公司特征、股權結構與現(xiàn)金持有量的實證研究

59頁共計30884字

摘 要

現(xiàn)金持有量對公司而言，會影響到公司的投資和籌資決策，也會影響到管理層的消費行為，還會影響到公司在資本市場上被收購的可能性。本文以1995年到2004年滬、深股市去除金融行業(yè)的所有行業(yè)上市公司為樣本，通過靜態(tài)回歸模型、動態(tài)回歸模型以及差分分層回歸來分析中國上市公司的公司特征因素、股權結構因素對其公司現(xiàn)金持有量的影響。
本文的研究發(fā)現(xiàn)，很大一部分的公司特征因素都對公司的現(xiàn)金持有量有顯著影響。結果是部分與權衡理論的預期相符，部分與優(yōu)序融資理論的預期相符。而具有中國特色的股權結構因素，如：國有還是非國有，第一大股東持股比例等，也表現(xiàn)出對公司的現(xiàn)金持有量有影響。
目 錄

摘 要 Ⅱ
ABSTRACT Ⅲ
目 錄 Ⅳ
引 言 1
1.問題的提出 1
2.研究目的 1
3.研究方法 2
4.論文內容 2
5.論文創(chuàng)新之處 3
第1章 文獻綜述 4
1.1國內外研究文獻綜述 4
1.2研究方法綜述 7
第2章 理論依據(jù)及研究假設 13
2.1權衡理論模型 13
2.2優(yōu)序融資理論模型 17
2.3股權結構與公司現(xiàn)金持有量 18
2.4研究假設 20
第3章 樣本、變量與模型 24
3.1樣本選擇與數(shù)據(jù)處理 24
3.2變量的定義 24
3.3數(shù)據(jù)模型 26
第4章 實證研究 28
4.1描述性統(tǒng)計分析 28
4.2相關性檢驗 29
4.3靜態(tài)模型回歸分析結果 31
4.4動態(tài)模型回歸分析結果 38
結 論 48
參考文獻 50
后 記 53
論文原創(chuàng)性聲明 55


關鍵詞： 公司特征， 股權結構， 現(xiàn)金持有量
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