| Summary: | 碩士 === 國立中央大學 === 企業管理學系 === 101 === 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.
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