政治关联能够提高企业现金持有价值吗？

摘要

This paper takes the listed company of A shares from 2008 to 2013 as samples, ana-lyzed the influence of politic has on enterprise value, from the view of cash holding.First, it starts from the motivation of cash holding, analyzing political relevance’s influence on cash holding.And then studied the influence on cash holding value.Through al the researches, political connection can increase level of company’s cash holding, but decreased its value at the same time.And only when the inside and outside management mechanism is perfect, can political connection give val-ue to the cash held by the company.%以我国2008－2013年沪深两市A股类上市公司为研究样本，从企业现金持有的角度研究政治关联对企业价值的影响。首先从企业现金持有的动机出发，研究政治关联对企业现金持有水平的影响，然后在委托代理理论的框架下，研究了政治关联对现金持有价值的影响。研究发现，政治关联虽然会增加企业现金持有水平，但是却降低了现金持有价值。进一步研究发现，只有在完善的内外部治理机制下，政治关联才能够增加企业现金持有价值。