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论文编号：	4310
作者编号：	2120102268
上传时间：	2012/6/6 22:39:51
中文题目：	我国零售业上市公司现金持有量及其对公司市场价值的影响研究
英文题目：	A Study of Cash Holdings and the Effects on Corporate Market Value in China’s Listed Retail Companies
指导老师：	陈国欣
中文关键字：	零售业，现金持有量，影响因素，公司市场价值
英文关键字：	Retail industry, Cash holdings, Determinants, Corporate market value
中文摘要：	近年来，我国的物价水平不断提高让零售企业面临较大争议，政府也在着力整顿零售业通道费，规范零售企业与供应商之间的矛盾，而且零售企业也面临损耗率逐年增加、经营业绩不佳、公共事件频发等问题，这些要求我国零售企业要加强经营管理，利用自身的竞争优势和市场机会来谋求发展。其中，由于零售业的资产周转较快、经营现金流很大，而且存在大量的赊购和预销行为，现金流拖欠问题严重，还存在将资金用于门店扩张、投资股票或地产等投机行为，经营风险和财务风险都较高，如何更好地进行现金管理并做出现金持有决策就成为我国零售企业赢取竞争优势的关键点。同时，现金也是企业最具有流动性的资产，是企业确保持续经营的重要前提，企业有必要确定正常合理的现金持有量以提高企业的经营业绩，所以研究企业现金持有量问题是非常重要的。 对于企业现金持有量问题，国内外学者从现金持有量的影响因素和经济后果两个角度进行了研究，得出了许多有价值的研究成果，但是也可以看到我国的理论和实证研究仍存在明显不足，尤其是在我国特殊的市场环境之下，吸收借鉴国外先进研究成果的同时，需要进一步地证实理论和实证研究的适用性。本文就以2001~2010年的我国零售业A股上市公司为样本，研究了现金持有量的相关问题，即现金持有量的影响因素和现金持有量对公司市场价值的影响，并重点关注公司财务状况和公司治理结构因素的影响作用，通过研究发现公司规模、现金流量、总资产周转率、Z指数会显著影响现金持有量，且他们的关系是正相关的，财务杠杆、银行债务、流动资产周转率也会显著影响现金持有量，且他们的关系是负相关的，而成长机会、债务期限结构、股利支付、董事会持股比例、独立董事比例、控股股东类型、领导权结构影响现金持有量的关系则不显著，同时也发现在控制其他变量不变的情况下，现金持有量与公司市场价值呈显著正相关关系，而且总资产收益率、利息支出比率、独立董事比例会显著影响公司市场价值，且他们的关系是正相关的，总资产收益率变动、财务杠杆、利息支出比率变动、控股股东类型、领导权结构也会显著影响公司市场价值，且他们的关系是负相关的，而股利支付比率、股利支付比率变动、CR-5指数、董事会持股比例影响公司市场价值的关系则不显著。
英文摘要：	In recent years, the retail companies are facing more controversies because of the continuous high prices in China, and the government are also making efforts to rectify the retailing channel fees to ease the contradictions between retailers and suppliers. And the retail companies are also facing many problems like the increasing loss rate, the poor operating performance and the frequent public events.These problems require that the retail companies should strengthen management to develop themselves with competitive advantages and market opportunities in China.Among them, because of the faster assets turnover, the greater cash flow, the serious problem of cash flow arrears caused by lots of credits and pre-sales and the speculations in store expansion, stocks and real estate, which increase the business risks and financial risks, therefore, it’s the key point to improve cash management and make decisions on cash holdings to get competitive advantages in China’s retail businesses.Also, cash is the most liquid assets and is an important prerequisite for continuous operations in the retail companies, which means that the companies should determine the normal and reasonable cash holdings to improve the business performance.Therefore, it’s very important to make the study on retail companies’ cash holdings. As for the companies’ cash holdings, many foreign and domestic scholars have studied these questions from two angles on the determinants and the economic consequences of cash holdings, and they have obtained many valuable conclusions. But we can also see that there are still many drawbacks in the domestic theoretical and empirical researches.Especially in the China’s special market environment, the applicability of the theoretical and empirical researches needs to be further confirmed when we absorb foreign advanced researches.In this paper, we make the study on the cash holdings, that is the determinants of cash holdings and the effects of cash holdings on the corporate market value with the sample of A-share listed retail companies from 2001 to 2010 in China,and focus on the companies’ financial characteristics and corporate governance factors.Then we find that Firm size, Cash flow, Total assets turnover, Z index are positively correlated with the companies’ cash holdings significantly, and Financial leverage, Bank debt, Current assets turnover are negatively correlated with the companies’ cash holdings significantly, while Growth opportunities, Debt time structure, Dividend payment, Board shares, Independent board rate, Controlling shareholder type, Leadership structure are not significantly correlated with the companies’ cash holdings.Also we find that the companies’ cash holdings are positively correlated with the corporate market value significantly when controlling other variables, and Total assets return, Interest payment rate, Independent board rate are positively correlated with the corporate market value significantly, and Total assets return changes, Financial leverage, Interest payment rate changes, Controlling shareholder type, Leadership structure are negatively correlated with the corporate market value significantly, while Dividend payment rate, Dividend payment rate changes, CR-5 index, Board shares are not significantly correlated with the corporate market value.
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