运用2003~2008年我国所有非金融类A股上市公司的样本数据,从大股东控制视角出发,重.最关注第一大股东持股比例、实际控制人性质和公司所在地区市场化程度对于公司现金持有水平的共同作用。结果表明,第一大股东持股比例与公司现金持有量水平正相关,实际控制人为国有的比非国有的上市公司的现金持有量高;公司外部治理环境的改善,有助于减轻由第一大股东持股比例以及实际控制人性质对公司现金持有量造成的负面影响。
Using the sample data from all non-financial A share listed companies, analysis has been done on the influences on the cash holding from the proportion of the largest shareholder, the nature of actual controller and the marketization degree of the company location. The results show that the proportion of the largest shareholder has a positive relationship with cash holding, and listed companies with a state-owned actual controller hold more cash than those with a private-owned actual controller. Moreover, the improvement of external environment governance could alleviate the negative influence from the two above.