中国与东亚国家公司治理国际研讨会应征征文

∗]1[]2[]3[1.1000322.610[e-mail]/[e-mail][]A[]199919992000∗03BJY0191Opler199919711994PinkowitzWilliamson2001extractrentsOzkanOzkan200219841999Faulkender20021991R&DGuney2003198320003989Kusnadi2003230Dittmar200345110002FerreiraVilela2003EMU119872000234200419982002AB2004ShleiferandVishny1997Jensen19861234200431.ABH1ShleiferVishny1997127235ShleiferVishny.ASurveyofCorporateGovernance[J].TheJournalofFinance19972737-7876[M]290741999200020002000200034AAAAA8A4A5BHBHA1999A56859OzkanOzkan200220025%62.1Jensen1993Kusnadi2003Kusnadi72CEO20038CEOCEO9CEOCEO3.109Morcketal.1988McConnellandServaes1990HermalinandWeisbach199110James1987MikkelsonPartch1986Billett1995SlovinYoung19906104.Baskin1987John1993111.2.3.BrennanandHughes1991Collinsetal.1981FazzariandPetersen1993Kimetal.1998TitmanandWessels1988Ozkan1996114.Opleretal.19995.117Myers1977Flannery1986KaleandNoe1990Diamond19936.1119971231719AB19982002852002123110127041CASHKusnadi2003Faulkender2000OzkanOzkan2002Guney20032004it2)SUHoldersitGJGitFRGitAGitKLTWZGitGGCGit133CEOCEOCEO1010LDQAitLDQBitLDQAitLDQBit4)(DNLNit5it10IDDUMMYit6(YHZW)it7DBitDBit8CFLOWit12APT600625PT000588PT000015PT000003PT000556ST000653ST000658ST000675ST000689ST6008131399CSUBSit1410())(ASSETSitLN111MBRit×+×+=AMBRit11210XJGLDUMMYitXJGLDUMMYit13ZWJGit1Paneldata1HausmanandTaylor1981aiαtc0εitYHZWIDDUMMYDNLNLDQBLDQAOWNSTRUCacCASHitititititittiitδδδδδδα6543210)(++++++++=XJGLDUMMYMBRASSETSLNCSUBSCFLOWDBititititititδδδδδδ121110987)(++++++εδ++ZWJGitit13(1)161611101-0.04Tp-1.190.242159.24Tp1.070.29110≥VIF1415aiαt1610-0.02Tp-4.87011223455A46676788910101112161311123456c0-23.08(-2.30**)-11.54(-0.98)-26.67(-2.39**)-19.66(-1.96*)1.07(0.08)-23.08(-2.30**)SUHOLDERSit+GJGit+-0.05(-1.99**)FRGit--0.004(-0.24)AGit-0.10(4.10***)KLTWZGit--0.03(-0.40)GGCGit-LDQAit+0.92(1.49)0.66(0.95)0.87(1.23)0.81(1.36)-1.29(-0.43)0.92(1.49)LDQBit--0.002(-0.004)-0.52(-0.81)-0.17(-0.25)-0.02(-0.03)-1.50(-0.72)-0.002(-0.004))(DNLNit+0.27(0.27)0.31(0.24)-0.70(-0.59)0.62(0.63)1.48(0.32)0.27(0.27)IDDUMMYit-1.74(3.48***)0.77(1.21)1.26(2.01**)1.46(2.94***)-2.08(-0.95)1.74(3.48***)YHZWit-0.03(2.40**)0.03(1.83*)0.03(2.41**)0.03(2.34**)0.10(1.30)0.03(2.40**)DBit+/-0.09(2.09*)11CFLOWit+/-4.21E-09(2.06**)2.98E-09(2.16**)4.19E-09(2.07**)3.40E-08(3.74***)4.21E-09(2.06**)CSUBSit-0.06(5.46***)0.13(3.30***)0.05(5.28***)0.06(5.46***))(ASSETSLNit+/-1.44(3.29***)0.85(1.72*)1.04(2.06***)1.29(2.93***)1.44(3.29***)MBRit+/-2.14(4.55***)1.63(3.08***)1.04(2.06**)1.89(3.88***)2.14(4.55***)XJGLDUMMYit+/-2.01(5.19***)1.94(4.30***)2.56(5.66***)2.00(5.18***)0.46(0.22)2.01(5.09***)ZWJGit+/--0.01(-0.63)-0.02(-0.92)-0.006(-0.62)-0.01(-0.64)0.06(0.60)-0.01(-0.63)R20.520.520.470.520.600.52F(p)5.77(0)5.02(0)4.57(0)5.83(0)3.16(0)5.77(0)VIFmax5.989.136.226.289.015.98n31122228253231124043112Eviews5PLSWhiteT*T*10%**5%***1%npppppp11A234561A2004ADittmaretal.2003231242003OzkanOzkan20021.Chang-SooKimetal.,1998,“Thedeterminantsofcorporateliquidity:TheoryandEvidence”,JournalofFinancialandQuantitative33No.3:335-359.2.Chemmanur,T.J.,Fulghieri,P.,1994.Reputation,renegotiationandthechoicebetweenbankloansandpubliclytradeddebt.TheReviewofFinancialStudies7,475506.3.Diamond,D.,1991,“MonitoringandReputation:theChoiceBetweenBankLoansandDirectlyPlacedDebt”,JournalofPoliticalEconomy99,689-721.4.Dittmar,A.etal.,2003,“Internationalcorporategovernanceandcorporatecashholdings”,JournalofFinancialandQuantitativeAnalysis38:111-134.5.Faulkender.M.W.,2002,“Cashholdingsamongsmallbusiness”,WashingtonUniversity,St.Louis,SSRNWorkingPapers.6.Ferreira,Vilela,2003,“WhydofirmHoldCash?EvidencefromEMUCountries”,ISCTEBussinessSchool,SSRNWorkingPapers.7.Guney,OzkanandOzkan,2003,“AdditionalInternationalEvidenceonCorporateCashholdings”,UniversityofSurreyandUniversityofLiverpool,SSRNWorkingPapers.8.Kusnadi,Y.,2003,“CorporateCashHoldingsandCorporateGovernanceMechanisms”,HongKongUniversityofScience&Technology,SSRNWorkingPapers.9.LeePinkowitz,RohanWilliamson,2001,“Bankpowerandcashholdings:EvidencefromJapan”,TheReviewofFinancialStudiesNo.14,(4):1059-1082.10.Mikkelson,Partch,2003,“dopersistentlargecashreserveshinderperformance”,JournalofFinancialandQuantitative38No.2:275-294.11.Opleretal.,1999,“Thedeterminantsandimplicationsofcorporatecashholdings”,JournalofFinancialandEconomics52:3-46.12.Ozkan,Ozkan,2003,“Corporatecashholdings:AnempiricalinvestigationofUKcompanies”JournalofBanking&Finance,ForthcomingSSRN.13.TimOpleretal.,1999,“Thedeterminantsandimplicationsofcorporatecashholdings”JournalofFinancialEconomics52:3-46.1314.200415.2003CorporatecashholdingsandCorporateGovernance:TheoryandExperienceYuDong-zhiHUGuo-liuWangHua-cheng]1[]2[]3[1.ICBCPostdoctorBeijing100032;2.SWUFEPostdoctor,chengdu610074;3.BussinessSchoolofRenminUniversityofChinaBeijing100872Summary:Existingstudiesindicatethatcorporate’sdecisionshaveconsanguineousrelationswiththeirgovernancecharacteristics.OurstudyshowsthatAshares,independentdirectors,quantitiesofdebtofbank,cashflows,cashsubstitutes,tot