現金持有對投資決策與股利政策之影響－中國大陸股權分置改革之實證

The impact of cash holdings on investment decision and dividend policy: Evidence from split-share structure reform in China

黃信芳(Xin-Fang Huang)

指導教授 ： 洪榮華 ； 林翠蓉

國立中央大學/管理學院/企業管理學系/碩士(2014年)

摘要

本文主要探討中國大陸上市公司經歷股權分置改革後，不同所有權結構下的現金管理決策，研究期間為2001年到2012年。實證結果發現，股權分置改革後，中國上市公司會將現金用於增加資本支出的投資並減少現金股利的發放。此外，投資的增加以及股利發放的減少對公司價值有正面影響，顯示股權分置改革能夠改善公司的代理問題以及降低財務限制，影響中國企業的現金管理決策。然而，進一步將樣本分為國有控制企業與非國有控制企業，國有控制企業仍隱含過度投資的問題，顯示股權分置改革對於國有控制企業的影響力仍有其侷限性。非國有控制企業，在投資決策與股利政策上皆有正面改善，顯示股權分置改革對於非國有控制企業的影響力較顯著。

關鍵字

現金持有 ； 投資決策 ； 股利政策 ； 股權分置改革

並列摘要

This study examines financial policies of Chinese listed firms with different ownership structure after the split-share structure reform. The sample period is between 2001 and 2012. The empirical results indicate that, after the split-share structure reform, Chinese listed firms increase capital expenditures and reduce cash dividend payments. In addition, increasing capital expenditures and reducing cash dividend payments show positive effects on firm value, suggesting that the split-share structure reform would mitigate agency problems and financial constraints, and further affect Chinese listed companies’ cash management policy. However, when we divide sample into state-controlled firms and non-state-controlled firms, state-controlled firms still have overinvestment problem after the reform. This result suggests that split-share structure reform has little influence on state-controlled firms. For non-state-controlled firms, investment decision and dividend policy show positive impact on firm value after the reform, indicating that the split-share structure reform has more effect on non-state-controlled firms than state-controlled firms.

並列關鍵字

Cash holdings ； Investment decision ； Dividend policy ； Split share structure reform

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