本研究探討政治連結與集團企業對現金持有與價值的影響，並2008至2015年中國上市公司為樣本，進行實證研究。本研究認為集團企業在新興市場所發揮的作用是否能替代政治連結，並對企業現金持有與價值產生影響。本文實證結果發現，除了集團企業對現金無顯著影響外，政治連結與集團企業皆為影響企業現金持有與價值的重要因素。本文發現政治連結對現金持有產生正向影響，且加入集團考量因素後，現金持有仍為正向顯著。顯示新興市場外部籌資管道的缺乏，讓企業必須以跨界資源的取得與組織的合縱連橫，確保資金取得的穩定。其次本文探討外部投資人如何評價這些資金的取得，實證研究顯示，投資人正向評價此類企業的現金持有。本文研究結果說明政治連結與集團企業等內外因環境因素的結合，會降低企業營運資金的不穩定性，並對投資人產生正向的意義。
This paper examines the relationship between political connections, business group and cash holdings. Further, we explore the effect on the value of cash holdings. The sample is comprised of information on Chinese listed companies from 2008 to 2015. The empirical results indicate that firm with political connected increase the cash holdings and the value of cash. When the impact of the business group is taken into consideration, business group may moderate the relation between political connected and the cash holdings. The empirical results show that, in addition to the groups have no significantly impact on the cash holdings, the interaction of political connections and business groups are positive impact on the cash holdings and the value of cash. Our results imply that in this unique capital market of China, the capital pool is still pool and firms need to looking for resources from internal structure and outside channel, in order to stabilize the firms’ cash.
