董事会特征、公司治理与企业现金持有水平——来自我国上市公司的经验证据

本文以中国上市公司为样本,从公司治理视角出发,对董事会特征与企业现金持有水平关系进行了理论与实证分析。结果表明,董事持股比例与企业现金持有水平显著正相关;而董事会规模、独立董事比例和董事会领导权结构等特征变量对企业现金持有水平影响并不显著。这从企业现金持有行为的角度为我国上市公司董事会治理机制的不完善性提供了经验证据。

The Characteristics of Board of Directors, Corporation Governance and Corporate Cash Holdings——Empirical Evidence from Listed Corporate of China

This paper investigates the relationship between the characteristics of board of directors and the corporate cash holdings based on the data of the Listed Corporate of China.Our study shows that only the proportion of directors' shareholding has significantly positive relation with the corporate cash holdings.Other governance variables,such as board size,independent directors and leader structure can not exert significant effect on corporate cash holdings.This paper provides Empirical evidence about faultiness of board of director Governance mechanism in China from the angle of corporate cash holdings.