我国上市公司现金持有动机的实证研究——基于资本市场信息不对称的视角

与欧美发达国家相比,我国企业现金持有水平显著偏高。本文从资本市场信息不对称的角度出发,分析了信息不对称引发的信息问题和代理问题对上市公司现金持有的影响,并在考虑公司特征和行业差异的前提下,运用固定效应面板数据模型,对我国上市公司现金持有动机进行了实证研究。研究结果发现:信息不对称导致的外部融资困难不是我国上市公司大量持有现金的主要原因;股东和经理之间的代理问题以及大股东对小股东的利益侵害在我国上市公司中同时存在,并导致企业持有大量现金。

Empirical Research on the Motivation of Corporate Cash Holding in Chinese Listed Companies——From the Perspective of Information Asymmetry of Capital Market

Compared with the developed countries,cash holding of Chinese companies is significantly higher.From the perspective of information asymmetry and agency cost theory,the authors study cash holding policy of Chinese listed companies by using the fixed effect model of panel analysis.The authors find that the selfishness of management and the tunneling behavior of large shareholder existed in our listed companies,and motivated the companies to hold large amounts of cash.