年來(lái)大量的文獻(xiàn)對(duì)上市公司現(xiàn)金持有進(jìn)行了研究,然而中國(guó)上市公司大量被企業(yè)集團(tuán)控股,企業(yè)集團(tuán)是中國(guó)公司群重要的組織形式,集團(tuán)內(nèi)部資本市場(chǎng)的效率、集團(tuán)及其控股上市子公司間的代理問(wèn)題已成為國(guó)內(nèi)外學(xué)術(shù)界的一個(gè)重要研究領(lǐng)域。集團(tuán)控股上市公司現(xiàn)金持有水平必然受

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本文編號(hào)：1380437