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笔者从关联关系、股权性质异同、公司发起人身份多个角度测度我国上市公司的股东关系,研究了股东关系对企业现金持有水平与价值的影响及作用机制。研究发现股东之间存在关联关系或股权性质相同会削减企业的现金持有价值;相反,股东同为发起人增加了企业的现金持有价值。股东关系影响现金持有价值的作用机制在于:股东关系的存在会强化企业自由现金流与投资效率之间的负向关系。
The author measures the shareholder relationship of listed companies in China from many aspects, such as the relationship between affiliates, the similarities and differences of ownership, and the sponsor status of the company. It also studies the influence and mechanism of shareholder relations on the level and value of cash holdings. The study found that the existence of the same relationship between shareholders or the same nature of the shares will reduce the cash holding value of enterprises; on the contrary, shareholders and promoters increase the cash holding value of the enterprise. The effect mechanism of shareholders ’relationship on cash holding value lies in the fact that the existence of shareholders’ relationship will strengthen the negative relationship between free cash flow and investment efficiency.