State Ownership and Corporate Cash Holdings
基于59个国家新私有化企业的样本，研究发现国有股权与企业现金持有正相关，且国家制度越弱，市场对现金持有的估值折扣越大。
Using a unique sample of newly privatized firms from 59 countries, this article provides new evidence about the agency costs of state ownership and new insight into the corporate governance role of country-level institutions. Consistent with agency theory, we find strong and robust evidence that state ownership is positively related to corporate cash holdings. Moreover, we find that the strength of country-level institutions affects the relation between state ownership and the value of cash holdings. In particular, as state ownership increases, markets discount the value of cash holdings more in countries with weaker institutions.