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The Correlation Research on the Relationship between Ownership Structure and Abnormal Cash Holding

Author: ShiMinChao
Tutor: BaiJun
School: Shihezi University
Course: Accounting
Keywords: Listed companies Ownership structure Excess cash holdings
CLC: F271;F224
Type: Master's thesis
Year: 2011
Downloads: 53
Quote: 0
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Abstract


Cash holdings is an important modern enterprise financial management behavior, and how much cash holdings not only related to the daily production and business activities, but also related to other aspects, such as a corporate investment decisions, financing decisions and dividend policy. However, if the company is holding excess cash, it will produce redundancy or a shortage of cash, which are detrimental to the development of the company. Due to reverse changes in the relationship between cash flow and profitability, if the cash held by the company too much, it will cause too much burden on enterprises the opportunity cost; On the other hand, if the cash held by the company is too small, also may be the same company suffered losses because of a shortage of cash. The modern corporate excess cash held is a very common phenomenon. The shareholding structure of the company is a very important factor in the corporate governance mechanism. Ownership structure reflects the shareholders' motivation and ability of of managers oversight and control, it can affect the fundamental size of shareholders to play a regulatory role, which can influence how much decision-making managers of cash holdings, if the shareholders of managers regulatory properly and checks and balances, then the excess cash held by the phenomenon of the enterprise will be greatly improved. Therefore, we hope that by studying the relationship between the shareholding structure and the amount of excess cash holdings, through improvements in the equity structure of listed companies to strengthen the management of the company's cash holdings, corporate cash holdings tends to normal levels to conducive to the long-term development of the company. In the domestic and international literature review on the basis of this paper discusses the theoretical basis of the relationship between explain the equity structure and the amount of excess cash holdings: agency theory and asymmetric information theory, then proposed research hypotheses. Then learn opler et al (1999) as the object of study, the first use of China's A-share listed companies 2007-2009 data calculated excess cash holdings of listed companies, and secondly, to build the model of cash holdings influencing factors excess cash holdings of the explanatory variables, the shareholding structure of the various elements of the explanatory variables, the multiple regression method, empirical analysis of the nature of equity (divided into specific ownership percentage and circulation managers stake, the stake of the state-owned shares and legal person shares The proportion of shares, etc.), ownership concentration and equity balance degree of excess cash holdings. The results show that: a managerial ownership in China is relatively low proportion of cases, the interests of managers and shareholders are not consistent, they may be for their own interests, moral hazard and adverse selection, thus holding excess Cash; shareholders of state-owned shares gradually realized that participated in the importance of corporate governance and corporate cash holdings more and more attention to the role of corporate excess cash held by the behavior of the formation of a certain degree of supervision and restraint; Third, our corporate shares shareholders are likely to become the de facto internal listed companies, their excess cash held in the occupation of the interests of minority shareholders obtain their own interests at the same time; greatly improve the overall proportion of the outstanding shares of a large number of outstanding shares of shareholders through their feet vote to express their dissatisfaction, managers behavior of excess cash held a certain extent; largest shareholder not effectively supervise managers, but the collusion between managers through excess holding cash to divide up the assets of the company, and thus against the interests of small shareholders;, the first two to the top five shareholders did not play a role in the supervision of the largest shareholder, but conspired with the largest shareholder, through a lot of cash held misappropriation of company property, against the interests of small shareholders, thus enabling the company to hold excess cash.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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