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现金持有是企业财务和经营战略的一项重要理财行为,企业现金持有不仅关系到企业的日常交易和经营活动,还与公司治理状况紧密相连。现金过多或过少都反映出公司的经营管理效率以及公司治理机制存在某种程度的不完善,而公司治理机制中重要因素之一就是公司的股权结构。股权分置改革后,我国股权结构有着怎样的变化,其与上市公司超额现金持有水平有着怎样的相关性?本文利用股权分置改革这个契机,选取805家沪深两市制造业行业A股上市公司2009年的数据作为研究对象进行研究,结果发现:第一大股东性质、股权集中度与超额现金持有水平显著负相关,股权制衡度、管理层持股比例与超额现金持有水平负相关,目前我国上市公司股权制衡能力不高,管理层持股效应未能凸显。最后,本文为如何优化股权结构、如何有效地降低超额现金持有提出相关的对策。
Cash holding is an important financial behavior of corporate finance and business strategy. Corporate cash holdings are not only related to daily trading and business activities of an enterprise, but also closely linked to corporate governance. Too much or too little cash reflects the company’s management efficiency and the existence of a certain degree of imperfect corporate governance mechanism. One of the most important factors in the corporate governance mechanism is the shareholding structure of the company. After the non-tradable shares reform, what kind of changes does the shareholding structure of our country have and how is it related to the excess cash holding level of the listed companies? This paper takes advantage of the opportunity of non-tradable share reform to select 805 A shares The data of listed companies in 2009 as a research object, the study found that: the nature of the largest shareholder, ownership concentration and excess cash holdings was significantly negative correlation, balance of ownership, management shareholding ratio and excess cash holdings Related, the current equity balance of listed companies in China is not high, the management ownership effect failed to highlight. In the end, this paper presents some countermeasures for how to optimize the ownership structure and how to effectively reduce excess cash holdings.