中国上市公司现金持有价值实证分析

公司现金持有价值问题是财务领域中尚未解决的难题之一,财务理论上对现金持有的经济后果有信息不对称理论和代理理论两种截然不同的解释。以中国沪深A股2005—2009年上市公司为样本,实证检验了我国上市公司的现金持有价值。研究结果表明,我国上市公司现金持有存在折价,平均现金持有价值为0·767元,说明持有现金的代理成本大于降低外部融资成本所带来的收益,代理理论更适合用来解释我国上市公司高额现金持有行为。在此基础上,从双重代理冲突视角的进一步研究发现,管理者与股东之间的代理冲突并不影响现金持有价值,终极控制股东与中小股东的代理冲突是造成公司现金价值减损的主因,且国有控股公司的代理问题更为严重。

An Empirical Research on the Value of Cash Holdings for Chinese Listed Companies

The economic consequences of holding cash is a problem that still hasn’t been resolved in the field of finance.Scholars mainly do research from the perspective of information asymmetry theory and agency theory.This paper takes the A-share listed companies in Shanghai and Shenzhen capital markets during 2005-2009 as samples to research the marginal value of cash of Chinese listed firms empirically.We found that the average marginal value of cash is 0.767 yuan.This obvious discount of cash holdings suggested that the agent cost of holding cash exceeds the benefit,so agency theory is more suitable to explain this phenomenon.A further study from the perspective of dual-agent conflicts showed that the agent conflict between managers and shareholders doesn’t affect the value of cash,while the agent conflict between ultimate shareholders and minority shareholders is the primary cause of the discount on cash holdings.What’s more,the agent conflict in state-owned holding companies is more severe.