| 现金持有水平、投资者保护与关联交易 |
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| 引用本文： | 顾乃康,万小勇.现金持有水平、投资者保护与关联交易[J].广东金融学院学报,2011(2). |
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| 作者姓名： | 顾乃康 万小勇 |
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| 作者单位： | 中山大学管理学院; |
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| 基金项目： | 国家自然科学基金项目(70772079); 教育部人文社会科学规划基金项目(07JA630023) |
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| 摘 要： | 以沪深两市的非金融类上市公司为样本,考察现金持有水平、投资者与关联交易之间的关系,结果发现上市公司的现金持有水平与关联交易显著正相关,这意味着上市公司的现金持有水平越高,基于大股东掏空的关联交易侵占越多;在投资者保护较差的公司,现金持有水平与关联交易之间的正相关关系更强,这说明有效的投资者保护体系能够起到约束大股东通过关联交易从上市公司转移现金的作用。因此进一步引导和规范上市公司的现金分红,以及加强投资者保护的执法力度,是治理关联交易的有效选择。
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| 关 键 词： | 现金持有 投资者保护 关联交易 |
Cash Holdings,Investor Protection and Related Party Transactions |
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| Gu Naikang , Wan Xiaoyong.Cash Holdings,Investor Protection and Related Party Transactions[J].Journal of Guangdong University of Finance,2011(2). |
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| Authors: | Gu Naikang Wan Xiaoyong |
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| Institution: | Gu Naikang and Wan Xiaoyong (School of Business of Sun Yat-sen University,Guangzhou 510275,China) |
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| Abstract: | Based on the data of non-financial listed companies from both Shanghai and Shenzhen stock market,this paper explored the relationship between cash holdings,investor protection and related party transactions.We found that cash holdings was significantly and positively related to related party transactions,which meant the more cash the listed firms held the more related party transactions were aim at tunneling.The firms with poor investor's protection showed higher relation between cash holdings and related p... |
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| Keywords: | cash holdings investor protection related party transactions |
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