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现金持有政策是公司经营活动中重要决策内容,而大股东属性对现金持有水平具有重要影响。在构建同一大股东控制对公司现金持有行为理论模型的基础上建立相应研究假设,采用QAP回归方法实证检验存在大股东联结公司间现金持有行为的相似性;此外,采用倾向配对方法进行样本配对来进一步实证检验是否存在大股东联结关系的样本间现金持有行为的差异性。实证研究发现,大股东联结关系影响公司现金持有行为,大股东联结的公司间现金持有水平显著相近,表明大股东个人偏好而非公司特征决定现金持有决策;大股东联结关系对现金持有行为一致性的影响并非由大股东联结下其持股比例相似性造成的,在大股东联结下,是否存在相同控制权而非控制权大小是否相近决定公司间现金持有行为相似性;进一步的实证结果得出,相比于不存在大股东联结的公司样本,存在大股东联结关系的公司的现金持有水平更高。研究结论表明大股东属性在公司现金持有行为决策中扮演重要角色。
The cash holding policy is an important part of the decision-making in the company’s operating activities, while the major shareholder’s attributes have an important influence on the cash holding level. On the basis of constructing the theoretical model of the same large shareholder controlling the company’s cash holdings behavior, this paper establishes the corresponding research hypothesis and uses QAP regression method to test the similarity of the cash holding behavior between the big shareholders and the inter-firm. Employing the propensity-matching method to sample Paired to further empirical test whether there is a large shareholder relationship between the sample of cash holdings behavior differences. Empirical study found that the relationship between major shareholders affect the company’s cash holdings, cash holdings of major shareholders are significantly similar, indicating that the preference of major shareholders rather than the characteristics of the company decided to hold cash holdings decision; the relationship between major shareholders of cash holdings The effect of consistency of behavior is not caused by the similarities of shareholding proportion under the connection of major shareholders. Whether the same control right exists under the connection of major shareholders, and whether the size of control is similar or not determines the similarity of cash holding behavior among the corporations. The empirical results show that, compared with the sample of companies that do not have large shareholders, the companies with large shareholders’ connection have higher cash holdings. The conclusion of the research shows that the ownership of major shareholders plays an important role in the decision-making of the company’s cash holdings.