现金持有量控制的初步探讨

现金持有量控制的初步探讨上海市审计局祁鸣本文所指的现金是广义概念的现金，即企业的库存现金、存放在银行的各种存款及其他货币资金．如在途款项、本票、汇票等。企业的现金是企业在生产经营过程中暂时停留在货币形态的资金。在企业的生产经营过程中，大量业务需要通过...     

浅谈企业的最佳现金持有量

一、合理确定现金持有量企业的生产经营及财务管理活动起始于现金,经过资产各种形态的转化最终又回到现金状态,周而复始,循环运动,实现企业生存、发展、盈利的目的。现金是变现能力最强的资产,随时可用来满足生产经营的各种需要,也是还本付息和履行纳税义务的保证。因此,拥有足够的现金对于降低企业的风险,增强企业资产的流动性和债务义务的可清偿性具有重要意义。企业持有现金主要包括库存现金、银行存款、银行本票、银行汇票以及能够随时变现的有价证券,能够随时融入现金的其他各种存在形态如可随时借入的银行贷款资金等。企业持有现金的…     

经济波动对现金持有量的影响：一个理论分析框架

宏观经济波动作为影响产业以及企业行为的外生性变量,对企业的现金持有水平在特殊时期起到十分关键的作用,本文从现金持有的权衡理论、融资优序理论和代理成本理论三个方面分析了宏观经济波动下企业持有现金的动机,从而揭示宏观经济波动对企业现金持有决策的作用机理,为研究企业现金持有量的决定因素开辟了新的视角。     

国库现金管理中现金持有量的问题研究

随着我国财政资金收付制度日趋制度化和规范化,尤其是2001年国库集中支付制度改革以来,中央金库及地方各级国库资金稳步增长,国库库底资金长期高位积聚。为实现国库闲置资金余额最小化、投资收益最大化,迫切需要建立一套适应我国国情的国库现金管理模式。本文有选择地借鉴西方现金持有理论,对国库现金持有量的影响因素和模型选择做出研究评析,以期为现实开展国库现金管理提供较为科学的依据,供广大学者和国库工作人员商榷。     

现金持有量:增加还是损害公司业绩?

通过放松现金持有量与公司业绩之间是线性关系的假设,从线性(平均效应)和非线性(现金持有量不同水平下的区间效应)两方面探讨现金持有量对公司业绩的影响。结果发现,虽然平均而言,现金持有量有利于提升公司业绩,但是随着现金持有量的提升,公司业绩却呈现逐渐下降的趋势。进一步地结合投资支出来分析不同现金水平下公司业绩呈下降趋势的主要原因,结果发现现金水平的提升易引发企业的过度投资行为,并最终导致公司业绩的下降。同时,还发现融资约束和成长性也会影响现金持有量与公司业绩之间的关系。     

家族企业现金持有量影响因素分析

本文分析了我国家族上市公司现金持有量的影响因素。与已有的研究结论不同,本文实证回归结果表明,家族上市公司资产负债率、董事长和总经理两职合一、现金替代物、债务融资成本与现金持有量显著负相关,公司投资机会、第一大股东持股比例、股利支付率与现金持有量显著正相关,企业规模、银行借款比重、控制权与现金流权分离度和股权制衡比例和现金持有量没有显著相关性。融资约束是影响家族企业现金持有量决策的重要因素,而且家族控股股东对上市公司主要体现为支持动机,而不是一般认为的掏空动机。     

民族文化对企业现金持有量的影响

市场经济环境下,现金持有水平是企业存亡的关键因素之一.它不仅直接影响企业盈利和抵御风险的能力,而且关系到企业投融资、股利分配等重大决策的制定,是反映企业经营战略和财务管理水平的一项重要财务指标.因此现金持有量水平一直受到国内外学者的高度重视.本文基于新疆地区独特的民族文化背景,以个人主义与不确定性规避作为民族文化的考量角度,研究民族文化对企业现金持有量的影响,并提出相应的建议.     

家族企业现金持有量影响因素分析

本文分析了我国家族上市公司现金持有量的影响因素。与已有的研究结论不同,本文实证回归结果表明,家族上市公司资产负债率、董事长和总经理两职合一、现金替代物、债务融资成本与现金持有量显著负相关,公司投资机会、第一大股东持股比例、股利支付率与现金持有量显著正相关,企业规模、银行借款比重、控制权与现金流权分离度和股权制衡比例和现金持有量没有显著相关性。融资约束是影响家族企业现金持有量决策的重要因素,而且家族控股股东对上市公司主要体现为支持动机,而不是一般认为的掏空动机。     

公司特征、股权结构与现金持有量

在中国特定的制度和治理背景下探讨企业特征与股权结构对企业现金持有量的影响,并从静态和动态两个角度进行实证研究的结果表明,虽然静态实证结果显示权衡理论、代理理论和融资优序理论都能一定程度上解释中国企业的现金持有行为,但动态实证结果显示中国上市公司的现金持有量具有动态的均值复归趋势。这符合权衡理论和代理理论的预期,但不符合融资优序理论预期。     

股利政策、股权制衡与公司成长性

本文以我国2005年-2007年中小板市场上市公司为样本（面板数据）,从公司成长性的角度考察了股权结构对现金股利政策的实证影响。具体检查了现金股利和第一大股东、股权制衡以及公司成长性之间的计量关系,经验结果表明：中小板公司的第一大股东具有强烈的发放现金股利的激励,公司成长性不能弱化第一大股东对现金股利的偏好,其他大股东不能够对第一大股东的行为进行监督和牵制,甚至存在附和第一大股东的倾向。     

Labor Union Effect on Corporate Cash Holdings and Their Marginal Value

By using panel data from Korean listed firms, we find that unionized firms strategically hold less cash to enhance their bargaining power against labor unions. We also find that unionized firms are likely to reduce the marginal value of their cash holdings, thereby decreasing shareholder value from the agency theory perspective. This finding complements the agency theory argument that managers tend to waste corporate resources by hoarding cash, particularly when faced with increased information asymmetry and financial constraints. Overall, our results suggest that information-related financial constraints and agency problems are likely to co-exist in unionized firms.     

超额现金持有水平与产品市场竞争优势——来自中国上市公司的经验证据

有关企业持现动机及其经济后果的已有研究较少关注现金持有的战略效应。本文借鉴公司战略经济学理论,探索性地研究了企业超额持现对产品市场竞争优势的影响,为企业财务决策与产品市场竞争之间的紧密联系提供了新的经验证据。我们研究发现,企业超额持现具有战略效应,且超额持现水平与产品市场竞争优势呈倒U型关系。进一步的研究显示,与民营企业相比,国有企业在相对较低的超额持现水平上出现对产品市场竞争优势影响的负向净效应。     

股权制衡、非国有股东委派董事与公司绩效

从公司治理层面完善国有控股企业的股权制衡是国企混合所有制改革的重点和难点,以往学者仅仅研究了股权制衡与公司绩效之间的关系,很少研究两者关系的作用路径和影响机理.因此,引入非国有股东委派董事这一概念,研究非国有股东委派董事在股权制衡与公司绩效之间发挥的中介效应.结果表明:股权制衡有利于公司绩效的提升,非国有股东委派董事在股权制衡与公司绩效两者之间发挥了中介效应.     

Separation of Ownership from Control and Acquiring Firm Performance: The Case of Family Ownership in Canada

Abstract:   This study investigates the relationship between ownership structure and acquiring firm performance. A large proportion of Canadian public companies have controlling shareholders (families) that often exercise control over voting rights while holding a small fraction of the cash flow rights. This is achieved through the concurrent use of dual class voting shares and stock pyramids. Many suggest that these ownership structures involve larger agency costs than those imposed by dispersed ownership structures and that they distort corporate decisions with respect to investment choices such as acquisitions. We find that average acquiring firm announcement period abnormal returns for our sample of 327 Canadian transactions are positive over the 1998–2002 period. Cash deals, acquisitions of unlisted targets and cross‐border deals have a positive impact on value creation. Governance mechanisms (outside block‐holders, unrelated directors and small board size) also have a positive influence on the acquiring firm performance. Further, the positive abnormal returns are greater for family firms. We do not find that separation of ownership and control has a negative impact on performance. These results suggest that, contrary to other jurisdictions offering poor minority shareholder protection or poor corporate governance, separation of control and ownership is not viewed as leading to value destroying mergers and acquisitions, i.e., market participants do not perceive families as using M&A to obtain private benefits at the expense of minority shareholders. We do find a non‐monotonic relationship between ownership level and acquiring firm abnormal returns. Ownership of a majority of the cash flow rights has a negative impact on announcement returns. This is consistent with the view that large shareholders may undertake less risky projects as their wealth invested in the firm increases.     

商业信用合同的履行概率,其外部性及现金需求——中国案例

本文测算了商业信用合同违约风险对商业贸易和现金需求的影响。结果显示,外国直接投资企业为其贸易伙伴提供了大量商业信用,而中国的企业,无论是私营,还是国有企业,他们交易实行货到即时付款的比例很高。外国直接投资企业之所以是经济交易中信贷的提供者,是因为他们具有较高的商业信用合同执行技术(contract enforcement technology)。我们还发现商业信用合同的执行技术主要包括贸易物品的竞争力、竞争幅度、与地方政府的关系以及公司治理的性质。一个企业具有较高的合同执行概率,就可能提供大量的商业信用,并获得更大的交易量。合同执行技术对贸易交易量的弹性估计约为2.2。模拟显示如果合同执行概率提高,分布在75%,贸易交易量可增加24%,商业信用规模可增加30%。由于商业信用合约的不完备而导致的经济损失则是巨大的。此外,我们证实,高的商业信用合同执行技术通过商业信用量和交易量的增加而在经济中产生正外部效应。     

Ritual legitimation, de-coupling and the budgetary process: managing organizational hypocrisies in a multinational company

The study of participation in the budgetary cycle has formed a prominent part of the research literature concerned with the budgetary process. More recently there has emerged a body of literature concerned with exploring the political and symbolic nature of the budgetary process. The paper reports upon the outcomes of an empirical study of the introduction of `budgetary participation' in a division of a European subsidiary of a large North American car manufacturer. We detail the long process of consultation and negotiation within the subsidiary, and between it and the European Headquarters. The study provides a revealing instance of the roles of formal budget participation as a ritual of control and legitimation without the substantive involvement of middle managers and suggested to us the introduction of de-coupling and organizational hypocrisy alongside the introduction of budget participation. The study pays close attention to the contingent effects of the wider political context of the division and the relationships between the division, its organizational context and organizational environment, and how this context played upon the budgetary process in the division. The outcomes that we analyse at `Delta' reflect the de-coupling strategies and organizational hypocrisies commonly found in public sector organizations. In this wider setting the corporation persists with the ritual of `tight' budget negotiation and target setting and apparent underachievement in performance. Yet we conclude that the complex technological and political context to the formation and siting of Delta continued and may continue to support its existence.$g0