股权结构、现金持有量与企业投资行为

摘要

With data from reports of A-share listed companies in 2006-2009, this paper makes empirical analysis on the influence of ownership structure on enterprise cash holdings and overinvestment behavior. The result shows that the phenomenon of stock ownership concentration is universal among Chinese listed companies. The shareholding ratio of administrators is low; the effect of equity incentive is not obvious, and there is overinvestment behavior. Among the listed companies, when other strong shareholders are able to contend against the first majority shareholder, the overinvestment behavior can be restrained; when the first majority shareholder is at holding position, and the shareholding ratio of other strong shareholders is smaller than or equal to that of the first majority shareholder, they will collude to usurp the resources of enterprise.%利用我国A股上市企业披露的2006--2009年的数据，实证检验了股权结构对现金持有量以及企业投资行为的影响。结果表明，我国上市公司普遍存在股权集中的现象，管理者持股比例低，股权激励的效果并不明显，并存在过度投资的行为。在上市公司中，当其他大股东能与第一大股东相抗衡时，能抑制企业的过度投资行为；当第一大股东处于控股地位，且其他大股东持股比例之和小于或与之相当时，二者相互勾结篡夺企业的资源。