金字塔终极控制权、制度环境与公司现金持有水平——来自中国家族上市公司的经验证据

文章研究了金字塔终极控制权和制度环境对2004年—2006年中国家族上市公司现金持有水平的影响。研究结果发现,金字塔终极控股股东控制权与所有权分离度与公司现金持有水平显著正相关,表明在金字结构下,终极控股股东两权分离度越大就越会持有更高现金水平;市场化指数、政府干预指数和法治水平指数等制度环境因素与公司现金持有水平显著负相关,表明在制度环境越差的地区,家族上市公司越会实行持有高额现金的政策。

Pyramid Ultimate Control, Institutional Environment and the Level of Corporate Cash Holdings: Evidence from the Chinese Familial Listed Companies

This study investigates the impact of pyramid ultimate control,institutional environment and the level of corporate cash holding on Chinese familial listed companies using the data from 2004 to 2006.Results show that the degree of separation of de facto control and the ownership under pyramid structure are positively associated with the level of corporate cash Holdings,which indicate that the more is the separation degree,the more is the corporate cash-holding.We also find that marketization index,government effectiveness index and legal protection index are negatively associated with the level of corporate cash holding,which suggests that the worse is the institutional environment,the more is the familial listed companies cash-holding.