股權分置改革對於中國上市公司現金持有動機之影響; The impact of the split share structure reform on Chinese listed firms' motives for cash holdings

NCUIR > School of Management at National Central University > Graduate Institute of Business Administration > Electronic Thesis & Dissertation > Item 987654321/59998

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Title:	股權分置改革對於中國上市公司現金持有動機之影響;The impact of the split share structure reform on Chinese listed firms' motives for cash holdings
Authors:	詹國弘;Zhan,Guo-Hong
Contributors:	企業管理學系
Keywords:	預防動機;代理動機;現金持有;股權分置改革
Date:	2013-06-28
Issue Date:	2013-07-10 11:54:24 (UTC+8)
Publisher:	國立中央大學
Abstract:	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.
Appears in Collections:	[Graduate Institute of Business Administration] Electronic Thesis & Dissertation

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