本文選題：市場(chǎng)化水平　切入點(diǎn)：管理層持股　出處：《現(xiàn)代經(jīng)濟(jì)探討》2017年12期 　論文類型：期刊論文

【摘要】：選取滬深兩市2012-2014年非金融類上市公司為樣本,結(jié)合我國(guó)市場(chǎng)化水平檢驗(yàn)管理層持股比例對(duì)現(xiàn)金持有量和現(xiàn)金-現(xiàn)金流敏感度的影響。實(shí)證結(jié)果表明:(1)管理層持股比例與現(xiàn)金持有量之間呈U型關(guān)系。(2)管理層持股比例的增加在一定范圍起到緩解融資約束的作用,降低了現(xiàn)金-現(xiàn)金流敏感度;但超過(guò)某一臨界值之后,管理層持股增強(qiáng)了融資約束,即增強(qiáng)了現(xiàn)金-現(xiàn)金流敏感度。(3)市場(chǎng)化水平對(duì)管理層持股和現(xiàn)金持有量以及現(xiàn)金-現(xiàn)金流敏感之間具有調(diào)節(jié)作用,體現(xiàn)在:強(qiáng)化了管理層持股比例與現(xiàn)金持有量之間的負(fù)相關(guān)性,緩解了融資約束效應(yīng)。
[Abstract]:The non-financial listed companies in Shanghai and Shenzhen stock markets from 2012 to 2014 were selected as samples, The empirical results show that there is a U-shaped relationship between the proportion of managerial shareholding and cash holding. The empirical results show that there is a U-shaped relationship between the proportion of managerial shareholding and cash holding. The increase in the proportion of shares plays a role in easing the financing constraints to a certain extent, Reduced cash-cash flow sensitivity; but beyond a certain threshold, management holdings increased financing constraints, That is, enhanced the sensitivity of cash-cash flow. 3) the market-oriented level has a moderating effect on the management stock holding, cash holding and cash-cash flow sensitivity. It strengthens the negative correlation between the management holding ratio and the cash holding, and alleviates the financing constraint effect.
【作者單位】： 南京信息工程大學(xué)商學(xué)院;
【基金】：江蘇高校哲學(xué)社會(huì)科學(xué)研究項(xiàng)目“混合所有制改革背景下資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整對(duì)企業(yè)效率影響研究”(項(xiàng)目編號(hào):2017SJB0151) 國(guó)家自然科學(xué)基金青年項(xiàng)目“盈余管理中的市場(chǎng)擇時(shí)行為研究:基于市場(chǎng)態(tài)勢(shì)的視角”(項(xiàng)目編號(hào):71602091) 南京信息工程大學(xué)科研啟動(dòng)經(jīng)費(fèi)項(xiàng)目(項(xiàng)目編號(hào):SK20140079)
【分類號(hào)】：F272.92;F832.51

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