公司治理对超额现金持有及其市场价值的影响-基于我国上市公司数据的实证研究的中期报告.docxVIP

公司治理对超额现金持有及其市场价值的影响-基于我国上市公司数据的实证研究的中期报告 摘要： 超额现金持有是指企业将超过正常经营活动和投资所需的现金储备保留在公司内部。随着上市公司现金持有量的逐年增加，超额现金持有已然成为公司治理的热点话题。本研究运用我国19年上市公司的年度数据，探究了超额现金持有与公司治理之间的关系及影响。研究结果表明，超额现金持有与公司治理显著相关，公司治理越好的上市公司往往具有更低的超额现金持有率；超额现金持有对公司的市场价值具有显著负面影响，尤其是在市场对公司财务信息关注较高和公司治理较差的情境下，其影响更为严重。此外，公司规模、债务水平、成长性等各自对超额现金持有和公司市场价值有不同的影响。 关键词： 超额现金持有；市场价值；公司治理；上市公司；实证研究 Abstract: Excess cash holding refers to the cash reserves that a company retains within itself that exceed the requirements of normal business operations and investments. As the amount of cash held by listed companies continues to increase year by year, excess cash holding has become a hot topic in corporate governance. Based on the annual data of 19 listed companies in China, this study explores the relationship and impact between excess cash holding and corporate governance. The results show that excess cash holding is significantly related to corporate governance, and listed companies with better corporate governance tend to have lower excess cash holding rates; excess cash holding has a significant negative impact on the market value of the company, especially in situations where the market pays more attention to the companys financial information and the corporate governance is poor. Companies of different sizes, debt levels, and growth rates have different effects on excess cash holding and corporate market value. Keywords: Excess Cash Holding; Market Value; Corporate Governance; Listed Companies; Empirical Research.