The Relationship between Information Asymmetry and the Value of Cash Holding—The Moderating Effect of Multiple Controlling Shareholders
碩士 === 中國文化大學 === 財務金融學系 === 104 === This study examines the relationship among information asymmetry, the value of cash holding and multiple controlling shareholders based on analysis of a sample of listed firms in China from year 2004 to 2013. The results show that firms with higher asymmetry lead...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2016
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| Online Access: | http://ndltd.ncl.edu.tw/handle/5adah6 |
| Summary: | 碩士 === 中國文化大學 === 財務金融學系 === 104 === This study examines the relationship among information asymmetry, the value of cash holding and multiple controlling shareholders based on analysis of a sample of listed firms in China from year 2004 to 2013. The results show that firms with higher asymmetry lead to a lower market value of a marginal dollar of cash. In addition, when the presence of multiple large shareholders, they have little moderating effect to enhance value of cash holding, especially in the firms with relatively low information asymmetry.
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