公司治理环境、控制权和现金流权分离与现金持有量价值——基于我国上市公司的实证分析
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引用本文:黄蕾.公司治理环境、控制权和现金流权分离与现金持有量价值——基于我国上市公司的实证分析[J].财经理论与实践,2011,(5):49-53
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作者单位
黄蕾 (江西财经大学 会计学院,江西 南昌330103) 
中文摘要:公司治理环境、控制权和现金流权分离度共同影响着企业的现金持有量,实证研究发现:我国公司治理环境与现金持有量之间为正相关关系;控股股东控制权和现金流权偏离度与现金持有量之间为负相关关系,但是公司治理环境的改善对这种关系有抑制作用;与国有企业相比,治理环境和上市公司现金持有量之间的正相关关系在私营企业中表现得更为明显。
中文关键词:公司治理环境  控制权  现金持有量
 
Governance Environment, the Separation Degree of Governance Control and Cash Flow Control, and Cash Holdings: Empirical Evidence from the Listed Firms in China
Abstract:Governance environment and the separation degree of governance control and cash flow control both have influence on the cash holdings. The empirical evidences show that cash holdings is positively related to governance environment, while is negatively related to the separation degree mentioned above. However, the improvement of governance environment can impair those relationships. Compared with the stated enterprise, the positive relationship between governance environment and cash holdings is much more significant in private enterprises.
keywords:Governance environment  The separation of controlling right from cash flow right  Cash holdings
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