本文選題：公司治理 + 現(xiàn)金持有量　； 參考：《西南財(cái)經(jīng)大學(xué)》2014年碩士論文

【摘要】：現(xiàn)金持有決策,一直以來(lái)都是公司財(cái)務(wù)領(lǐng)域的核心問(wèn)題,“現(xiàn)金為王”更是財(cái)務(wù)經(jīng)理們的金科玉律。尤其是2008年美國(guó)次貸危機(jī)轉(zhuǎn)變成全球金融危機(jī)之后,各界都普遍關(guān)注和重視現(xiàn)金持有問(wèn)題。公司持有足額現(xiàn)金,不僅可以滿足其經(jīng)營(yíng)和投資活動(dòng)的需要,快速有效實(shí)施公司的發(fā)展戰(zhàn)略,避免因外部籌資而支付高額成本,又可通過(guò)發(fā)放現(xiàn)金股利的方式傳達(dá)公司運(yùn)轉(zhuǎn)狀況良好的信號(hào)。國(guó)外雷曼兄弟的破產(chǎn),克萊斯勒公司等美國(guó)汽車業(yè)巨頭的財(cái)務(wù)危機(jī),均說(shuō)明了現(xiàn)金資產(chǎn)的重要性。然而,我們會(huì)提出疑問(wèn)：公司持有現(xiàn)金資產(chǎn)是否越多越好呢?信息不對(duì)稱理論和融資優(yōu)序理論都分析認(rèn)為公司持有現(xiàn)金會(huì)增加公司價(jià)值。而且在現(xiàn)實(shí)生活中,阿里巴巴僅2009年上半年僅半年時(shí)間就現(xiàn)金流增長(zhǎng)40%,萬(wàn)科總裁郁亮更是公開場(chǎng)合表示堅(jiān)持“現(xiàn)金為王”。這些事例都在無(wú)聲地支持著這一觀點(diǎn)：現(xiàn)金越多越好。然而,人們只看到了現(xiàn)金流動(dòng)強(qiáng)的特性,卻忽略了另外一個(gè)特點(diǎn)：其收益最低。公司擁有過(guò)多的閑置資金反而會(huì)增加了其機(jī)會(huì)成本。并且代理成本理論與自由現(xiàn)金流假說(shuō)也解釋道管理層為牟取私利也可能持有更多的現(xiàn)金,從而損害公司價(jià)值。這就難怪布雷利和邁爾斯(1996)會(huì)提出,財(cái)務(wù)領(lǐng)域尚未解決的十大難題之一就是決定公司現(xiàn)金持有量的多少。 在二十世紀(jì)九十年代,學(xué)者們就開始研究現(xiàn)金持有決策問(wèn)題。根據(jù)已有文獻(xiàn),有關(guān)現(xiàn)金持有的文獻(xiàn)是相當(dāng)多的,而且主要研究了現(xiàn)金持有量的影響因素及其經(jīng)濟(jì)后果等。然而,該領(lǐng)域的研究結(jié)論仍未達(dá)成統(tǒng)一。首先是現(xiàn)金持有量的影響因素的確定。學(xué)者們從各個(gè)方面驗(yàn)證了影響現(xiàn)金持有量的因素,但影響關(guān)系并不一致。其次是對(duì)現(xiàn)金持有量的經(jīng)濟(jì)后果影響。學(xué)者邁克森等(2003)實(shí)證得出現(xiàn)金持有量越多的公司,其經(jīng)營(yíng)業(yè)績(jī)?cè)胶?而斯奇維特勒等(2004)的結(jié)果恰恰相反。到底公司持有現(xiàn)金是好是壞?對(duì)公司價(jià)值有什么樣的影響?再者,現(xiàn)金流動(dòng)性強(qiáng)的特點(diǎn)也決定了其能夠被自由處置和隨意侵占。所有權(quán)與經(jīng)營(yíng)權(quán)的分離產(chǎn)生代理問(wèn)題,管理層與公司股東利益不一致,更有可能操控現(xiàn)金,公司治理機(jī)制的影響也就擺在了突出位置。與當(dāng)前研究關(guān)注公司現(xiàn)金持有量的影響因素及其經(jīng)濟(jì)后果不同,從公司微觀制度特征角度出發(fā)研究公司治理水平對(duì)現(xiàn)金持有量與公司價(jià)值關(guān)系的影響文獻(xiàn)偏少。 基于此,本文將公司治理水平、現(xiàn)金持有量與公司價(jià)值納入一個(gè)框架內(nèi),依托我國(guó)特殊的制度背景,選取上市公司相關(guān)數(shù)據(jù)為樣本,在運(yùn)用主成分分析法計(jì)算出公司綜合治理水平的基礎(chǔ)上,對(duì)以下三個(gè)問(wèn)題采用理論分析和實(shí)證研究相結(jié)合的方式進(jìn)行研究：(1)公司治理水平怎么影響現(xiàn)金持有量；(2)現(xiàn)金持有量如何影響公司價(jià)值；(3)公司治理水平對(duì)現(xiàn)金持有量與公司價(jià)值之間的關(guān)系是否有影響。期望以此能為學(xué)術(shù)界和實(shí)務(wù)界提供一些粗淺的依據(jù)和借鑒。 本文內(nèi)容主要包括以下六章： 第一章,導(dǎo)論。根據(jù)本文的研究背景簡(jiǎn)要闡明其研究意義,其次介紹了本文的主要內(nèi)容、框架安排及研究方法,最后闡述了本文貢獻(xiàn)。 第二章,文獻(xiàn)綜述。從相關(guān)現(xiàn)金持有量的文獻(xiàn)入手,分為現(xiàn)金持有量的影響因素、現(xiàn)金持有量與其經(jīng)濟(jì)后果、公司治理與公司價(jià)值關(guān)系這三部分來(lái)進(jìn)行歸納綜述,指明本文研究重點(diǎn)。 第三章,理論分析。首先是對(duì)本文相關(guān)基礎(chǔ)理論進(jìn)行梳理；其次界定公司治理水平、現(xiàn)金持有量和公司價(jià)值；最后,基于以上論述,從理論角度解釋公司治理水平、現(xiàn)金持有量與公司價(jià)值的關(guān)系,奠定本文的理論基石。 第四章,研究設(shè)計(jì)。首先依據(jù)國(guó)內(nèi)外文獻(xiàn)和理論分析,提出本文研究假設(shè)。其次是說(shuō)明樣本的選取原則和變量的定義,并構(gòu)建公司治理水平與現(xiàn)金持有量模型和現(xiàn)金持有量與公司價(jià)值關(guān)系模型,用以檢驗(yàn)本文提出的研究假設(shè)。 第五章,實(shí)證分析。首先根據(jù)第三章的理論分析確定樣本公司的公司綜合治理水平。其次是對(duì)樣本數(shù)據(jù)進(jìn)行描述性統(tǒng)計(jì)。其中詳細(xì)描述了上市公司現(xiàn)金持有量的現(xiàn)狀。通過(guò)按全行業(yè)和分行業(yè)對(duì)我國(guó)上市公司現(xiàn)金持有量進(jìn)行描述性統(tǒng)計(jì)分析,以期更全面認(rèn)識(shí)了解現(xiàn)金持有現(xiàn)狀。然后針對(duì)第四章提出的研究假設(shè),利用模型進(jìn)行實(shí)證檢驗(yàn),最后系統(tǒng)分析回歸結(jié)果。 第六章,研究結(jié)論及政策建議。根據(jù)實(shí)證分析得出本文研究結(jié)論,從中獲取關(guān)于我國(guó)上市公司治理的啟示,從現(xiàn)金持有量的角度出發(fā),給出完善相關(guān)公司治理的有利建議,同時(shí)也指出本文研究存在的局限。 通過(guò)實(shí)證研究,文章得出的主要結(jié)論有： 第一,本文在借鑒國(guó)內(nèi)外文獻(xiàn)和南開大學(xué)公司治理評(píng)價(jià)體系的基礎(chǔ)上,選取了股權(quán)結(jié)構(gòu)、股權(quán)集中度、董事會(huì)和監(jiān)事會(huì)、經(jīng)理層和股東大會(huì)五個(gè)維度共十六個(gè)變量,利用主成分分析法計(jì)算出樣本公司的公司綜合治理水平。在經(jīng)過(guò)以均值為劃分點(diǎn)分為兩組進(jìn)行分析之后,從中得出研究結(jié)論：我國(guó)上市公司公司綜合治理水平不僅總體水平偏低,并且個(gè)體之間差異很大。 第二,公司治理水平與現(xiàn)金持有量顯著地正相關(guān)。好的公司治理水平能發(fā)揮其制度約束職能,有效地解決或緩解代理成本問(wèn)題,防止管理層的自利行為,從而持有更多現(xiàn)金量更能幫助公司應(yīng)對(duì)經(jīng)營(yíng)和投資過(guò)程中所面臨的困境。而當(dāng)公司治理水平較差時(shí),公司持有現(xiàn)金可能就為管理層追求私利提供了便利渠道,并且現(xiàn)金又是流動(dòng)性最強(qiáng)的資產(chǎn),管理層更容易進(jìn)行操控。 第三,現(xiàn)金持有量與公司價(jià)值呈非線性關(guān)系,即倒U型關(guān)系。在現(xiàn)金缺乏的情況下,信息不對(duì)稱帶來(lái)了較高的外部融資成本,融資優(yōu)序又使得上市公司優(yōu)先選擇內(nèi)源融資,以高額現(xiàn)金的方式及時(shí)把握有利機(jī)會(huì),幫助其提升公司價(jià)值；而隨著現(xiàn)金持有量逐漸增多,代理問(wèn)題的出現(xiàn)又容易出現(xiàn)管理層為了追求私利做出有損公司價(jià)值的行為。 第四,公司治理水平對(duì)現(xiàn)金持有量與公司價(jià)值之間的關(guān)系有顯著影響。目前我國(guó)所處經(jīng)濟(jì)改革時(shí)期,信息的不對(duì)稱致使外部融資相對(duì)困難,較高的現(xiàn)金持有量能夠提高公司對(duì)有利機(jī)會(huì)的把握,從而提升公司價(jià)值。而且良好的公司治理水平能夠有效解決或緩解代理成本問(wèn)題,使得公司現(xiàn)金持有量不再是管理層們尋求私利的“溫床”,真正能夠?yàn)楣緞?chuàng)造價(jià)值。 本文的研究貢獻(xiàn)主要體現(xiàn)在以下幾個(gè)方面： 首先,本文從整體評(píng)價(jià)得出的公司治理水平入手研究公司治理對(duì)現(xiàn)金持有量與公司價(jià)值的影響作用,以新的切入點(diǎn)強(qiáng)調(diào)了公司治理制度的重要性。關(guān)于公司治理水平對(duì)現(xiàn)金持有量與公司價(jià)值的關(guān)系影響結(jié)論,國(guó)內(nèi)的現(xiàn)有研究大多數(shù)著手于現(xiàn)金持有量的影響因素及其經(jīng)濟(jì)后果,而本文則跳出這個(gè)圈子,從公司微觀制度特性出發(fā),將三者納入一個(gè)研究框架,研究公司治理水平對(duì)現(xiàn)金持有量與公司價(jià)值關(guān)系的影響作用。 其次,研究?jī)?nèi)容的創(chuàng)新。本文運(yùn)用主成分分析法計(jì)算得出公司綜合治理水平,以此來(lái)支持本文后續(xù)的實(shí)證研究。同時(shí)本文將在檢驗(yàn)得出現(xiàn)金持有量與公司價(jià)值的非線性關(guān)系基礎(chǔ)上研究公司治理水平的影響作用,而現(xiàn)有文獻(xiàn)僅通過(guò)現(xiàn)金持有量與公司價(jià)值的線性關(guān)系來(lái)研究公司治理因素的影響。
[Abstract]:Cash held decision - making has always been a core issue in the financial sector of the company , and " cash is the king " is the golden rule of the financial managers . In particular , the financial crisis of the American auto giant , such as the bankruptcy of Lehman Brothers , Chrysler and other American automobile giants , has shown the importance of cash assets . However , it is no wonder that the company has too many idle funds to hold cash . But it is no wonder that the company has too many idle funds to hold cash . It is no wonder that the company has too many idle funds to hold more cash . It is no wonder that Mr . Breiley and Miles ( 1996 ) suggest that one of the ten biggest challenges that have not yet been resolved in the financial field is to determine how much cash holdings are held by the company .

In the 1990s , scholars began to study the decision - making problem of cash holdings . According to the existing literatures , the literatures about cash holdings were quite different , and the influence factors of cash holdings were studied .

On the basis of this , this paper takes the corporate governance level , the amount of cash holdings and the value of the company into a framework , relying on the special system background of our country , selecting the relevant data of the listed company as a sample , and using the principal component analysis method to calculate the comprehensive corporate governance level , and then study the following three problems : ( 1 ) how the corporate governance level affects the cash holdings ;
( 2 ) How cash holdings affect the company ' s value ;
( 3 ) Whether the level of corporate governance has an impact on the relationship between the amount of cash holdings and the company ' s value . It is hoped that this will provide some superficial basis and reference for the academic and practical circles .

This article mainly includes the following six chapters :

Chapter One , Introduction . According to the research background of this paper , the significance of the research is briefly stated . Secondly , the main contents , frame arrangement and research methods of this paper are introduced . Finally , the contribution of this paper is expounded .

Chapter 2 , the literature review , starts with the relevant cash holdings , is divided into the influence factors of cash holdings , cash holdings and their economic consequences , corporate governance and the company ' s value relationship .

In the third chapter , the basic theory of this paper is first reviewed .
Secondly , it defines corporate governance level , cash holdings and corporate value ;
Finally , based on the above discussion , the relationship between corporate governance level , cash holdings and corporate value is explained from the perspective of theory , which lays the theoretical foundation for this paper .

In chapter 4 , the research design is presented . Firstly , according to the domestic and foreign literature and theory analysis , this paper presents the hypothesis of this paper . Secondly , the definition of the selection principle and variable of the sample is explained , and the model of corporate governance level and cash holdings model and cash holdings and the relationship model of cash holdings and company ' s value are constructed to test the research hypothesis proposed in this paper .

Chapter five , empirical analysis . Firstly , according to the theoretical analysis of chapter three , the paper determines the comprehensive corporate governance level of the sample company . Secondly , it describes the present situation of the cash holdings of listed companies .

Chapter 6 , research conclusion and policy suggestion . Based on the empirical analysis , the conclusion of this paper is drawn . From the point of view of cash holdings , this paper gives some suggestions for improving the governance of listed companies , and also points out the limitations of this paper .

Through empirical research , the main conclusions are as follows :

First , based on the domestic and foreign literatures and the corporate governance evaluation system of Nankai University , we have selected 16 variables in five dimensions : equity structure , equity concentration , board of directors and board of supervisors , manager level and shareholders ' meeting .

Second , the level of corporate governance is positively related to the amount of cash holdings . Good corporate governance can play its institutional constraints , effectively address or mitigate agent costs and prevent management ' s self - profit behavior , thus holding more cash to help companies cope with the difficulties they face in their operations and investment . When corporate governance is poor , the company ' s cash holdings may provide convenient channels for management to pursue private profits , and cash is the strongest asset for management , and management is easier to manipulate .

Third , the amount of cash holdings is non - linear with the value of the company , that is , the inverted U - type relationship . In the absence of cash , the information asymmetry brings higher external financing cost , and the financing optimal order makes the listed company preferentially select the inner source financing , and can seize the favorable opportunity in a timely manner with high cash , and help it to improve the value of the company ;
With the increasing amount of cash holdings , the emergence of the agency problem is easy to see the behavior of management in order to pursue private profits .

Fourthly , the level of corporate governance has a significant impact on the relationship between cash holdings and corporate value . At present , the asymmetry of information leads to the relative difficulty of external financing .

The research contributions of this paper are mainly embodied in the following aspects :

First , this paper starts with the corporate governance level from the overall evaluation to study the effect of corporate governance on cash holdings and corporate value , and emphasizes the importance of corporate governance .

Secondly , the paper uses the principal component analysis method to calculate the comprehensive corporate governance level to support the follow - up empirical research . At the same time , we will study the effect of corporate governance on the basis of the nonlinear relation between the cash holdings and the company value , and the existing literature studies the influence of corporate governance factors only through the linear relationship between cash holdings and company value .

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F271;F275;F224

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