现金持有理论与实证研究的综述与展望

现金持有决策不仅在公司融资、派现等财务活动中起着重要的地位，而且与成本代理、公司治理等活动密切相关。文章分别从现金持有动机，影响现金持有量的因素，现金持有量对公司价值和公司业绩三个方面系统地回顾了有关现金持有的理论与实证研究成果。总结发现，目前的研究在现金持有量的影响因素以及现金持有量对公司业绩的影响方面仍然存有争议。因此，文章提出了值得研究的相关课题。     

供需不确定性、市场竞争与现金持有——来自中国上市公司的经验证据

本文研究了市场供需不确定性对中国上市公司现金持有行为的影响.针对2000-2006年期间637家上市公司的经验研究表明,现金持有水平与市场供需不确定性负相关.这一关系在寡头竞争行业中最为显著,完全竞争行业次之,而垄断性行业最低.上述结果表明,中国上市公司的现金持有行为主要表现为短期逐利动机,并不支持国外学者普遍认为的预防性动机假说.这主要源于中国上市公司破产压力较低,使之过度追求短期资本回报,并没有将现金持有当作一种风险管理工具.     

中国上市公司长期高额现金持有的动机研究

本文研究了中国上市公司长期高额现金持有行为的动机。研究发现,选择高现金持有政策的上市公司经营绩效与同类公司相比并非显著较好,且后期的资本支出较少。本文得出的结论是,高现金持有政策并不符合公司价值最大化原则,现金持有的预防性动机假说不成立,高现金持有的潜在原因是管理层消极工作的代理问题。上市公司应增加对管理层的治理约束,改善管理层激励机制。这对提高资本市场资源配置效率,进一步提升上市公司质量有重要的现实意义。     

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。     

公司现金持有：交易需求还是预防性储蓄？

本文理论模型说明现金持有作为公司运营资本的一部分,是企业正常运转不可或缺的生产要素。公司正常的交易需求和为应对未来不确定性的预防性需求是现金持有的主要原因。利用我国上市公司数据实证结果支持了理论模型的结论。同时经验结果还支持现金持有的权衡理论而不支持代理理论。     

控股股东与上市公司现金股利政策研究——基于公司成长性的分析

本文采用我国沪深两市上市公司2006-2008年的财务及相关数据,选择900家公司为样本,从成长性角度研究了控股股东与公司股利政策之间的关系.研究结果表明:第一大股东具有发放现金股利的显著动机,而且这种动机不受股东性质的显著影响.文章进一步研究发现,公司成长性对这一动机有限制作用.     

略论商业特许连锁经营的法律调整

确定企业的量佳现金持有量 ,应是一个风险与收益的权衡问题 ,既要确定最大现金短缺量、最大现金持有量和最佳现金转换量 ,又要使现金总成本达到最低。     

高额现金持有量对企业投资行为的影响研究

文章以2009-2011年沪深A股上市公司为样本,实证分析高额现金持有量对企业投资行为的影响,结果表明高额现金持有量使企业倾向于进行直接投资和间接投资,现金持有量越多直接投资和间接投资的投资能力越强,且在高额现金持有量影响下企业投资行为是有效的。     

信贷配给、流动性冲击和民营企业现金持有

融资约束的存在要求企业持有必要的现金以预防可能的流动性冲击。不同于以往研究,本文从融资数量的硬约束——信贷配给视角将企业现金持有水平及其经济后果的考察纳入到一个统一的理论框架,并运用实证的方法研究流动性冲击下我国民营上市公司的现金持有行为。研究表明：民营上市公司持有高额现金的原因出于在信贷配给约束下的预防性动机;在遭受流动性冲击时,增持现金对民营上市公司具有正向的价值效应,且信贷配给水平越高的企业这种正向效应越显著。     

公司治理、不确定性与流动性管理

宏观经济因素与企业治理水平的共同作用,对公司的经营活动和决策行为产生重要影响。本文构建公司内外部治理机制的综合性指标体系,提出公司治理指数,采用系统广义矩估计方法,系统研究了公司综合治理水平和不确定性与企业现金持有策略的关系。研究发现,公司存在最优现金持有水平,企业的流动性管理策略体现出向这一目标水平动态调整其现金持有规模的特征;综合治理水平越低的企业,其现金持有水平越高;与低治理效率公司相比,高治理效率公司的现金持有策略调整速度较快,并且对不确定性表现出积极反应。研究结论证实了高治理效率公司现金持有策略的预防性动机,以及低治理效率公司现金持有策略的代理动机。     

现金持有对家族企业市场竞争力的影响——基于CEO来源的视角

当前我国家族企业已陆续进入代际传承的重要阶段,企业CEO也出现了由一代、二代或外部经理人这三种不同来源的安排。不同来源的CEO从现金持有的交易动机、预防动机和代理动机出发,会选择不同的现金持有战略,从而影响企业的市场竞争力。文章以2010-2014年沪深两市A股上市家族企业为研究对象,研究现金持有水平与企业市场竞争力之间的一般关系,并根据家族企业的特殊性和差异性,推断家族企业现金持有是否同样具有竞争优势,还进一步研究家族企业不同CEO来源对现金持有竞争优势的影响。研究发现,家族企业的现金持有能够增强企业的市场竞争力,即家族企业存在现金持有的竞争优势。而且家族企业CEO的不同来源会对企业现金持有的竞争优势产生较大影响,具体说,家族创始人CEO由于维护社会情感财富和代际传承等原因,可能会损害企业现金持有的竞争优势,降低家族企业现金持有价值;家族二代CEO出于二次创业的动力,反而会加强企业现金持有的竞争优势;外部经理人担任CEO为了个人声誉和薪酬,也会显著加强企业现金持有的竞争优势。文章从家族企业这一特殊样本出发,丰富了家族企业现金持有竞争优势的研究,并从家族企业代际传承的视角,独特地研究了不同CEO来源对家族企业现金持有竞争优势的重要影响,同时也扩展了代际传承经济后果的研究。     

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.     

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.     

Corporate Cash Holding in Asia

In this paper, we analyze the determinants of corporate saving in the form of changes in cash holdings for 11 Asian economies using firm‐level data from the Oriana Database for the 2002–2011 period. We find some evidence that cash flow has a positive impact on the change in cash holdings (i.e. that the cash flow sensitivity of cash is positive) and that the positive impact of cash flow on the change in cash holdings is larger and more significant in the case of smaller and presumably more constrained firms than in the case of larger and presumably less constrained firms in both developed and developing economies. Both of these findings corroborate the importance of financial constraints in Asian firms. In addition, we find that the cash flow sensitivity of cash declined after the global financial crisis and that Tobin's q has a positive impact on the change in cash holdings, especially in the case of larger and presumably unconstrained firms.     

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.     

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.     

Taking money seriously David Laidler Cambridge: The MIT press, 1990, xiv, 226 pp.

In Taking Money Seriously and Other Essays, Davis Laidler argues that Walrasian models and new-classical business cycle theories, where transactions occur at equilibrium prices, cannot describe real world economies, where uncertain traders hold "buffer-stocks" of precautionary money balances. Imperfect information leads traders to set prices endogenously and to acquire market information from inflows and outflows of money. Traders adjust prices when cash balances persistently differ from targeted precautionary balances. Unlike standard monetarist and Keynesian models, the buffer-stock theory implies that in the short run actual money holdings frequently differ from desired holdings (unlike the contrary assumption of many money demand studies), that, even when money is endogenous, real balance effects occur, and that the loanable funds theory is the best explanation of interest rates.     

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。     

Cash demand and financial literacy: A case study using Japanese survey data

Understanding the statistical relationship between cash demand and financial literacy is important in addressing policy concerns in Japan because the government has tried to reduce cash demands for day-to-day transactions and hoarding. However, few scholars have investigated this point because the available statistics on household cash demand do not contain the standard proxy variable for financial literacy and they do not distinguish cash demands among various households for day-to-day transactions and hoarding. Findings from this research fill these gaps by first imputing the missing financial literacy variable from other surveys and then by comparing the distribution of cash holdings for the high, middle, and low levels of financial literacy groups. In comparing the distributions of cash holdings by the three groups, cash distributions were also compared after dropping the observations above higher percentiles, expecting that the cash demand for hoarding would show up in the higher percentile of the cash distributions. Thus, it was possible to examine cash demands for day-to-day transactions. A comparison of the distribution of the ratio of cash demands to total financial assets holdings plus cash demands (hereafter cash ratio) across three levels of financial literacy groups was also made. It was found that a person with a higher level of financial literacy tends to have a large amount of cash holdings, perhaps mainly for the sake of hoarding; however, the person also tends to have other kinds of financial assets and thus a lower cash ratio value. Taking those findings at face value, the promotion of financial literacy and cashless payments for day-to-day transactions would reduce the relatively small amount of cash demands for day-to-day transactions, but it would not necessarily reduce the amount of cash demands for hoarding.