| 中央与地方国有控股公司现金持有价值分析 |
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| 引用本文： | 王玉春,赵卫斌.中央与地方国有控股公司现金持有价值分析[J].商业经济与管理,2010,1(8):75-82. |
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| 作者姓名： | 王玉春 赵卫斌 |
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| 作者单位： | 1. 南京财经大学会计学院2. 南京大学商学院 |
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| 摘 要： | 文章将政府作为终极控制人下的国有控股上市公司再分为中央政府和地方政府控股公司，在相关的理论定性分析基础上，实证分析了中央与地方国有控股公司现金持有量的价值效应。分析表明，中央与地方国有控股公司的现金持有量的价值效应差异较大，中央政府控制的公司现金持有的市场价值更高。对这种差异形成的解读，除了已有理论对此诠释外，文章认为中央与地方国有控股公司占有资源的禀赋差异也是重要的原因。
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| 关 键 词： | 控股公司 现金持有价值 价值传导 公司治理 |
| 收稿时间： | 2010-04-12 |
The Value of Cash Holding for Central Government Holding Companies and Local Government Holding Companies |
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| WANG YU-chun,ZHAO Wei-bin.The Value of Cash Holding for Central Government Holding Companies and Local Government Holding Companies[J].Business Economics and Administration,2010,1(8):75-82. |
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| Authors: | WANG YU-chun ZHAO Wei-bin |
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| Institution: | 1. School of Accounting, Nanjing University of Finance and Economics, Nanjing 210046, China2. School of Business, Nanjing University, Nanjing 210093, China |
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| Abstract: | . This paper classifies the state-owned listed companies into the central government holding companies and the local government holding companies. Then it empirically analyzes the value effect of cash holding for these two kinds of listed companies. The research result shows that there is a big difference in the value of cash holding between these two kinds of firms. The analysis indicates that the value of cash holdings for central government holding corporations is higher than that for local government holding corporations. One additional explanation to this difference is that the two kinds of companies have different resource endowments. |
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| Keywords: | holding company value of cash holdings value conduction corporate governance |
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