本文主要探討股權分置改革如何影響現金持有動機。本研究分別就國有企 業與非國有企業，檢測股權分置改革對於現金持有的兩大動機－預防動機與代理 動機之影響。本研究以在深圳證券交易所與上海證券交易所上市的公司為研究對 象，研究年份從 2001 至 2011 共 11,437 個觀察值。研究結果顯示，國有企業在 股權分置改革後，現金持有的預防動機與代理動機皆減少。非國有企業則是在股 權分置改革後，現金持有的預防動機增加，而代理動機減少。我們也將國有企業 分為中央政府控制企業與地方政府控制企業，以檢測現金持有動機上於股權分置 改革後是否有不同的改變，結果顯示二者在代理動機上皆減少，但中央企業預防 動機並無明顯改變，而地方企業則是顯著減少。 This study examines how the split share structure reform affects cash holding motives of Chinese listed firms. We divided the whole sample into state controlled firms and non-state controlled ones to examine the impact of the split share structure reform on cash holding motives of these two different types of firms. The sample includes companies listed in Shanghai Stock Exchange and Shenzeng Stock Exchange from 2001 to 2011, with a total of 11,437 firm-year observations. Our empirical results show that the agency motive and precautionary motive of state controlled firms decrease after the split share structure reform. In non-state controlled firms, the precautionary motive increases but the agency motive decreases after the reform. We further divided state controlled firm into firms controlled by local government and by central government. We examined these two types of state controlled firms and found that decrease in agency motive happened to both of these companies. However, opposite to local government controlled firms, there is no significant effect on precautionary motive in central government controlled firms.
