上市公司現(xiàn)金持有與投資行為的關(guān)系研究.pdf

1、石河子大學(xué)碩士學(xué)位論文上市公司現(xiàn)金持有與投資行為的關(guān)系研究姓名：張慧麗申請(qǐng)學(xué)位級(jí)別：碩士專業(yè)：會(huì)計(jì)學(xué)指導(dǎo)教師：白俊20090601AbstractAsamajordrivingforcestobusinessgrowthandallimportantfoundationforfuturecashflowgrowth，investmentefficiencyWasdirectlyrelatedtothemaximizationofcorp

2、oratevalue，butinrealitythereisanonefficientinvestmentbehaviorinmanycompaniesinvaryingdegreesAsymmetricinformationtheoryandthefreecashflowtheorythinkthatcashholdingscouldhaveallimpactoncorporateinvestmentbehaviorThespecif

3、icpointofviewisasfollows：Accordingtoasymmetricinformationtheoryanexcessiveamountofcashholdingswillnotleadtoexcessiveinvestmentinenterprise；onthebasisoffreecashflowtheorycorporateholdingexcessivecashwillleadtothephenomeno

4、nofoVerinVestnlentWell，inChina’Slistedcompanies，whatkindofsituationisexistingThisiswhatthisarticlewantstostudyandexploreFirst，thispaperreviewedtheresearchaboutrelationsbetweenthecompany’Scashholdingsandinvestmentathomean

5、dabroad，andthenthearticleanalysestherelationsbetweencorporatecashholdingsandinvestmentbehaviorusingtheasymmetricinformationtheoryandthefreecashflowtheoryBasedontheabovetheoreticalanalysis，thepaperbuildedamodeloncashholdi

6、ngsfactorscombinatingofChinasfinancialandgovernancecharacteristicsofChinaslistedcompanies，andselectedthedatafrom2001to2006ofthelistedcompaniesinShanghaiandShenzhenstockmarkets，thencarriedoutEmpiricalTestTheresultsfoundth

7、atcompanysize，growthopportunities，cashflowdividendpolicyandexecutivessharehaveapositivecorrelationwiththecashholdings；leverage，capitalexpenditures，netoperatingcapital，cashflowvolatilityandbankliabilitieshaveanegativecorr

8、elationwiththecashholdings；andthecompanyrisks，themajorshareholdershareholdingratioandcashholdingshavenosignificantcorrelationOnthisbasis，thepaperestimatedcashholdingsgoingbeyondthenormalconditionaboutthesamplecompanyacco

9、rdingtothevariablesthatinfluencethecashholdings，andthen，bythemodeldividedthesampleintotwogroupsoftheexcessivecashholdingsandtheinsufficientcashholdingsThearticlecarriedonresearchbygroupsTheempiricaltestresultsshowthatthe

10、twosamplesallappearedunderinvestmentbehaviorInaddition。thepaperalsodividedexcessivecashholdingsoflistedcompaniesintohigh—financingconstraintgroup，middle—andlowfinancingconstraintgroupbythesize，andcarriedonregressiontesti

11、ngbygroupsTheresultsshowedthatthehighfinancingconstraintgroupappearedunderinvestment，butthemiddle—andlowfinancingconstraintgroupfinancingconstraintgrouphasshownexcessiveinvestmentIntheExcessivecashholdingssample，theinves

12、tmentbehaviorofthehighfinancingconstraintgroupconfirmedthetheoryofasymmetricinformation”financingconstraint”hypothesiswhiletheinvestmentbehaviorofmiddle—andlowfinancingconstraintgroupconfirmedfreecashflowoftheagenttheory