| 投资者保护、大股东持股比例与现金持有量 |
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| 引用本文：姜毅.投资者保护、大股东持股比例与现金持有量[J].财经理论与实践,2013,(2):58-63 |
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| 中文摘要:以2005～2011年沪深两市A股391家上市公司为样本研究投资者保护、大股东持股比例和现金持有量的关系，研究结果表明，大股东持股比例与现金持有量间呈倒“U”型关系。进一步按照投资者保护程度的高低对样本进行分组，研究发现，当大股东持股比例小于48%时，投资者保护程度高的组，大股东持股比例和现金持有量呈显著正相关关系；当大股东持股比例大于48%时，投资者保护程度高的组，大股东持股比例和现金持有量呈显著负相关关系。 |
| 中文关键词:投资者保护 大股东持股比例 现金持有量 |
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| Investor Protection, Shareholder Equity Ratio and Cash Holdings |
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| Abstract:Based on the data of 391 listed companies from Shanghai and Shenzhen two capital market from 2005 to 2011 as samples, the relationship of investor protection, shareholder equity ratio and cash holdings has been researched. The research results show that there is inverted “U” type relationship between shareholder equity ratio and cash holdings. Then the samples are divided into 2 groups according to investor protection degree. To the group with high investor protection, when shareholder equity ratio is less than 48%, there is a significant positive correlation between shareholder equity ratio and cash holdings, while there is an obvious negative correlation between shareholder equity ratio and cash holdings when large shareholder's share ratio is more than 48%. |
| keywords:Investor protection Shareholder equity ratio Cash holdings |
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