国有股权转移、现金变动与公司价值的关系——基于全流通市场下的理论推导及实证检验

针对Jensen的“自由现金流量假说”中关于外部市场接管能否有效监督自由现金流量的学术争论,利用中国全流通背景下沪深A股国有股权转移的样本,进行了相关实证检验.本文结论证明了国有性质的股权变更有利于降低企业超额现金持有水平,显著提升公司价值.进而证明了中国A股市场,国有性质股权的外部市场接管能有效监督自由现金流量,降低企业代理成本.

The transfer of state-owned shares, excess cash holdings and firm value- based on tradable market under the theoretical derivation and empirical test

According to the academic debate that whether the external market can effectively monitor free cash flow which is a branch of Jensen’s "free cash flow hypothesis",the samples of Shanghai and Shenzhen A-shares tradable state-owned shares are used to do the relevant empirical test.Changes in the equity of state-owned properties help are proved to reduce the level of corporate excess cash holdings and significantly enhance the value of the company,and then proved shares of state-owned nature of the external market in China can effectively take over the supervision of free cash flow,reduce agency costs.