摘要
受"现金为王"管理理念的影响,持有现金成为企业满足日常流动性需求和应对未来不确定性的重要选择策略。文章利用中国深沪证券交易所2010-2019年上市公司的经验数据,从实际控制人角度来识别集团内成员企业,实证检验了委托代理关系影响下集团内部资本市场效率与现金持有水平的关系。研究发现:(1)从整体上来看,与独立企业相比,集团内成员企业的现金持有水平较高;(2)由于债权人对企业的监督治理效应,企业举债有利于提高内部资本市场效率,从而减少了现金持有水平;(3)集中的股权结构提高了内部资本市场效率,减少了现金持有水平,而分散的股权结构降低了内部资本市场效率,增加了现金持有水平,支持了大股东监督激励假说。
Affected by the concept of"Cash is King", holding cash has become an important strategy for firms to meet demands for the liquidity and to deal with future uncertainties. Using the empirical data of listed companies on the Shenzhen and Shanghai Stock Exchanges from 2010 to 2019, we identify the group-affiliated firms from the perspective of actual controllers and empirically examine the relationship between internal capital market efficiency and cash holdings under the influence of principal-agent relationships. We find the following results:(1)Cash holdings of group-affiliated firms are, on the whole, more than that of stand-alone firms;(2)Considering the supervision and governance effect of creditors, the bank borrowing can improve internal capital market efficiency so that it reduces cash holdings;(3) Centralized ownership structure can improve internal capital market efficiency, and then reduce cash holdings, but decentralized ownership structure reduces the internal capital market efficiency, thus increasing cash holdings, which supports the hypothesis of supervision and incentive for major shareholders.
出处
《投资研究》
CSSCI
北大核心
2021年第7期96-109,共14页
Review of Investment Studies
基金
河北省教育厅人文社科重点项目资助(SD201033)
河北省高等教育教学改革研究与实践项目资助(2020GJJG132)
关键词
内部资本市场效率
委托代理关系
现金持有水平
企业集团
Internal Capital Market Efficiency
Principal-Agent Relationship
Cash Holdings
Business Groups
