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本文以我国A股市场上市公司2002至2004年的数据,依照中国证监会的行业分类标准,实证检验了上市公司现金持有量的行业特征。结果表明:行业因素是影响上市公司现金持有量的重要因素之一,不同行业上市公司的现金持有量存在显著差异,而同一行业内上市公司间的现金持有量差异并不明显。 相似文献
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以2006-2007年我国上市公司为样本研究了现金持有量对公司价值的影响。通过研究表明,现金持有量与公司价值之间呈倒U型关系。 相似文献
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本文选取了1993家A股上市公司2011年的财务数据,剔除了部分数据缺失的公司和sT、P,r股,建立回归模型,进行实证分析。目的是为了找到上市公司治理结构与其现金持有量之间的影响关系。 相似文献
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上市公司现金股利政策是指每年期末如何以现金的方式对其可支配收益进行分配的政策.本文首先介绍了我国上市公司现金股利政策的特点,之后通过探讨股权结构与现金股利政策之间的关系论述了上市公司股权结构对现金股利政策的影响,从而提出通过优化公司股权结构来规范现金股利政策的建议. 相似文献
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公司治理机制对公司现金持有量的影响——来自我国上市公司的经验证据 总被引:14,自引:0,他引:14
本文以我国部分上市公司为样本实证研究了公司治理机制对公司现金持有量的影响。结果表明,公司治理机制并未对公司现金持有量形成显著影响,从公司现金持有量的视角为我国上市公司治理机制的不完善性提供了经验证据。 相似文献
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Basil Al-Najjar 《International Business Review》2013,22(1):77-88
This paper investigates corporate cash holdings in developing countries. In particular, we look into the effect of capital structure and dividend policy on cash holdings in Brazil, Russia, India, and China and compare our results with a control sample from the US and the UK. Our sample contains 1992 firms across these countries for the period 2002–2008. We employ Instrumental Variables analysis to control for the endogeneity of the financial policies (cash holdings, capital structure, and dividend policy). Our results show some evidence that capital structure and dividend policy affect cash holdings. There are similarities between developed and developing countries on the factors determining corporate cash holdings. The results of our cross-country model provide evidence that capital structure, dividend policy, and firm size are important factors in determining cash holdings. Finally, we show that firms operating in countries with low shareholder protection hold more cash. 相似文献
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股权结构与企业股利政策选择关系:理论与实证分析 总被引:7,自引:0,他引:7
本文从公司治理视角出发,以中国上市公司为样本,对股权结构与企业股利政策关系进行了理论与实证分析。结果表明,管理者持股比例、股权集中度(包括第一大股东持股比例)与现金股利支付率显著正相关;国有股比例与现金股利支付率正相关;法人股比例和流通A股比例对现金股利支付率的影响可能是负向的,且极不显著。 相似文献
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We examine the relationship between corporate cash holdings and promoter ownership for a sample of Indian non-financial firms. Consistent with the arguments of the ‘efficient monitoring hypothesis’, our results broadly suggest that promoter ownership is negatively associated with cash holdings, thereby highlighting the role of large owners in preventing cash accretion in an emerging market context. Indicating prominent influence of corporate ownership on cash management, we find that corporate non-promoter ownership is also negatively related with cash holdings. With regard to promoter ownership of foreign entities, our results suggest that cash holdings share a U-shaped relationship with ownership of foreign promoter corporations. In addition, our findings provide weak evidence to support a more pronounced negative association between cash holdings and promoter ownership for group-affiliated firms as compared to non-affiliated firms since the former faces lower financial constraints on account of access to internal capital markets. Finally, we perform long-term effect analysis in order to reinforce robustness of our results. 相似文献
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经理人‘自利动机’可能会影响到公司现金持有量以及现金使用。不同治理结构又会对‘自利动机’构成不同的约束,从股权集中度、经理人所有权以及董事会构成、外部投资者受保护的程度等角度分析公司现金持有量与公司治理结构的关系,进一步研究公司治理结构与现金持有量,对我国上市公司实现现代化管理有重要意义。 相似文献
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《International Review of Finance》2018,18(2):297-303
This article examines the link between foreign ownership and corporate cash holdings. We utilize a data sample of firms listed on the Ho Chi Minh City stock exchange covering the period 2007–2015. Employing different econometric techniques for panel data, we find that higher foreign ownership is associated with more corporate cash holdings. This finding suggests that foreign investors in the Vietnam stock market are subject to precautionary motive and agency motive forcing firms to hold more cash. However, the outcome suggests potential agency problems because managers might subsequently use this cash reserve for their own advantages. These problems are even more pronounced in emerging markets where investor protection mechanism is weak. Accordingly, this highlights the importance of a monitoring mechanism to refrain corporate managers from investing in value‐destroying projects. 相似文献
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Helen Short Kevin Keasey Darren Duxbury 《International Journal of the Economics of Business》2002,9(3):375-399
This paper examines empirically the effects of management ownership and ownership by large external shareholders on the capital structure of the firm from an agency theory perspective. The paper extends the US literature on the topic by examining the effect of interactions between management ownership and ownership by large external shareholders on the capital structure of UK firms. For a sample of UK firms, the paper provides empirical evidence that suggests the debt ratio is positively related to management ownership and negatively related to ownership by large external shareholders. Furthermore, the presence of a large external shareholder acts to negate the positive relationship between debt ratios and management ownership; in the presence of a large external shareholder, no significant relationship between debt ratios and management ownership exists. These findings are consistent with the hypothesis that the presence of large external shareholders affects the agency costs of debt and equity. 相似文献
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In this paper, we examine the information content of insider transactions in China and analyze how ownership structures shape market reaction to these transactions. We find that the cumulative abnormal return (CAR) to insider purchases is a convex function of the percentage of shares owned by the largest shareholder. Further, the CAR to insider purchases is lower when the largest shareholder is government-related, or when the control rights of the largest shareholder exceed its cash flow rights. We also find that the market reaction to insider purchases is more positive for firms audited by Big4 auditors. However, we do not find a significant relationship between an ownership structure and the market reaction to insider sales. Our results are remarkably robust to alternative model specifications, corporate insider identities, and recent corporate news releases on price-sensitive events. Finally, we show that market reaction to insider purchases is larger for firms with less severe expropriations, as captured by the use of other receivables. 相似文献
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基于持股权与控制权非对等配置逻辑,文章以2009—2019年A股国有上市企业为研究主体,实证检验非国有股东超额委派董事对企业现金持有水平的影响。研究发现,非国有股东超额委派董事显著提高参股国企的现金持有水平,且随着超额委派比例增加更加显著;进一步地,该正向作用在中央层级企业及市场化进程较高地区表现更为显著;明晰其作用机理,发现其通过抑制超额持现所致的过度投资行为、迫使无效耗散的现金尽快回流进而提高持现水平;此外,非国有股东超额委派董事和超额委派比例均有助于优化现金二次配置,促使企业将超额现金用于发放现金股利及进行创新投入,并最终提升现金持有价值和企业价值。文章结论不仅印证和延伸混改推进过程中非国有资本在高层治理维度所发挥的积极作用,更为进一步深化混合所有制改革及完善中小股东保护体系提供借鉴。 相似文献