| 所有权性质、多元化经营与现金持有 |
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| 引用本文： | 邓可斌,陈好衍.所有权性质、多元化经营与现金持有[J].经济经纬,2012(4):95-99. |
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| 作者姓名： | 邓可斌 陈好衍 |
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| 作者单位： | 广东外语外贸大学财经学院与粤商研究中心,广东广州,510420 |
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| 基金项目： | 国家自然科学青年基金，广东省哲学社科规划一般项目，广东省教育厅优秀青年创新人才培育项目 |
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| 摘 要： | 笔者区分所有权性质并以股改后(2007年～2009年)上市公司非平衡面板数据为样本,检验多元化与现金持有关系,研究发现,中国上市公司多元化与现金持有不存在统计显著的相关性。但国有控股企业多元化与现金持有量显著正相关,而非国有控股企业中两者显著负相关。国有控股企业多元化反而降低了现金管理效率,而非国有控股企业通过多元化实现了更高的内部资本市场效率,从而持有更少现金。研究结果间接支持了现金持有的委托代理理论。
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| 关 键 词： | 多元化经营 现金持有 内部资本市场 所有权性质 |
The Nature of Ownership , Diversification and Cash holdings |
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| DENG Ke-bin
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CHEN Hao-yan.The Nature of Ownership , Diversification and Cash holdings[J].Economic Survey,2012(4):95-99. |
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| Authors: | DENG Ke-bin CHEN Hao-yan |
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| Institution: | (School of Finance & Economics Guangdong Foreign Studies,Guangzhou 510420,China) |
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| Abstract: | This paper makes a distinction on the nature of ownership and empirically investigates how diversification affects cash holdings with samples listing firms from 2007 to 2009 unbalanced panel data.It is found that China’s listing firms show no significant correlation between diversification and cash holdings.When distinguishing ownership nature for study,state-owned firms show significantly positive relation while non-state-owned companies show significantly negative.This empirical research indicates that compared with state-owned firms,non-state-owned firms may enhance the efficiency of ICM(Internal Capital Marketing) through diversification and reduction of cash holdings. |
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| Keywords: | Diversification Cash holdings Internal Capital Marketing Nature of Ownership |
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