我国上市公司高额现金持有与影响因素的实证分析

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1、华北电力大学硕十学位论文AbstractWiththecurrentrapiddevelopmentofChina’Ssecuritiesmarket，listedcompanieshavebecomethemainforceofChina’Smarketeconomy,andtheyareenterpriseorganizationfullofvigoranddevelopmentcapacity．Althoughlistedcompanieshavehugefundingandexpansioncapabilities，manyofthemtendtoholdlargeam

2、ountofcashinhand．InChina，generally,thepercentageofcashholdingsoflistedcompaniesishigherthanthoseofEuropeanandotherdevelopedcountries．Alargenumberofempiricalstudiesabroadhavediscussedthereasonsofthisphenomenonandtheimpactonthevalueofcompanies，thestatictradeofftheory,thefreecashflowtheoryandth

3、epeckingordertheory,etc．，havebeencarriedout．WhereasinChina，currently,eventhoughsomescholarsstartedtofocusingonthehighportionsofcashholdingsoflistedcompanies，thereisnounifiedinterpretationofthisphenomenoninthetheoreticalandalsoempiricalresearcharea．Thisarticleusestheagencytheoryandthetrade-of

4、ftheoryasthetheoreticalfoundation，analyzingthebehaviorofthehighcashholdingsoflistedcompanies，anddiscussesthemainfactorsaffectingthehighcashholdingoflistedcompaniesandtheimpactonthecompanyperformance．Thispaperreviewstheliteratureofthelistedcompanies’highcashholdingsmotivationwhichhasbeenresea

5、rchedbythedomesticandforeignscholars．Basedonthetheoryofhighcashholdings，combinedwiththeChina’Seconomicsystemandusingthe2007—2009ShanghaiandShenzhenlistedcompanydataastheresearchsample，Idefinedthehighcashholdingcompanyanddividedthesampleintotwogroups：highandlowlevels，respectively．Basedonexist

6、ingresearchpapers，usingthecontrastmethod，Idiscussedthecompany’Sfinancialcharacteristicsandmanagementfeatures，findoutthefactorswhichcouldaffectthehighholdingoflistedcompanies．Thefactorsareasbelow：companysize，financialleverage，cashflow,cashflowvolatility,short-termdebtstructure，thebankloads，ca

7、shsubstitutes，theproportionofstated—ownedsharesandthedegreeofprotectionofshareholders．ect．FinallyIusethefactorsastheresearchvariablestoconstructareasonablemodel，usingtheempiricalresearchmethodtoanalyzethecorrelationofthesefactorstothehighcashholdin