不同治理环境下制造业公司现金持有对其绩效影响研究

基于我国A股制造业上市公司2002~2011年数据,利用樊纲等编制的中国各地区市场化进程数据构建公司的治理环境,实证研究治理环境、公司现金持有与绩效之间的关系。研究发现,公司现金持有对其绩效产生了正面的影响,在治理环境差的地区这种影响更加明显。在治理环境好的地区,相对于国有公司,非国有公司现金持有对绩效的影响更大。在治理环境差的地区,国有公司和非国有公司的绩效对现金持有的敏感度差异较小。

Research of Manufacturing Company's Cash Holdings Impacts on Performance Under Different Institutional Environment

This study develops the variable for institutional environment based on China regional market development indexes developed by Fan (2009), and uses the data on the listed manufacturing firms in 2002 to 2011 to investigate relationships among institutional environment, cash holdings and performance. We find that cash holdings have a positive effect on performance, and the effect is more significant in regions with worse institutional environment. In regions with better institutional environment, the effect of cash holdings on performance is more significant for non-state-owned enterprises than for state-owned enterprises. In regions with worse institutional environment, those effects are not significantly different between state-owned enterprises and non-state-owned enterprises.