论文部分内容阅读
本文对民营上市公司现金流量权和控制权的分离程度对现金持有量以及现金持有价值的影响进行了研究,并按照上市方式的不同对直接上市和间接上市两种类型中此种影响的差异性进行了比较分析。研究发现,随着两权偏离程度的增大,民营上市公司倾向于持有更多的现金;在间接上市的民营公司中,两权偏离程度对其现金持有量的影响更大;全样本中现金持有量与企业价值呈现出显著负相关的关系,而间接上市民营公司的现金持有的价值更低,两权偏离度对其现金持有价值的影响更大。
This paper studies the impact of the degree of separation of cash flow rights and control of private listed companies on the cash holdings and cash holdings, and according to the difference in the way of listing, this kind of influence on direct listing and indirect listing Differences were analyzed comparatively. The study finds that private listed companies tend to hold more cash as the degree of deviation between the two rights increases. In private listed companies, the deviation between the two rights has a greater impact on their cash holdings. The full sample There was a significant negative correlation between the cash holdings and the corporate value, while the value of the cash holdings of the indirectly listed private companies was lower, and the deviation of the two rights had a greater impact on the cash holdings.