การถือครองหุ้นของนักลงทุนสถาบันต่างชาติและการถือครองเงินสดในตลาดทุนไทย
คำสำคัญ:
นักลงทุนสถาบันต่างชาติ, การถือครองเงินสด, เพื่อสำรองใช้ในยามฉุกเฉิน, ปัญหาที่เกิดจากตัวแทนบทคัดย่อ
บทความวิจัยนี้ความสัมพันธ์ระหว่างการถือครองหุ้นของนักลงทุนสถาบันต่างชาติ และการถือครองเงินสดของบริษัทที่จดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทยในช่วงปี ค.ศ. 2013-2016 ซึ่งผลการศึกษาแสดงให้เห็นว่า บริษัทมีการถือครองเงินสดเพิ่มขึ้นเมื่อมีจำนวนหุ้นที่ถือครองโดยนักลงทุนต่างชาติเพิ่มมากขึ้นอย่างมีนัยสำคัญ ดังนั้นผลการศึกษาอาจอธิบายได้ว่ามีผลความสัมพันธ์ในเชิงบวก เนื่องจากนักลงทุนต่างชาติพยายามให้ผู้บริหารถือครองเงินสดเพิ่มขึ้นเพื่อใช้ป้องกันความเสี่ยงต่อความผันผวนของกระแสเงินสด และเพิ่มโอกาสในการลงทุนในโครงการต่างๆที่สร้างมูลค่าเพิ่มของบริษัทซึ่งสอดคล้องกับสมมติฐานการถือครองเงินสดเพื่อป้องกันเงินสดขาดมือและเพื่อสำรองใช้ในยามฉุกเฉิน นอกจากนี้ผลการศึกษายังบ่งชี้ให้เห็นว่าบริษัทที่มีการถือครองเงินสดในปริมาณสูงเหล่านี้มีโอกาสที่อาจเกิดปัญหาต้นทุนที่เกิดจากตัวแทนระหว่างผู้บริหารและนักลงทุน หากผู้บริหารเหล่านี้นำเงินสดไปใช้เพื่อประโยชน์ส่วนตัวและนำไปลงทุนในโครงการที่ไม่เกิดประโยชน์สูงสุดทำให้ลดมูลค่าของกิจการบริษัทลงได้ ข้อค้นพบจากงานวิจัยนี้มีความสำคัญสำหรับผู้กำหนดนโยบายและผู้บริหารต่อการปรับปรุงการกำกับดูแลกิจการให้ดีขึ้น โดยเพิ่มแรงจูงใจและความสามารถของนักลงทุนสถาบันเพื่อเพิ่มประสิทธิผล ในการตรวจสอบการดำเนินงานของผู้บริหารเพื่อลดปัญหาความขัดแย้งทางผลประโยชน์ในบริษัท
เอกสารอ้างอิง
Al‐Najjar, B., and Belghitar, Y. (2011). Corporate cash holdings and dividend payments: Evidence from simultaneous analysis. Managerial and Decision Economics, 32(4), 231-241.
Al‐Najjar, B. (2015). The Effect of governance mechanisms on small and medium‐sized enterprise cash holdings: Evidence from the United Kingdom. Journal of Small Business Management, 53(2), 303-320.
Al-Najjar, B., and Clark, E. (2017). Corporate governance and cash holdings in MENA: Evidence from internal and external governance practices. Research in International Business and Finance, 39(A), 1-12.
Ameer, R. (2010). The role of institutional investors in the inventory and cash management practices of firms in Asia. Journal of Multinational Financial Management, 20(2-3), 126-143.
Anderson, R. W., & Hamadi, M. (2016). Cash holding and control-oriented finance. Journal of Corporate Finance, 41(C), 410-425.
Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do US firms hold so much more cash than they used to? The journal of finance, 64(5), 1985-2021.
Belghitar, Y., and Khan, J. (2013). Governance mechanisms, investment opportunity set and SMEs cash holdings. Small Business Economics, 40(1), 59-72.
Chen, Y. R., & Chuang, W. T. (2009). Alignment or entrenchment? Corporate governance and cash holdings in growing firms. Journal of Business Research, 62(11), 1200-1206.
Claessens, S., Djankov, S., and Lang, L. H. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58(1-2), 81-112.
Connelly, J. T., Limpaphayom, P., and Nagarajan, N. J. (2012). Form versus substance: The effect of ownership structure and corporate governance on firm value in Thailand. Journal of Banking & Finance, 36(6), 1722-1743.
Dang, V. A., Kim, M., & Shin, Y. (2015). In search of robust methods for dynamic panel data models in empirical corporate finance. Journal of Banking & Finance, 53(C), 84-98.
Dittmar, A., Mahrt-Smith, J., and Servaes, H. (2003). International corporate governance and corporate cash holdings. Journal of Financial and Quantitative Analysis, 38(1), 111-133.
Ferreira, M. A., and Vilela, A. S. (2004). Why do firms hold cash? Evidence from EMU countries. European Financial Management, 10(2), 295-319.
Gillan, S. L., & Starks, L. T. (2002). Institutional investors, corporate ownership and corporate governance. Ownership and Governance of Enterprises, 36-68. Retrieved from https://link.springer.com/chapter/10.1057/9781403943903_2
Guizani, M. (2017). The financial determinants of corporate cash holdings in an oil rich country: Evidence from Kingdom of Saudi Arabia. Borsa Istanbul Review, 17(3), 133-143.
Han, S., & Qiu, J. (2007). Corporate precautionary cash holdings. Journal of Corporate Finance, 13(1), 43-57.
Harford, J., Mansi, S. A., and Maxwell, W. F. (2008). Corporate governance and firm cash holdings in the US. Journal of Financial Economics, 87(3), 535-555.
Horioka, C. Y., & Terada‐Hagiwara, A. (2014). Corporate cash holding in Asia. Asian Economic Journal, 28(4), 323-345.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.
Jiang, Z., & Lie, E. (2016). Cash holding adjustments and managerial entrenchment. Journal of Corporate Finance, 36, 190-205.
Keynes, J. M. (1936). The General Theory of Employment, Interest and Money. London: McMillan.
Kim, C. S., Mauer, D. C., & Sherman, A. E. (1998). The determinants of corporate liquidity: Theory and evidence. Journal of financial and quantitative analysis, 33(3), 335-359.
Kuan, T. H., Li, C. S., and Chu, S. H. (2011). Cash holdings and corporate governance in family- controlled firms. Journal of Business Research, 64(7), 757-764.
Kuan, T. H., Li, C. S., and Liu, C. C. (2012). Corporate governance and cash holdings: A quantile regression approach. International Review of Economics & Finance, 24, 303-314.
Kusnadi, Y., Yang, Z., & Zhou, Y. (2015). Institutional development, state ownership, and corporate cash holdings: Evidence from China. Journal of Business Research, 68(2), 351-359.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R. (2000). Investor protection and corporate governance. Journal of Financial Economics, 58(1-2), 3-27.
Lian, Y., Sepehri, M., & Foley, M. (2011). Corporate cash holdings and financial crisis: an empirical study of Chinese companies. Eurasian Business Review, 1(2), 112-124.
Lins, K. V., Servaes, H., & Tufano, P. (2010). What drives corporate liquidity? An international survey of cash holdings and lines of credit. Journal of financial economics, 98(1), 160-176.
Lee, C., & Park, H. (2016). Financial constraints, board governance standards, and corporate cash holdings. Review of Financial Economics, 28, 21-34.
Lemmon, M. L., & Lins, K. V. (2003). Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis. The journal of finance, 58(4), 1445-1468.
Maheshwari, Y., & Rao, K. V. (2017). Determinants of corporate cash holdings. Global Business Review, 18(2), 416-427.
Miller, M. H., & Orr, D. (1966). A model of the demand for money by firms. The Quarterly journal of economics, 80(3), 413-435.
Myers, S. C. (1977). Determinants of corporate borrowing. Journal of financial economics, 5(2), 147-175.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187-221.
Myers, S. C., and Rajan, R. G. (1998). The paradox of liquidity. The Quarterly Journal of Economics, 113(3), 733-771.
Opler, T., Pinkowitz, L., Stulz, R., and Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52(1), 3-46.
Ozkan, A., and Ozkan, N. (2004). Corporate cash holdings: An empirical investigation of UK companies. Journal of Banking & Finance, 28(9), 2103-2134.
Pound, J. (1988). Proxy contests and the efficiency of shareholder oversight. Journal of financial economics, 20, 237-265.
Shleifer, A., & Vishny, R. W. (1986). Large shareholders and corporate control. Journal of political economy, 94(3, Part 1), 461-488.
Song, K. R., & Lee, Y. (2012). Long-term effects of a financial crisis: Evidence from cash holdings of East Asian firms. Journal of Financial and Quantitative Analysis, 47(3), 617-641.
Thanatawee, Y. (2014). Institutional ownership and firm value in Thailand. Asian Journal of Business and Accounting, 7(2), 1-22.
Tong, Z. (2014). Deviations from optimal corporate cash holdings and the valuation from a shareholder’s perspective. Applied Economics, 46(30), 3695-3707.
Uyar, A., & Kuzey, C. (2014). Determinants of corporate cash holdings: evidence from the emerging market of Turkey. Applied Economics, 46(9), 1035-1048.
Ward, C., Yin, C., & Zeng, Y. (2018). Institutional investor monitoring motivation and the marginal value of cash. Journal of Corporate Finance, 48, 49-75.
Wiwattanakantang, Y. (2001). Controlling shareholders and corporate value: Evidence from Thailand. Pacific-Basin Finance Journal, 9(4), 323-362.
Vo, X. V. (2018). Foreign ownership and corporate cash holdings in emerging markets. International Review of Finance, 18(2), 297-303.
Al‐Najjar, B. (2015). The Effect of governance mechanisms on small and medium‐sized enterprise cash holdings: Evidence from the United Kingdom. Journal of Small Business Management, 53(2), 303-320.
Al-Najjar, B., and Clark, E. (2017). Corporate governance and cash holdings in MENA: Evidence from internal and external governance practices. Research in International Business and Finance, 39(A), 1-12.
Ameer, R. (2010). The role of institutional investors in the inventory and cash management practices of firms in Asia. Journal of Multinational Financial Management, 20(2-3), 126-143.
Anderson, R. W., & Hamadi, M. (2016). Cash holding and control-oriented finance. Journal of Corporate Finance, 41(C), 410-425.
Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do US firms hold so much more cash than they used to? The journal of finance, 64(5), 1985-2021.
Belghitar, Y., and Khan, J. (2013). Governance mechanisms, investment opportunity set and SMEs cash holdings. Small Business Economics, 40(1), 59-72.
Chen, Y. R., & Chuang, W. T. (2009). Alignment or entrenchment? Corporate governance and cash holdings in growing firms. Journal of Business Research, 62(11), 1200-1206.
Claessens, S., Djankov, S., and Lang, L. H. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58(1-2), 81-112.
Connelly, J. T., Limpaphayom, P., and Nagarajan, N. J. (2012). Form versus substance: The effect of ownership structure and corporate governance on firm value in Thailand. Journal of Banking & Finance, 36(6), 1722-1743.
Dang, V. A., Kim, M., & Shin, Y. (2015). In search of robust methods for dynamic panel data models in empirical corporate finance. Journal of Banking & Finance, 53(C), 84-98.
Dittmar, A., Mahrt-Smith, J., and Servaes, H. (2003). International corporate governance and corporate cash holdings. Journal of Financial and Quantitative Analysis, 38(1), 111-133.
Ferreira, M. A., and Vilela, A. S. (2004). Why do firms hold cash? Evidence from EMU countries. European Financial Management, 10(2), 295-319.
Gillan, S. L., & Starks, L. T. (2002). Institutional investors, corporate ownership and corporate governance. Ownership and Governance of Enterprises, 36-68. Retrieved from https://link.springer.com/chapter/10.1057/9781403943903_2
Guizani, M. (2017). The financial determinants of corporate cash holdings in an oil rich country: Evidence from Kingdom of Saudi Arabia. Borsa Istanbul Review, 17(3), 133-143.
Han, S., & Qiu, J. (2007). Corporate precautionary cash holdings. Journal of Corporate Finance, 13(1), 43-57.
Harford, J., Mansi, S. A., and Maxwell, W. F. (2008). Corporate governance and firm cash holdings in the US. Journal of Financial Economics, 87(3), 535-555.
Horioka, C. Y., & Terada‐Hagiwara, A. (2014). Corporate cash holding in Asia. Asian Economic Journal, 28(4), 323-345.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.
Jiang, Z., & Lie, E. (2016). Cash holding adjustments and managerial entrenchment. Journal of Corporate Finance, 36, 190-205.
Keynes, J. M. (1936). The General Theory of Employment, Interest and Money. London: McMillan.
Kim, C. S., Mauer, D. C., & Sherman, A. E. (1998). The determinants of corporate liquidity: Theory and evidence. Journal of financial and quantitative analysis, 33(3), 335-359.
Kuan, T. H., Li, C. S., and Chu, S. H. (2011). Cash holdings and corporate governance in family- controlled firms. Journal of Business Research, 64(7), 757-764.
Kuan, T. H., Li, C. S., and Liu, C. C. (2012). Corporate governance and cash holdings: A quantile regression approach. International Review of Economics & Finance, 24, 303-314.
Kusnadi, Y., Yang, Z., & Zhou, Y. (2015). Institutional development, state ownership, and corporate cash holdings: Evidence from China. Journal of Business Research, 68(2), 351-359.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R. (2000). Investor protection and corporate governance. Journal of Financial Economics, 58(1-2), 3-27.
Lian, Y., Sepehri, M., & Foley, M. (2011). Corporate cash holdings and financial crisis: an empirical study of Chinese companies. Eurasian Business Review, 1(2), 112-124.
Lins, K. V., Servaes, H., & Tufano, P. (2010). What drives corporate liquidity? An international survey of cash holdings and lines of credit. Journal of financial economics, 98(1), 160-176.
Lee, C., & Park, H. (2016). Financial constraints, board governance standards, and corporate cash holdings. Review of Financial Economics, 28, 21-34.
Lemmon, M. L., & Lins, K. V. (2003). Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis. The journal of finance, 58(4), 1445-1468.
Maheshwari, Y., & Rao, K. V. (2017). Determinants of corporate cash holdings. Global Business Review, 18(2), 416-427.
Miller, M. H., & Orr, D. (1966). A model of the demand for money by firms. The Quarterly journal of economics, 80(3), 413-435.
Myers, S. C. (1977). Determinants of corporate borrowing. Journal of financial economics, 5(2), 147-175.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187-221.
Myers, S. C., and Rajan, R. G. (1998). The paradox of liquidity. The Quarterly Journal of Economics, 113(3), 733-771.
Opler, T., Pinkowitz, L., Stulz, R., and Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52(1), 3-46.
Ozkan, A., and Ozkan, N. (2004). Corporate cash holdings: An empirical investigation of UK companies. Journal of Banking & Finance, 28(9), 2103-2134.
Pound, J. (1988). Proxy contests and the efficiency of shareholder oversight. Journal of financial economics, 20, 237-265.
Shleifer, A., & Vishny, R. W. (1986). Large shareholders and corporate control. Journal of political economy, 94(3, Part 1), 461-488.
Song, K. R., & Lee, Y. (2012). Long-term effects of a financial crisis: Evidence from cash holdings of East Asian firms. Journal of Financial and Quantitative Analysis, 47(3), 617-641.
Thanatawee, Y. (2014). Institutional ownership and firm value in Thailand. Asian Journal of Business and Accounting, 7(2), 1-22.
Tong, Z. (2014). Deviations from optimal corporate cash holdings and the valuation from a shareholder’s perspective. Applied Economics, 46(30), 3695-3707.
Uyar, A., & Kuzey, C. (2014). Determinants of corporate cash holdings: evidence from the emerging market of Turkey. Applied Economics, 46(9), 1035-1048.
Ward, C., Yin, C., & Zeng, Y. (2018). Institutional investor monitoring motivation and the marginal value of cash. Journal of Corporate Finance, 48, 49-75.
Wiwattanakantang, Y. (2001). Controlling shareholders and corporate value: Evidence from Thailand. Pacific-Basin Finance Journal, 9(4), 323-362.
Vo, X. V. (2018). Foreign ownership and corporate cash holdings in emerging markets. International Review of Finance, 18(2), 297-303.
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