本文主要探討股權分置改革如何影響現金持有動機。本研究分別就國有企
業與非國有企業，檢測股權分置改革對於現金持有的兩大動機－預防動機與代理
動機之影響。本研究以在深圳證券交易所與上海證券交易所上市的公司為研究對
象，研究年份從 2001 至 2011 共 11,437 個觀察值。研究結果顯示，國有企業在
股權分置改革後，現金持有的預防動機與代理動機皆減少。非國有企業則是在股
權分置改革後，現金持有的預防動機增加，而代理動機減少。我們也將國有企業
分為中央政府控制企業與地方政府控制企業，以檢測現金持有動機上於股權分置
改革後是否有不同的改變，結果顯示二者在代理動機上皆減少，但中央企業預防
動機並無明顯改變，而地方企業則是顯著減少。

This study examines how the split share structure reform affects cash holding
motives of Chinese listed firms. We divided the whole sample into state controlled
firms and non-state controlled ones to examine the impact of the split share structure
reform on cash holding motives of these two different types of firms. The sample
includes companies listed in Shanghai Stock Exchange and Shenzeng Stock Exchange
from 2001 to 2011, with a total of 11,437 firm-year observations. Our empirical
results show that the agency motive and precautionary motive of state controlled firms
decrease after the split share structure reform. In non-state controlled firms, the
precautionary motive increases but the agency motive decreases after the reform. We
further divided state controlled firm into firms controlled by local government and by
central government. We examined these two types of state controlled firms and found
that decrease in agency motive happened to both of these companies. However,
opposite to local government controlled firms, there is no significant effect on
precautionary motive in central government controlled firms.

49

參考文獻
1. 林嘉慧、林美倫和郭玟秀，「公司治理與超額現金持有之償付決策關係」，
中山管理評論，18(4)，1051-1088 頁，2010.
2. Acharya, V., & Pedersen, L., “Asset pricing with liquidity risk”, Journal of
Financial Economics, Vol.77, pp.375-410, 2005.
3. Acharya, V., Almeida, & H., Campello, M., “Is cash negative debt? A hedging
perspective on corporate financial policies”, Journal of Financial Intermediation,
Vol.16 (4), pp.515–554, 2007.
4. Almeida, H., Campello, M., & Weisbach, M. S., “The cash flow sensitivity of
cash”, Journal of Finance, Vol.84, pp.1777-1804, 2004.
5. Amihud, Y., “Illiquidity and stock returns: cross-section and time series effects”,
Journal of Financial Economics, Vol.5, pp.31-56, 2002.
6. Attig, N., El Ghoul, S., & Geudhami, O., “Do multiple large shareholders play a
corporate governance role Evidence from East Asia”, The Journal of Financial
Research, Vol.32 (4), 2009.
7. Bai, C. E., Liu, Q., Lu, J., Song, F. M., & Zhang, J. X., “Corporate governance
and market valuation in China”, Journal of Comparative Economics, Vol.32,
pp.599-616, 2004.
8. Bates, T. W., Kahle, K. M., & Stulz, R. M., “Why do U.S. firms hold so much
more cash than they used to”, The Journal of Finance, Vol.64 (5), pp.1985-2021,
2009.
9. Barth, J. R., Caprio, G. Jr., & Levine. R., “Bank regulation and supervision: what
works best”, Journal of Financial Intermediation, Vol.13, pp.205-248, 2004.
10. Beltratti, A., Bortolotti, B., & Caccavaio, M., “The stock market reaction to the
2005 split share structure reform in China”, Pacific-Basin Finance Journal, 50

Vol.20, pp.543-560, 2012.
11. Bertrand, M., & Mullainathan, S., “Pyramids”, Journal of the European
Economic Association, Vol.1, pp.478-483, 2003.
12. Bennedsen, M., & Wolfenzon, D., “The balance of power in closely held
corporations”, Journal of Financial Economics, Vol.58, pp.113-139, 2000.
13. Bencivenga, V., Smith, B., & Starr, R., “Transaction costs, technological choice,
and endogenous growth”, Journal of Economic Theory, Vol.67 (1), pp.153-177,
1995.
14. Bilinski, P., Liu, W., & Strong, N., “Does liquidity risk explain low firm
performance following seasoned equity offerings”, Journal of Banking &
Finance, Vol.36, pp.2770-2785, 2012.
15. Brennan, M. J., Chordia, T., & Subrahmanyam, A., “Alternative factor
specification, security characteristics, and the cross-section of expected stock
return”, Journal of Financial Economics, Vol.49, pp.345–373, 1998.
16. Bloch, F., & Hege, U., “Multiple shareholders and control contests”, Working
Paper, Aix_Marseillie University, 2001.
17. Brandit, L., & Li, H., “Bank discrimination in transition economies: ideology,
information or incentives”, Journal of Comparative Economics, Vol.31 (3),
pp.387-593, 2003.
18. Campello, M., Ribas, R. P., & Wang, A., “Is the stock market just a side show?
Evidence from a Structural Reform”, Working Paper, 2011.
19. Claessens, S., & Fan J. P. H., “Corporate governance in Asia: A Survey”,
International Review of Finance, Vol.3 (2), pp.71-103, 2002.
20. Chen, Z., & Xiong, P., “Discounts on illiquid stocks: Evidence from China”,
Working Paper, 2001.
21. Chen, D. H., Jian, M., & Xu, M., “Dividends for tunneling in a regulated 51

economy: The case of China”, Pacific-Basin Finance Journal, Vol.17 (2),
pp.209-223, 2009.
22. Chen, Q., Chen, X., Schipper, K., Xu, Y. X., & Xue, J., “The sensitivity of
corporate cash holdings to corporate governance”, Review of Financial Studies,
Vol.25, pp.3610-3644, 2012.
23. Chen, D., Li, S., & Xiao, J., “The effects of government quality on corporate
cash holdings”, Working Paper, 2012.
24. Chen, H., Chen, J. Z., Lobo, G. J., & Wang, Y., “Effects of audit quality on
earnings management and cost of equity capital: evidence from China”,
Contemporary Accounting Research, Vol.28 (3), pp.892-925, 2011.
25. Cheng, L., Chiou, J. R., & Chen, Y. R., Lee, B. S., “Market reactions to the
split-share structure reform and the determinants of compensation: Evidence
from Chinese listed firms”, Asia-Pacific Journal of Financial Studies, Vol.41,
pp.194-223, 2012.
26. Clarke, G., & Xu, L. C., “Privatization, competition and corruption: How
characteristics of bribe takers and payers affect bribes to utilities”, Journal of
Public Economics, Vol.88 (9), pp,2067-2097, 2004.
27. Cull, R., & Xu, L. C., “Who gets credit? The behavior of bureaucrats and state
banks in allocating credit to Chinese SOEs”, Journal of Development Economics,
Vol.71 (2), pp.533-559, 2003.
28. Dobson, W., & Kashyap, A. K., “The contradiction in China's gradualist banking
reforms”, Brookings Papers on Economic Activity, Vol.2, pp.103–162, 2006.
29. Dittmar, A., Mahrt-Smith., J., & Servaes, H., “International corporate governance
and corporate cash holdings”, Journal of Financial and Quantative Analysis,
Vol.38, pp.111-133, 2003.
30. Ding, Y., Zhang, H., & Zhang, J., “Private vs state ownership and earnings 52

management: evidence from Chinese listed companies”, Corporate Governance,
Vol.15, pp.223-238, 2007.
31. Datar, V. T., Naik, N. Y., & Radcliffe, R., “Liquidity and stock returns: an
alternative test”, Journal of Financial Markets, Vol.1, pp.203–219, 1998.
32. Denis, D. J., & Sibilkov, V., “Financial constraints, investment, and the value of
cash holdings”, Review of Financial Studies, Vol.23, pp.247-269, 2010.
33. Desai, M. A., Dyck, A., & Zingales, L., “Theft and Taxes”, Journal of Financial
Economics, Vol.84 (3), pp.591-623, 2007.
34. Dittmar, A., & Mahrt-Smith, J., “Corporate governance and the value of cash
holdings”, Journal of Financial Economics, Vol.83, pp.599-634, 2007.
35. Fan, J. P. H., Wong, T. J., & Zhang, T., “Politically connected CEOs, corporate
governance, and post-IPO performance of China’s newly partially privatized
firms”, Journal of Financial Economics, Vol.84, pp.330-357, 2007.
36. Ferreira, M., & Vilela, A., “Why do firms hold cash? Evidence from EMU
countries”, European Financial Management, Vol.10, pp.295–319, 2004.
37. Firth, M., Lin, C., & Wong, S. M. L., “Leverage and investment under a
state-owned bank lending environment: evidence from China”, Journal of
Corporate Finance, Vol.14 (5), pp.642-653, 2008.
38. Fresard, L., & Salva, C., “The value of excess cash and corporate governance:
Evidence from US cross-listings”, Journal of Financial Economics, Vol.98,
pp.359-384, 2010.
39. Frye, T., & Shleifer, A., “The invisible hand and the grabbing hand”, The
American Economic Review, Vol.87 (2), pp.354-358.
40. Gomes, A., “Going Public without Governance: Managerial Reputation Effects”,
Journal of Finance, Vol.55 (2), pp.615-646, 2000.
41. Gomes, A., & W. Novaes, “Sharing of control versus monitoring as corporate 53

governance mechanism”, Working Paper, University of Pennsylvania, 2005.
42. Harford, J., “Corporate cash reserves and acquisitions”, Journal of Finance,
Vol.54, pp.1969-1997, 1999.
43. Harford, J., Mansi, S. A., & Maxwell, W. F., “Corporate governance and firm
cash holdings in the US”, Journal of Financial Economics, Vol.87, pp.535-555,
2008.
44. Huang, J. J., Shen Y., & Sun, Q., “Nonnegotiable shares, controlling shareholders,
and dividend payments in China”, Journal of Corporate Finance, Vol.17,
pp.122-133, 2011.
45. Harvey, C., Lins, K., & Roper, A., “The effect of capital structure when expected
agency costs are extreme”, Journal of Financial Economics, Vol.74, pp.3-30,
2004.
46. Hans, S., & Qiu, J., “Corporate precautionary cash holdings”, Journal of
Corporate Finance, Vol.13, pp.43-57, 2007.
47. Huyghebaert, N., & Wang, L., “Expropriation of minority investors in Chinese
listed firms: The role of internal and external corporate governance mechanisms”,
Corporate Governance: An International Review, Vol.20 (3), pp.308-332, 2012.
48. Iskandar-Datta, M. E., & Jia, Y. H., “Cross-country analysis of secular cash
trends”, Journal of Banking & Finance, Vol.36, pp.898-912, 2012.
49. Kalcheva, I., & Lins, K.V., “International evidence on cash holdings and
expected managerial agency problems”, Working Paper, 2004.
50. Johnson, S., La Porta, R., Lopez-de-Silanes, F., & Shleifer, A., “Tunneling”,
American Economic Review, Vol.90, pp.22-27, 2000.
51. Jensen, M. C., & Mecklingm, W., “Theory of the firm: managerial behavior,
agency costs and ownership structure”, Journal of Financial Economics, Vol.3,
pp.305-360, 1976. 54

52. Jensen, M.C., “Agency costs of free cash flow, corporate finance, and takeovers”,
The American Economic Review, Vol.76, pp.323-329, 1986.
53. Jang, B. G., Koo, H. K., Liu, H., & Loewenstein, M., “Liquidity premia and
transaction costs”, The Journal of Finance, Vol.62, pp.2330-2366, 2007.
54. Kahn, C., & Winton, A., “Ownership structure, speculation, and shareholder
intervention”, Journal of Finance, Vol.53, pp.99-129, 1998.
55. Keynes, J.M., “The general theory of employment, interest and money”, The
Quarterly Journal of Economics, Vol.51 (2), pp.209-223, 1936.
56. Lin, C., Ma, Y., & Xuan, Y., “Corporate ownership structure and bank loan
syndicate structure”, Journal of Financial Economics, Vol.104, pp.1–22, 2012.
57. Luo, Mi (Meg), “A bright side of financial constraints in cash management”,
Journal of Corporate Finance, Vol.17, pp.1430-1444, 2011.
58. La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R., “Corporate
ownership around the world”, Journal of Finance, Vol.52, pp.1131-1150, 1999.
59. La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R., “Investor
protection and corporate governance”, Journal of Financial Economics, Vol.58,
pp.3-27, 2000.
60. La Porta, R., Lopez-de-Silanes, F., & Shleifer, A., “Government Ownership of
Banks”, The Journal of Finance, Vol.57, pp.265-301, 2002.
61. Liu, Q., & Tian, G., “Controlling shareholder, expropriations and firm’s leverage
decision: Evidence from Chinese Non-tradable share reform”, Journal of
Corporate Finance, Vol.18, pp.782-803, 2012.
62. Liu, W., “A liquidity-augmented capital asset pricing model”, Journal of
Financial Economics, Vol.82, pp.631–671, 2006.
63. McLean, R. D., “Share issuances and cash savings”, Journal of Financial
Economics, Vol.99, pp.693-715, 2011. 55

64. Myers, S. C., & Majluf, N. S., “Corporate financing and investment decisions
when firms have information that investors do not have”, Journal of Financial
Economics, Vol.13 (2), pp.187–221, 1984.
65. Myers, S. C., & Rajan, R. G., “The Paradox of Liquidity”, The Quarterly Journal
of Economics, Vol.113 (3), pp.733-771, 1998.
66. Morck, R., Wolfenzon, D., & Yeung, B., “Corporate governance, economic
entrenchment, and growth”, Journal of Economic Literature, Vol.63, pp.655-720,
2005.
67. Megginson, W. L., & Netter, J., “From state to market: a survey of empirical
studies on privatization”, Journal of Economic Literature, Vol.39 (2), pp.130-143,
2001.
68. Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R., “The determinants and
implications of corporate cash holdings”, Journal of Financial Economics, Vol.52,
pp.3-46, 1999.
69. Ozkan, A., & Ozkan, N., “Corporate cash holdings: An empirical investigation of
UK companies” Working Paper, 2004.
70. Pinkowtitz, L., Stulz, R., & Williamson, R., “Do firms with poor protection of
investor rights hold more cash” Working paper, Georgetown University, 2004.
71. Pinkwowitz, L. & Williamson, R., “Bank power and cash holdings: evidence
from Japan”, The Review of Financial Studies, Vol.14 (4), pp.1059-1082, 2001.
72. Pinkwowitz, L., Stulz, R., & Williamson, R., “Does the contribution of corporate
cash holdings and dividends to firm value depend on governance? A
cross-country analysis”, Journal of Finance, Vol.61, pp.2725-2751, 2006.
73. Stein, J., “Internal capital markets and the competition for corporate resources”,
Journal of Finance, Vol.52, pp.111-133, 1997.
74. Stulz, R., “Managerial discretion and optimal financing policies”, Journal of Financial Economics, Vol.26, pp.3-27, 1990.
75. Stulz, R., “Managerial control of voting rights: financing policies and the market
for corporate control”, Journal of Financial Economics, Vol.20, pp.25-54, 1988.
76. Sun, Q., Tong, & W. H .S., “China share issue privatization: the extent of its
success”, Journal of Financial Economic, Vol.70, pp.183-222, 2003.
77. Sun, Z., & Wang, Y., “Ownership structure and the value of excess cash:
evidence from China”, Working Paper, 2011.
78. Shleifer, A., & Vishny, R., “Large shareholders and corporate control”, Journal of
Political Economy, Vol.94, pp.461-488, 1986.
79. Shleifer, A., & Vishny, R. W., “A survey of corporate governance”, The Journal
of Finance, Vol.52 (2), pp.737-787, 1997.
80. Paligorova, T., & Xu, Z. X., “Complex ownership and capital structure”, Journal
of Corporate Finance, Vol.18, pp.701-716, 2012.
81. Yeh, Y. H, Shu, P. G., Lee, T. S., Su, Y. H., “Non-tradable share reform and
corporate governance in the Chinese stock market”, Corporate Governance-An
International Review, Vol.17 (4), pp.457-475, 2009.
82. Yermack, D., “Higher market valuation companies with a small board of
directors”, Journal of Financial Economics, Vol.40, pp.185-212, 1996.
83. Zwiebel, J., “Block investment and partial benefits of corporate control”, Review
of Economic Studies, Vol.62, pp.161-85, 1995.
84. Zwiebel, J., “Dynamic capital structure under managerial entrenchment”,
American Economic Review, Vol.86, pp.1197-1215, 1996.