融资约束对现金持有动机强弱影响的实证分析

在不同的财务背景下公司现金持有动机强弱表现是否存在差异,这是学术界近年研究的热点。文章以1998—2006年连续四年有数据的沪深上市公司为样本,通过公司规模四分位数、样本期间发生股利支付与否作为融资约束与否的判别标准,分析融资约束公司与非融资约束公司现金持有动机强弱表现差异。实证结果表明：我国上市公司融资约束与否直接影响到现金持有决策过程中动机强弱的表现。为了避免现金短缺和投资机会的丧失等情况的发生,我国上市公司在整个现金持有决策中均表现谨慎,注重现金持有的预防性动机和交易性动机作用的发挥。     

宏观经济不确定性、融资约束与企业现金持有行为——来自中国上市公司的经验证据

本文建立一个简化的存货缓冲模型来形式化管理者的现金持有决策,并基于中国非金融类上市公司2001-2009年间的面板数据,考察不同融资约束条件下宏观经济不确定性对企业现金持有行为的影响。研究发现,宏观经济不确定性对企业的现金持有水平具有显著的正向影响;相比于低融资约束的公司,高融资约束公司的现金持有水平对宏观经济不确定性变化具有更高的敏感性。研究结果有助于增进对中国制度情境下企业流动性需求行为的理解。     

货币政策不确定性与企业现金持有——现金股利视角的新解释

研究利用中国A股上市公司样本,系统探讨了货币政策不确定性对企业现金持有策略的影响.研究发现:随着货币政策不确定性的提高,企业现金持有水平降低.深入研究发现货币政策不确定性对企业现金持有策略的影响主要通过现金股利渠道发挥作用,即在货币政策不确定性较高时期,企业持有的现金更多用于支持现金股利分配,籍此向市场传递积极信号.进一步研究排除了投资机会与代理成本等潜在干扰因素的影响,并且结合产权性质差异的分析发现货币政策不确定性对于非国有企业现金持有策略的影响更为明显.研究一方面基于不确定性视角为货币政策如何影响企业现金管理策略提出了新解释——现金股利渠道,有助于更好地理解我国上市公司的现金持有策略;另一方面也说明货币政策频繁调整所导致的货币政策不确定性很可能是加剧实体经济经营风险的宏观诱因.     

Financial Liberalization and Corporate Investments: Evidence from Korean Firm Data*

This paper examines whether financial liberalization procedures introduced in Korea in the early 1990s succeeded in relaxing financing constraints on firms. Because external funds are more costly than internal funds in an imperfect capital market, corporate investments depend on the availability of internal funds. As financial liberalization mitigates constraints on firms, the sensitivity of investments to cash flow can be reduced. Using panel data on Korean firms, we found that cash‐flow effects on investment spending decreased drastically during the liberalization period. In particular, small, non‐chaebol and established firms that were severely constrained gained most from liberalization. Chaebol firms appeared to lose preferential access to credit after liberalization.     

Monetary policy,cash holding and corporate investment: Evidence from China

This paper uses 13,766 firm-year observations between 2003 and 2013 from China to investigate the effects of monetary policy on corporate investment and the mitigating effects of cash holding. We find that tightening monetary policy reduces corporate investment while cash holdings mitigate such adverse effects. The cash mitigating role is especially significant for financially constrained firms, non-state-owned enterprises (non-SOEs) and those firms located in a less developed financial market. Cash holding also improves investment efficiency when monetary policy is tightening and tightening monetary policy enhances the ‘cash-cash flow’ sensitivity. Our empirical evidence calls for a critical evaluation on the monetary policies implemented in China which are less effective for state-owned enterprises. It also calls for a necessity for local government to further develop regional financial markets to protect vulnerable businesses, such as non-SOEs and financially constrained firms, from external shocks in order to maintain their sustainable growth and competitive advantages.     

Liquidity Crises and Corporate Cash Holdings in Chile

This paper addresses the heterogonous effects of adverse liquidity shocks on corporate cash holdings in an emerging market. We use a large panel dataset with quarterly financial information for Chilean firms during the period 1996–2009. We find three main results. First, liquidity crises have had a negative and economically significant effect on cash holdings, but mainly for small firms; medium‐sized and large firms have not been affected by liquidity crises. Second, liquidity crises reduce the ability of firms to adjust to optimal cash holdings. Finally, medium‐sized firms are less able to adjust cash holdings compared to small and large firms.     

房地产上市公司现金持有水平的实证研究

选取沪深两市120家A股房地产上市公司作为样本,研究其2009—2011年的财务数据,运用描述性分析、双样本T检验分析房地产上市公司现金持有的现状,并构建回归模型探求房地产上市公司现金持有水平的影响因素及其决策效果。研究结果显示:目前房地产上市公司存在高额现金持有情况,盈利能力和现金持有水平呈显著正相关,负债水平和现金持有水平呈显著负相关,其现金持有水平对公司业绩有着显著的正向效应。     

上市公司现金持有过量对投资行为及效率的影响分析

文章以1998-2006年连续4年以上有数据的沪深股市的上市公司为样本,实证分析现金持有过量对公司投资行为及其效率的影响。实证发现：（1）现金持有过量越多,公司的长期投资能力增强。（2）暂时性和持续性过量的公司相比,过量现金对投资行为的影响表现存在差异。（3）过量现金持有对公司业绩提升无贡献;过量现金的投资使用效率低下,普遍存在过度投资现象。     

Credit Contagion and Trade Credit: Evidence from Small Business Data in Japan

The present study investigates whether credit contagion leads to a decrease in trade credit for small businesses. In 1997–1998, the Japanese economy experienced a deep recession, and the domino effect caused an increase in the number of dishonored bills and bankruptcy filings. During a period of credit contagion, the possibility of default increases for firms with more financial claims and lower cash holdings. We find that during a recession, trade payables for small businesses with higher trade receivables and lower cash holdings are reduced. The hypothesis that the effects of credit risk on trade payables are weakened is not supported.     

融资约束、信息不对称与企业投资行为——来自中国上市公司的经验证据

以经济模型为前提,通过我国A股上市公司为样本,研究投资-现金流敏感性的主要影响因素。并得出结果:融资约束影响投资与现金流敏感性,以信息披露水平高低为代表的信息不对称程度对融资约束有重要影响,投资—现金流敏感性主要由信息不对称引起的融资约束所致。     

Cross‐border Mergers and Acquisitions and Financial Development: Evidence from Emerging Asia

This paper examines the relationship between cross‐border mergers and acquisitions (M&A) and financial development in emerging Asian economies. Bilateral cross‐border M&A data for nine emerging Asian economies covering 2000–2009 are analyzed with a sample selection model and a panel data model. The estimation results show that although the banking sector still plays a crucial role in facilitating cross‐border M&A, the role of equity markets has increased in importance because, in addition to cash, the issuance of common stock and the exchange of stocks have become popular forms of payment for M&A deals. Because of the relatively thin market, the primary corporate bond market plays a limited role in supporting cross‐border M&A, which is in contrast to the primary public bond market. However, for the secondary market, the corporate bond market is more effective in facilitating cross‐border M&A. The results also show that financial development in terms of stock and bond markets in their home countries tends to become more important when the target firms reside in more developed countries. In addition to financial development, the paper shows that most cross‐border M&A are invested in technology‐related and resource‐based industries while cheap labor industries are relatively less attractive.     

Financial reform and financing constraints: Some evidence from listed Chinese firms

This paper examines the impact of recent financial reforms in China on the financing constraints and investment of publicly-listed Chinese firms. Two continuous indices are constructed to measure the evolution and intensity of financial reforms: a financial liberalization index and a capital control index. Dynamic panel GMM method is used to estimate firms' financing constraints in an Euler-equation investment model. Based on panel data of listed firms for 1996–2007, we find that large firms face no credit constraints and smaller firms display significant constraints. However, the sensitivity of large firms' investment to their cash holdings is heightened as more financial reforms take place. It appears that reforms that gradually eliminate preferential treatments to large firms, primarily state-owned enterprises (SOEs) in China, have subjected these firms' investment decisions to stricter market-based discipline and therefore raised their financing constraints. No significant change in the financing constraint is detected for smaller firms in China. This is interpreted as financial reform in China has not been substantial enough for its benefits to reach smaller firms.     

Abstracts/Résumés

We investigate how private information and monitoring affect the role of accounting quality in reducing the investment–cash flow sensitivity. We argue that access to private information and direct restrictions on investments are likely to affect the extent to which accounting quality reduces financing constraints. Our results suggest that, for financially constrained firms, banks’ access to private information decreases the value of accounting quality. We further find that, for both financially constrained and unconstrained firms, covenants directly restricting capital expenditures also mitigate the importance of accounting quality. Our results suggest that, when information asymmetry problems are likely to be the largest, accounting quality is most important. However, the importance of accounting quality is mitigated if outside capital suppliers have access to private information and is eliminated if they impose contractual restrictions on investment. We also provide evidence that banks’ access to private information reduces the cash flow sensitivity of cash and mitigates the importance of accounting quality in reducing this sensitivity. This additional evidence suggests that our investment–cash flow sensitivity results are not driven by measurement error of the investment opportunity set.     

高铁开通的微观治理效应——基于现金持有的实证研究

随着中国高铁建设进入黄金期,高铁开通给企业带来的经济效益日益凸显。本文基于2005-2016年沪深两市上市公司的面板数据,以其办公所在地城市是否开通高铁作为外生冲击,采用双重差分(Differences-in-Differences)方法实证检验了高铁开通对企业现金持有水平的影响以其作用机制。研究发现,高铁通车以后,沿线上市公司的现金持有水平显著降低,进一步机制检验发现,当公司面临较为严重的融资约束以及处于较弱的外部治理环境时,高铁开通对现金持有水平的降低效应更显著,表明高铁开通对企业现金持有水平的影响主要通过缓解企业的融资约束与降低代理成本来实现。本文的研究丰富和拓展了高铁开通及现金持有等领域的相关文献,同时提供了交通基础设施建设影响公司微观行为的经验证据。     

Is working capital management value-enhancing through alleviating financial constraints? Evidence from Chinese non-listed firms

Financial factors have been found highly important in influencing firms’ real activities and in promoting aggregate growth. Yet, the linkage between finance and firm-level total factor productivity (TFP) has been overlooked in the literature. I fill this gap using 147,310 non-listed Chinese firms over the period 1999–2007 to estimate a TFP model augmented with working capital. I find that TFP is strongly and significantly associated with working capital for private and foreign firms, but not for SOEs. More specifically, an increase in working capital has a negative (positive) effect on TFP in firms with positive (negative) working capital. Furthermore, highly external financial constrained, highly internal financial constrained, under-developed institutional regions and small size private and foreign firms are more sensitive to working capital.     

基于现金流量的综合财务指标实证研究——以制造业上市公司为例

以权责发生制为基础设计的财务综合指标容易受盈余管理的影响,由此可能导致指标不能反映公司实际财务实际状况。本文以收付实现制为基础,通过主成份分析方法将多个现金流量表主要指标组合成一个综合财务指标,客观评价公司财务状况,最后选取综合绩效排名前50位中的33家制造业上市公司为样本,实证综合财务指标判断的一致性。     

Firm Productivity,Innovation, and Financial Development

How do firm‐specific actions—in particular, innovation—affect firm productivity? What is the role of the financial sector in facilitating higher productivity? Using a rich firm‐level data set, we find that innovation is crucial for firm performance as it directly and measurably increases productivity. The impact of innovation on productivity is larger in less‐developed countries. Evidence of financial sector development influencing the innovation‐productivity link is weak, but the effect is difficult to identify due to correlation between indicators of a country's financial and nonfinancial development. Furthermore, we find evidence that the innovation effect on productivity is more significant for high‐tech firms than for low‐tech firms.     

预防性动机与公司现金持有量的关系:来自中国上市公司的证据

文章主要讨论我国上市公司现金持有量与公司风险间的相关关系。与以往文献主要关注公司财务特征、公司治理等研究不同,本文从预防性动机、风险这一视角来讨论公司现金持有量问题。本文利用沪深两市上市公司样本（2002—2006）证实了现金持有量、风险及公司预防动机间的相关关系。结论表明,凯恩斯理论中的现金持有的预防性动机理论在中国仍然具有很强的解释力。     

基于现金流量的企业财务危机预警系统分析

一般说来，企业生产经营得以持续的基本条件是获得足够的现金流量。文章尝试从现金流量角度出发，通过分析和准确把握现金流量指标来进行财务预警，以期对财务危机预警系统的研究有所帮助。     

The effects of credit lines on cash holdings and capital investment: Evidence from Japan

This study examines how credit lines affect corporate cash holdings and capital investment using a hand-collected data on publicly traded Japanese firms from 2006 to 2017. The study compares firms with and without credit lines to investigate the effects of credit lines. The empirical results are as follows: (1) Firms with credit lines hold smaller cash reserves than those without; (2) Firms with credit lines undertake more capital investment than those without; (3) The effects of credit lines are more amplified for financially constrained firms than their counterpart; (4) A close bank–firm relationship plays a positive role in the effect of credit lines on corporate activities.These empirical findings indicate that credit lines can improve firms’ financial flexibility and allow them to use cash holdings held for precautionary reasons to invest. The results also show that credit lines and the attendant implicit bank–firm relationships are complementary to each other. Moreover, having both credit lines and a close bank–firm relationship is important to Japanese firms for their corporate activities. Furthermore, the results imply that the use of credit lines is still relatively undeveloped in Japan, which may be a reason for the country's large corporate savings and lackluster investment.