政治連結對於現金持有與銀行信用額度之關聯－以中國上市企業為例

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姓名

黃詩庭(Shih-Ting Huang) 查詢紙本館藏

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企業管理學系

論文名稱

政治連結對於現金持有與銀行信用額度之關聯－以中國上市企業為例
(The Impact of the Political Connection on Cash Holdings and Bank Lines of Credit: An Empirical study of Chinese Listed Firm)

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摘要(中)

本文主要探討中國上市公司之政治連結、銀行信用額度與現金持有之關係。將中國上市公司，根據不同所有權結構分為國有企業與非國有企業，為了避免受到股權分置改革前後期間差異的影響，本研究樣本囊括上海股票和中國深圳交易所上市公司，期間採用2008年到2014年的中國上市公司為樣本。實證結果發現，國有企業其現金持有越高，對銀行信用額度有負面的影響。此外，非國有企業之中，有政治連結之家族企業其現金持有越高，對銀行信用額度有正面的影響；非國有企業中，有政治連結之境內法人其現金持有越高，對銀行信用額度有負面的影響。結果可以顯示出政治連結與所有權結構會影響銀行信用額度與現金持有的關係。

摘要(英)

The study examines the impact of the political connection on the relationship between bank lines of credit and cash holdings in Chinese listed firm. According to different ownership, we divided the sample into state-owned and non-state-owned firms. In order to avoid the effect of the split structure reform and lockup periods that may affect the market price, we included firms listing on Shanghai and Shenzhen stock exchange from 2008 to 2014. We find that SOEs hold more cash, and they have a negative impact on bank lines of credit. In non-SOEs, the family firms hold more cash, and they have a positive impact on bank lines of credit; the domestic firms hold more cash, and they have a negative impact on bank lines of credit. To sum up, the results show that both of the political connection and different ownership have impacts on the relationship between bank lines of credit and cash holdings.

關鍵字(中)

★ 銀行信用額度
★ 現金持有
★ 政治連結
★ 所有權結構

關鍵字(英)

★ Bank lines of credit
★ Cash holdings
★ Political connection
★ Ownership structure

論文目次

目錄：
摘要 i
Abstract ii
目錄 iii
表目錄 iv
第一章緒論 1
1-1 研究動機與目的 1
1-2 研究貢獻 3
1-3 研究架構 4
第二章文獻探討與假說建立 5
2-1 銀行信用額度與現金持有之關係 5
2-2 SOE其現金持有對銀行信用額度之影響 6
2-3 非國有企業，政治連結之家族企業其現金持有對銀行信用額度之關係 7
2-4 非國有企業中，政治連結之境內法人其現金持有對銀行信用額度之關係 8
第三章研究方法 10
3-1 資料來源與樣本篩選 10
3-2 模型建立 10
3-3 變數定義 11
3-4 統計分析方法 13
第四章實證結果與分析 14
4-1 基本敘述性統計分析 14
4-2 多變量分析結果 20
4-3 穩健性分析 29
第五章結論與建議 32
5-1 研究結論 32
5-2 研究限制與建議 33
參考文獻 34

表目錄：
表1研究樣本之敘述性統計結果 16
表2全樣本之單變量結果－國有企業與非國有企業之比較 17
表3全樣本之單變量結果－有銀行信用額度與無銀行信用額度之比較 18
表4全變數Pearson相關係數矩陣 19
表5國有企業其現金持有對銀行信用額度之影響－分析結果 22
表6非國有企業中，政治連結之家族企業其現金持有對銀行信用額度之影 25
表7非國有企業中，政治連結之境內法人其現金持有對銀行信用額度之影響 28
表8政治連結與現金持有對銀行信用額度的影響－穩健性分析 30

參考文獻

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指導教授

洪榮華、蔡函芳(Jung-Hua Hung Han-Fang Tsai)

審核日期

2016-6-15

推文