公司股权性质对其现金持有水平的影响研究

从公司现金持有量的角度研究国有控股及法人持股的治理效应,发现:非国有控股公司中法人持股比例显著高于国有控股公司;非国有控股公司与国有控股公司的现金持有量没有显著差异;随着法人持股比例的提高,非国有控股公司的现金持有水平显著降低,而国有控股公司的现金持有水平没有显著变化。结果表明,法人持股有利于公司治理的改善,能显著影响非国有控股公司的现金持有决策,但是法人股权的积极作用在国有控股公司中受到限制。

Influence of Equity Properties on Corporate Cash Holdings

Research on the effect of state-owned stock holding and legal persons＇ stock holding from the perspective of corporate cash holdings finds that the proportion of legal persons＇ stock holding in non-state-owned holding companies is obviously higher than that in state-owned holding companies,and that the cash holdings in non-state-owned holding companies has no significant difference from that in state-owned holding companies.With the increase in the proportion of legal persons＇ stock holdings,the cash holdings in non-state-owned holding companies decrease remarkably while there is no significant change in the cash holdings in state-owned holding companies.The result shows that legal persons＇ stock holding has a contribution to the improvement of corporate governance,and a significant influence on the decision on cash holdings in non-state-owned holding companies,but the positive role of legal persons＇ stock holding is restricted in state-owned controlling companies.