本文主要檢驗中國大陸上市公司資訊不對稱與公司超額現金價值間之關係，並以多重大股東為調節變項進行探討。本研究以中國大陸上海與深圳上市公司2004至2013年為樣本進行分析。研究結果顯示，資訊不對稱程度越高，現金持有價值越低，顯示當資訊不對稱程度越高，市場對公司持有超額現金將產生疑慮，反映在市場價值上為負向評價。本文進一步探討多重大股東的存在，是否能降低資訊不對稱程度，進而反映在超額現金持有對公司價值上。研究顯示多重大股東的存在對資訊不對稱的降低有其限制。
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.
