摘要
以2001-2005年制造业上市公司为研究对象，从股权结构如何影响管理者控制成本这一独特视角出发，对企业股权结构与现金持有之间的关系进行了实证分析。结果表明：第一大股东持股比例与企业现金持有之间存在显著负相关；而股权集中度，前十大股东持股份额的变异系数与企业现金持有存在显著正相关；独立董事比例与企业现金持有之间并无显著关系。分析指出，同时存在两种效应在影响企业现金持有量，即第一大股东有效监督效应和前十大股东利益合谋效应，且后者效应大于前者。
An empirical research was conducted on the relationship between company ownership structure and cash holding, by examining the manufacturing companies listed from 2001 to 2005 and from a unique perspective of how ownership structure influences the cost control of the management. The result indicates that there exists a prominent negative correlation between the proportion of the first shareholder＇s shareholding and the company＇s cash holding and an outstanding positive correlation between the variation coefficient of the top ten shareholders＇ shareholding amount and the company cash holding, and that the proportion of independent directors and cash holding are not correlated prominently. The research also holds that two effects—the valid supervision effect of the first shareholders and the interest conspiracy effect of the top ten shareholders—influence the company cash holding amount simultaneously, and that the latter outweighs the former.
出处
《河北科技大学学报（社会科学版）》
2008年第4期24-29,共6页
Journal of Hebei University of Science and Technology:Social Sciences
关键词
股权结构
股权集中度
现金持有量
制造业
上市公司
ownership structure
ownership concentration
cash holding amount
manufactur ingindustry
listed company
