论文部分内容阅读
从现金持有的预防性动机出发,我们提出了一个企业集团、产权性质与现金持有的理论分析框架。在此基础上,借助于一个外生政策冲击对企业集团的影响,本文通过构造工具变量来克服内生性问题,利用沪深A股上市公司2003-2012年的研究样本对企业集团、产权性质与现金持有之间的关系进行了实证检验。研究发现:首先,从整体上来看,与不属于企业集团控制的独立公司相比,作为集团成员的上市公司持有更少的现金,这源于企业集团的内部资本市场功能降低了上市公司的融资约束;其次,企业集团对现金持有的影响存在着显著的所有制差异,企业集团的作用在民营企业中更加显著。一系列的稳健性检验结果进一步证实了上述结论的可靠性。
Based on the precautionary motives of cash holdings, we propose a theoretical framework for the analysis of the nature of the property rights and cash holdings of a group of enterprises. On this basis, with the aid of a foreign policy impact on the enterprise group, this paper constructs the tool variables to overcome the endogeneity problem, using the research sample of Shanghai and Shenzhen A-share listed companies from 2003 to 2012, The relationship between cash holdings was tested empirically. The findings are: First, overall, listed companies that are members of a group hold less cash than independent firms that are not part of a conglomerate, as the internal capital market function of the conglomerate reduces the Financing constraints; secondly, there is a significant ownership difference in the impact of the enterprise groups on the cash holdings. The role of the enterprise groups is more prominent in the private enterprises. A series of robustness test results further confirm the reliability of the above conclusion.