摘要
笔者区分所有权性质并以股改后(2007年～2009年)上市公司非平衡面板数据为样本,检验多元化与现金持有关系,研究发现,中国上市公司多元化与现金持有不存在统计显著的相关性。但国有控股企业多元化与现金持有量显著正相关,而非国有控股企业中两者显著负相关。国有控股企业多元化反而降低了现金管理效率,而非国有控股企业通过多元化实现了更高的内部资本市场效率,从而持有更少现金。研究结果间接支持了现金持有的委托代理理论。
This paper makes a distinction on the nature of ownership and empirically investigates how diversification affects cash hold-ings with samples listing firms from 2007 to 2009 unbalanced panel data. It is found that China＇ s listing firms show no significant cor-relation between diversification and cash holdings. When distinguishing ownership nature for study, state-owned firms show significantly positive relation while non-state-owned companies show significantly negative. This empirical research indicates that compared with state-owned firms, non-state-owned firms may enhance the efficiency of ICM （Internal Capital Marketing） through diversification and reduction of cash holdings.
出处
《经济经纬》
CSSCI
北大核心
2012年第4期95-99,共5页
Economic Survey
基金
国家自然科学青年基金项目(71003030)
广东省哲学社科规划一般项目(09E-03)
广东省教育厅优秀青年创新人才培育项目(wym09095)
关键词
多元化经营
现金持有
内部资本市场
所有权性质
Diversification
Cash holdings
Internal Capital Marketing
Nature of Ownership
