| 企业现金持有量影响因素的实证分析——来自中国医药制造业上市公司的经验证据 |
| |
| 引用本文： | 谢帮生,魏远竹.企业现金持有量影响因素的实证分析——来自中国医药制造业上市公司的经验证据[J].福建农业大学学报(哲学社会科学版),2011(6):47-53. |
| |
| 作者姓名： | 谢帮生 魏远竹 |
| |
| 作者单位： | 福建农林大学经济与管理学院,福建福州350002 |
| |
| 基金项目： | 国家自然科学基金项目（70973019）. |
| |
| 摘 要： | 以2007-2010年中国医药制造业上市公司264个样本数据为分析对象，从公司财务特征、公司内部治理机制及外部治理环境等角度实证检验了企业现金持有量的影响因素。分析结果显示：公司股利支付情况和金融业的市场化程度与企业现金持有量之间显著正相关，而现金替代物、财务杠杆、银行债务比例、管理层持股比例和法律环境与企业现金持有量之间显著负相关。
|
| 关 键 词： | 现金持有量 医药制造业 上市公司 |
An empirical analysis of influence factors of corporate cash holdings Empirical evidence from Chinese listed companies of pharmaceutical manufacturing industry |
| |
| XIE Bang-sheng,WEI Yuan-zhu.An empirical analysis of influence factors of corporate cash holdings Empirical evidence from Chinese listed companies of pharmaceutical manufacturing industry[J].Journal of Fujian Agricultural University(Social Science Edition),2011(6):47-53. |
| |
| Authors: | XIE Bang-sheng WEI Yuan-zhu |
| |
| Institution: | ( College of Economics and Management, Fufian Agriculture and Forestry University, Fuzhou, Fujian 350002, China) |
| |
| Abstract: | The data of 264 samples of listed companies in Chinese pharmaceutical manufacturing industry from 2007 to 2010 are analyzed, the influence factors of corporate cash holdings are empirically tested from the three perspectives of company＇s financial characteristies, internal governance and external governance environment. The dividend payments and market-oriented of financial sectors are significantly positively correlated with corporate cash holdings, while cash alternatives, financial leverage, bank debt ratio, proportion of managerial ownership and the legal environment are significantly negatively correlated with corporate cash holdings. |
| |
| Keywords: | cash holdlngs pharmaceutical manufacturing industry listed company |
| 本文献已被 维普 等数据库收录！ |
