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由于公司内外部融资成本存在差异,上市公司持有一定数量的现金可以作为公司的一种内部融资手段,实现融资成本的节约。因此,合理的现金持有政策是公司管理人员必须慎重考虑的一个问题。本文从融资约束的角度出发,结合我国资本市场的特殊性加入高管持股比例等控制变量,运用实证分析的方法对公司现金持有量和现金流波动性之间的关系进行了研究。结果发现,对于融资约束公司,其现金储备情况与现金流波动性显著正相关;而对于非融资约束公司,两者之间无明显关系。同时还发现,融资约束公司现金流量对现金持有量的影响程度要明显强于非融资约束公司。
Abstract：Cash holdings can be used to reduce the cost of financing since there is difference in the cost of internal and external financing.Thus cash holdings decisions can be important and deserve more concerns from the part of corporate managers.This paper incorporates the peculiar characteristics of China's capital markets and empirically studies the relation between cash holdings and cash flow volatility from the perspective of financing constraints.The findings suggest that cash flow volatility has a positive impact on the cash holdings for financially constrained firms.But this relation does not hold for unconstrained firms.The result also indicates that the impact of cash flow on cash holdings in constrained firms is greater than in unconstrained firms.
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基本信息:
中图分类号:F275
引用信息:
[1]李延喜,李鹏.融资约束是否影响了中国上市公司的现金持有政策——来自现金与现金流波动性敏感度的经验证据[J].当代会计评论,2008,1(02):75-85.
基金信息:
国家自然科学基金(70772087);; 教育部社科基金(06JA790012)的支持
2008-12-31
2008-12-31
