我国制造业上市公司高额现金持有动因的实证研究

【作者】 鲁晨曦；

【导师】 郑明川；

【作者基本信息】 浙江大学 ， 会计学， 2007， 硕士

【摘要】 现金持有问题是企业理财领域的重要课题之一，自从融资优序理论和自由现金流量理论问世之后，对于一些企业持有高额现金的动因，学术界出现了不同的观点，大致可以分为利益融合观和委托代理观两种。前者认为，企业持有高额现金是企业为了避免高昂的外部融资成本，在权衡了持有现金的收益和成本之后，做出的有利于企业价值最大化的理性选择；后者认为，企业持有高额现金是现代企业委托代理的关系下，管理者或者控股股东为自己谋取利益，有损企业价值的表现。对于上述的两个观点，国内、外学者的实证研究结论不尽一致。对于我国上市公司持有高额现金的动因，国内学者虽然很少有直接研究，但是间接看来也存在着不同的认识。探索这个问题对于正确认识和解决我国上市公司的高额现金持有问题，既有理论意义又有实践价值。本文在回顾国内、外相关研究文献的基础上，对此进行了研究，同时对具体的研究方法做了一定的改进。本文以制造业为研究的对象行业，选取了547家在2000—2005年有完整财务数据的制造业上市公司为研究样本，其中现金持有量在2000—2002年连续三年居于制造业前30％的68家公司，作为高额现金持有的样本公司，其他479家作为对比样本公司。通过对这两组公司的公司特征、后续年度的经营业绩和现金支出情况进行对比和检验，来回答我国制造业上市公司的高额现金持有行为符合哪种观点。本文认为，与委托代理的观点相比，我国制造业上市公司的高额现金持有行为更符合利益融合的观点。最后，根据实证研究结论，本文建议大力发展和完善我国资本市场，降低企业融资成本，以从源头上解决我国制造业上市公司的高额现金持有现象。更多还原

【Abstract】 A central issue in financial management is cash holdings. After "pecking order theory" and "free cash flow theory" came out, large holdings of cash are generally explained in one of two ways. One is that large holdings of cash serve manager’s personal interests. Another explanation is that substantial cash reserves serve stockholders’ interests by substituting for higher cost financing from external sources. The former could be called "the view of interest fusion", and the later could be "the view of principal-agent". About the two points, the conclusions of empirical research differ from each other. In our country there are few direct researches on the motives for large cash holdings; however the scholars have different viewpoints. Clarifying the point is important for understanding and solving the large cash holdings problem.The dissertation surveys the relevant researches at home and abroad and improves the research design. The dissertation chooses the manufacturing as the object industry and selects 547 manufacturing listed companies with complete financial data from 2000 to 2005 as samples. Among the samples, 68 companies which held top 30% cash in manufacturing industry are high cash firms, and the rest 479 companies are comparison samples. The dissertation investigates the two groups’ enterprise characteristics, operating performance in the ensuing 3 years and compared how high cash firms and comparison firms used cash. The conclusion is that compared with "the view of principal-agent", "the view of interest fusion" is more suitable to explain the large cash holdings of manufacturing listed companies in our country. In the end, according to the research conclusions, we suggested that we should improve and develop the capital market, to resolve the high cash problem basically.更多还原