最终控制人性质对现金持有影响的实证研究

华中科技大学硕士学位论文最终控制人性质对现金持有影响的实证研究姓名：庄严申请学位级别：硕士专业：企业管理指导教师：夏新平20061031I2001-2005IIAbstractThispaperinvestigatestheempiricaleffectsoncashholdingbythedifferentcharacteristicofcontrollingshareholderofpubliclytradedChinafirmsinthe2001-2005periods.Wecontroltheeffectsbyrelatedfinancialfactors,governancecharacteristicsfactorandindustry.Theresultsshowthatcomparedtothefirmsthatcontrolledbylocalgovernments,thefirmscontrolbycentralgovernmentsorprivateindividualsholdmorecash.Besides,wefindthatpeckingordertheoryandtrade-offmodelmadebetterexplanationoncashholdingofChinesefirmsthanagencytheory.Thispaperdiscussthereasonwhyfirmscontrolledbycentralgovernmentsorprivateindividualsholdmorecashfather.Itshowsthatgovernancefactorshavelittleeffectsoncashholdingsinthefirmscontrolledbycentralgovernance.Andthereisnoevidenceshowsthatfirmscontrolledbylocalgovernmentscangetdebteasierthancentralgovernments.Whencontrollingtheprofitanddividendfactors,thereisstillthesameresult.Thereasonmightbethatasthebiggestshareholder,centralgovernmentdoesnotdrawoutthedividendwhichitdeservesandleaveitinthefirms.Theempiricalresearchonprivatefirmsandlocalgovernmentfirmsindicatesthatprivatefirmshavehigherfinancingrestrictionwhichresultsinmorecashholding.Ourfindingshowsthatfirmscontrolledbycentralgovernmentsholdmorecashduetothedividendleftbythebiggestshareholder-centralgovernments.Butcashholdingbythismotivationisinefficient.Privatefirmsholdmorecashduetothediscriminationbybank.whiletheprivatefirmshavetheuppermostcontributionontheeconomicsgrowth,thisdiscriminationwillgoagainstthedevelopmentofeconomics.KeyWordsControllingShareholderCharacteristicCashholdingFinancingrestrictionDividend_____111.1Trade-offTheoryMyersandMajluf1984PeckingOrderTheorySafeDebtRiskyDebtMullugan,1997Jensen1986FreeCashFlowTheoryJensen198622005A20053?1.2121.31234451.1123121522.112NPV31Opler1999OzkanOzkan2002FerreiraVilela2003261Dittmar2003FerreiraVilela2003200520053Faulkender2002200445Baumol1952Miller&Orr(1966)12000320013200157Opler1999Faulkender2002FerreiraVilela200320046(Kim,MauerandSherman,1998)72.2MyersandMajluf1984safedebtriskydebtFaulkender20021991BrealeyandMyers(1988)FazzariHubbardandPetersen198881FerreiraVilela20032Myers,1997;Flannery,1886;KaleandNoe,1990;Diamond,19933James1987MikkelsonPartch1986Billett1995SlovinYoung19909OzkanOzkan2002PinkowitzWilliamson20014FerreiraVilela2003OzkanOzkan20022.3Jensen1986Free-Cash-FlowHypothesis102.3.11Guney2003Faulkender20022Faulkender200219913Kusnadi20032302.3.21Guney2003198320003,989112Dittmar20034511000FerreiraVilela2003EMU19872000LinsKalcheva(2004)JarradSattar2004122.3.31FerriraandVilela,200321233.1+-+/-+/--+-+-+++-1333.12001-20055152Q34BH520012005678914Wind(2003)CenGovPrivCenGov10Priv103.2.311CF2NetWork2Lev3Size4GrowthM/B=(A16)/5DivRatio6DebtStru7BankDebt22005G1CEO(ceo-topdir)CEO2(out-ratio)3Mshare104(top1)100%U5cstr2-517cstr2-5ceo-topdirout-ratioMsharetop1cstr2-53Yeari2005Yeari2001Year11Year102002Year21Year202003Year31Year302004Year41Year40Industryi20011212Industry1Industry11183.3Cash/CenGov10-Priv10+/-CF/+/-Lev/+/-NetWorkSizeLN+/-Growth(*A*)/+/-Div10+/-DebtStru/+BankDebt/-CEOCeo-topdirCEO10+Out-ratio/-Mshare10-Top1/UCstr2-5+/-Yeari2005200iYeari1Yeari0Industryi11Industry1Industry111944.14.1.1SPSS4.14.120012005290.06520.34070.19970.17160.0874200.01870.55610.24140.19550.16501720.01470.45100.12740.10080.08861240.00300.56910.12370.11040.0844650.00160.28750.11800.10360.06911640.00660.58740.18910.15800.1282580.01460.28510.12020.10870.07212480.00430.74520.18020.14380.1254920.00530.55110.13900.10950.10302010.00160.74720.22310.19260.155718770.00070.68310.15650.13060.10911970.00060.45500.15130.13710.099032470.00060.74720.16000.13310.11381.2001442.200120054.116%13.31%10%Kim19988.1%4.7%NaiweiChenArvindMahajan1993200311.6%13.7%13%11.8%5%Ozkan20029.9%5.9%19741995PinkowitzWillimson200118.52%2019741995PinkowitzWillimson1224.14%22.31%19.97%18.91%18.02%11.80%12.02%12.37%4.1.24.26890.00400.74520.18040.14410.133218360.00070.56910.14940.12590.09977220.00060.74720.16740.13960.1237214.320012005291118020105517242121912413644765163910164401213588401024831162559216611520164637418773881079410197506384324768918367224.218.04%14.41%16.74%13.96%14.94%12.59%3.33247689183672277.76%72.71%4.1.320012005220.00%5.00%10.00%15.00%20.00%17.80%17.39%16.30%15.42%13.88%15.24%14.73%13.63%12.35%11.40%200120022003200420054.12001-20054.120012005200117.80%200513.88%3.92%15.24%11.40%3.84%Jensen19862001234.24.4VariableMinimumMaximumMeanMedianStd.DeviationTop1%3.2485.0045.7046.1516.98Cstr2-50.1961.6413.319.2813.96MShare(%)01.170.0100.05CeoTopdir01.00000.081600.2738OutRatio01.00000.81840.80000.1839CF-52.780027.2000-0.0315-0.01002.5190Lev0.008116.32910.51160.48640.5131BankDebt00.9