Author: 胡婕
Hu, Jie
Title: 中国企业现金持有量的研究
Zhongguo qi ye xian jin chi you liang de yan jiu
Other Title: Research on cash holdings of Chinese enterprises
Degree: D.Mgt.
Year: 2018
Subject: Hong Kong Polytechnic University -- Dissertations
Corporations -- China -- Finance
Corporations -- China -- Cash position
Department: Faculty of Business
Pages: viii, 89 pages : illustrations, charts
Language: Chinese
Abstract: 本文采用2000年至2015年的CSMAR数据,分析了中国企业在金融危机中持有现金的水平和量化宽松期间的变化。我的论文分析有三个动机。首先,我想看看Pinkowitz,Stulz和Williamson(1999)的企业现金持有模式是否也适用于中国企业。我的结果表明,该模型确实适用于中国的情况。其次,由于代理问题会影响公司现金持有的估值(现金持有是管理者滥用或征用的最容易的资产),我想研究中国企业一些独特的公司治理特征如何解释其现金持有决策。具体而言,我发现治理质量较差的企业(反映在更多的政治关联或更多的关联交易)往往持有更多的现金,而企业的股票在香港作为H股交叉上市,其现金持有量则较少。有趣的是,在市场化程度较高的省份经营的企业也拥有更多的现金。最后,我调查了在金融危机时期中国企业如何改变现金持有量,以及市场在危机时期评估现金持有量的变化。我的研究结果表明,中国企业的现金持有水平在危机期间确实发生了变化,而这种变化的市场评估与企业的治理质量相关。重要的是,在危机期间,虽然现金持有量的这种变化并未显着影响公司业绩,但市场对治理水平较差的企业现金持有量的估值较高, 相反对治理水平较高的企业现金持有量的估值则较低。

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