公司治理与现金持有关系的统计分析-统计学专业论文.docx

首都经济贸易大学博（硕）士学位论文公司治理与现金持有关系的统计分析 首都经济贸易大学博（硕）士学位论文 公司治理与现金持有关系的统计分析 第 第 PAGE 3 页 共 44 页 论文提要 本文采用理论研究与实证分析相结合的方法，对公司治理与企业现金持有的关 系进行了深入的研究。以公司治理理论及公司现金持有的财务行为理论基础，以描 述性统计及非平衡面板数据固定效应模型等为研究方法，分别从上市公司的现状、 行业差异、股权结构、债权融资等方面，深入分析公司治理与企业现金持有量的关 系，进而研究公司治理的有效性问题。尤其重点分析研究股份制改革之后，中国上 市公司现金持有行为与公司治理的关系变化。研究结论表明我国上市公司现金整体 的持有水平是呈现上升趋势的，不同行业的现金持有是具有显著差异的，且企业现 金持有行为具有一定的稳定性；股权结构及债权结构对公司的现金持有行为也是有 一定影响的，如适当的股权集中度有利于公司现金持有量的减少，不同的股权构成 也对其具有不同程度的影响，债权比例与公司现金持有量呈显著正相关关系，银行 债务水平与公司现金持有量之间存在显著的负相关关系等。希望通过本文对公司治 理与现金持有行为方面的研究，能够对中国上市公司的治理提出建设性的意见。 主题词： 公司治理 现金持有行为 股权结构 债权融资 Abstract In this paper, a method of combining theoretical research and empirical analysis, in-depth research on the relationship between corporate governance and corporate cash holdings. The theory of corporate governance theory and corporate cash holdings of financial behavior based on descriptive statistics and non-balanced panel data fixed effects model for the study methods, respectively, from the status of listed companies, industry differences, equity structure, debt financing, etc. in-depth analysis of the relationship between corporate governance and corporate cash holdings, and then study the effectiveness of corporate governance issues.A particular focus on analysis of the relationship between changes in research joint-stock reform, cash holdings and corporate governance of listed companies in China. The study concluded that cash overall holdings in listed companies in China is on the rise, the cash holdings of the different industries is a significant difference, and corporate cash holdings behavior has a certain stability; ownership structure and debt structure of the company cash holdings behavior is also a certain influence, such as the appropriate equity concentration of corporate cash holdings decrease in the different shareholding structure with varying degrees of it, the debt ratio and corporate cash holdings was a significant positive significant negative relationship between the correlation bet