大股东控制与现金持有价值关系的经验研究

本文以沪深两市2005—2010年391家上市公司为样本,检验了大股东控制对中国上市公司现金持有价值的影响。研究发现,第一大股东持股比例与企业价值间是一种近似U型的非线性关系,第一大股东持股比例的临界点为45%。将第一大股东持股比例与现金持有量的交互项引入模型,回归发现,当第一大股东持股比例小于45%时,交互项的系数显著为负,大股东控制的壕沟效应占主导;当第一大股东持股比例超过45%时,交互项的回归结果不显著。没有证据表明第一大股东性质会对企业价值发挥显著影响。

Empirical Research on Relationship between Substantial Shareholder Control and the Value of Cash Holdings

This article acted 391 listed companies as samples, which listed on the Shanghai and Shenzhen markets from 2005 to 2010, tested the relation of the big shareholder control and the value of cash holdings. We found a kind of approximate＂ U＂ type of nonlinear relationship between the share ratio of the largest shareholder and the value of firm, the critical point of the share ratio of the largest shareholder of was 45%. We introduced the interactive item between the ratio of the largest shareholder and cash hohlings, regression results showed when the share ratio of the largest shareholder is less than 45% , the coefficient of the interaction was negative, the big shareholder control＇s entrenchment effect was significant; When the share ratio of the largest shareholder was more than 45%, the interactive item＇s regression results was not significant. There was no evidenee to show that the first big shareholder＇s nature would play significant influence on the value of firm.