An Empirical Study on Listed Company’s Value of Cash Holdings: An Information Asymmetry Perspective

Table 5

ASY based on different criteria.

Criteria	Sample^①	Observations	Mean (ASY)	Std.	𝑡-test
Scale	Large	588	0.22131	1.0004	−17.903***
	Small	588	0.10639	1.2406
Dividend payout ratio	Dividend	1485	0.19240	1.09633	−35.853***
	Nondividend	1455	−0.19637	1.08525
Ownership concentration	High	588	0.4536	1.1573	−12.552***
	Low	588	−0.4540	0.9090
Asset-liability ratio	High	588	−0.0195	1.1493	−53.561***
	Low	588	0.1598	1.1214

Note: *** denotes significance at the 1% significance level.
^①Companies are ordered in company scale, with the top 20% as the group of large scale companies and the bottom 20% as the group of small scale companies; dividend paying ratio is decided by whether companies paid dividend in the previous year or not, and they are classified as the dividend paying group and the nondividend paying group; ordered in the ratio of total shares held by the top 5 shareholders, top 20% companies are classified as the group of high ownership concentration, and the bottom 20% as the group of low ownership concentration. Arranged in descending order of the asset-liability ratio, the top 20% of the companies are defined as the group with high liabilities and the bottom 20% as the group with low liabilities.