社会信任与现金持有动态调整:作用机制与调整效果——基于寻租理论的解释

为检验社会信任的道德约束观和道德风险观占优程度,以2007～2017年沪深A股非金融类上市公司为样本,实证检验了社会信任对现金持有动态调整的影响,并深入探究其作用机制与调整效果.研究发现:(1)社会信任降低了现金持有动态调整速度,加大了现金持有偏离程度;(2)管理者会利用社会信任进行寻租,引发道德风险,难以优化企业现金持有结构,从而弱化现金持有动态调整;(3)在非国有企业、内部治理机制不完善的企业中,社会信任降低现金持有动态调整速度更显著;(4)进一步研究动态调整的经济后果发现,现金持有偏离程度越大、经营效率越差,越不利于企业的持续性健康发展.本文丰富了现金持有动态调整的影响因素及经济后果的研究,同时为非正式制度背景下社会信任影响企业现金持有动态调整行为提供了来自寻租理论的新解释.     

宏观经济因素对企业资本结构动态调整影响实证检验

本文以中国A股上市公司2002-2012年的平衡面板数据,构建二阶段和整合局部动态调整模型,采用系统G M M法实证,检验了宏观经济因素对企业资本结构动态调整的影响。通过实证分析得出以下结论:资本结构动态调整具有反经济周期性,即经济景气时,资本结构调整速度减缓;货币政策对资本结构动态调整的影响为货币供给量和利率都与资本结构动态调整反方向变动;权益市场表现与资本结构调整速度影响不显著;市场化程度提高时企业加快利用负债进行资本结构调整。     

宏观政策调整下银企关系与公司现金持有策略

本文用企业获得银行融资贷款的难易程度代替银企关系水平,实证研究银企关系和宏观政策调整是否会影响公司现金持有水平。研究结论显示银企关系密切的公司常常持有更少的现金,反之公司则在货币政策紧缩期间持有更多的现金,这是因为从外部筹集资金的代价过高。这一研究结果符合现金持有的预防性动机理论和融资优序理论。     

公司现金持有决策研究——基于现金持有的影响因素和动态调整视角

现金持有水平的确定和调整是财务决策的重要内容。现金持有在公司经营活动中发挥着重要的作用,围绕着现金持有决策的研究不论是在学术界还是实务界都具有重要的意义。本文首先回顾了现金持有研究的理论发展,然后分析了影响现金持有的主要因素,最后分析了现金持有的权衡理论和动态权衡理论,对公司决策具有重要的借鉴意义。     

流动性管理、融资约束与企业成本粘性分析——基于我国制造业上市公司的实证分析

本文首先讨论了资本完美市场假说下企业的现金持有以及成本管理问题,进而突破资本完美市场假说的限定,重点研究了融资约束对企业成本粘性的影响问题。通过构建现金——现金流敏感性模型并对样本企业进行先验分类,得出了不同类型企业的融资约束水平,进而分析了融资约束对企业成本粘性的影响。研究结果表明,企业融资约束越强,成本粘性越弱。本文的研究充实了企业成本粘性理论,为企业进行成本管理提供了新的思路。     

上市公司自由现金流与资本结构动态调整速度

通过分析不同自由现金流状况下,过度负债和负债不足的上市公司资本结构调整速度上的差异。结果表明,过度负债和负债不足的上市公司都会根据公司的自由现金流对资本结构进行调整,并且公司自由现金流的状况还会影响上市公司资本结构调整的速度。     

现金持有、融资约束与企业价值——基于门槛回归模型的实证检验

文章基于门槛回归模型,对融资约束是否会影响现金及超额现金与企业价值的关系进行实证检验。结果表明,现金及超额现金与企业价值的关系均存在显著的门槛效应。在弱融资约束企业,现金及超额现金的账面价值高于其市场价值,而在强融资约束企业,现金及超额现金的账面价值低于其市场价值,这支持了代理理论和融资约束理论,说明弱融资约束企业滥用现金的代理问题较为严重,现金持有对企业价值具有负向影响,强融资约束企业持有现金,能够抓住更多投资机会,现金持有对企业价值具有正向影响。     

现金持有对企业业绩影响研究——基于信用状况的视角

企业现金持有水平与经营业绩间的关系是公司金融研究领域中的重要课题之一。基于我国上证A股2016年至2020年的面板数据,本研究从信用状况的视角系统地考察了企业现金持有对其经营业绩的作用机理。研究发现:信用状况差的企业持有现金会增大代理成本与融资成本,从而对其经营业绩产生负面影响;信用状况良好的企业持有适量现金能够降低流动性风险与融资成本,进而提升其经营业绩;而信用状况良好的企业持有过量现金会导致投资不足以及融资成本增加,使其经营业绩下滑。结论丰富了现金持有与企业业绩的相关研究,同时为我国上市企业依据自身实际情况科学制定现金政策提供了理论指导。     

机构持股促进了资本结构的动态调整吗?——基于我国上市公司的实证研究

企业资本结构动态调整是公司金融领域的一个研究热点。本文利用我国上市公司2009-2013年的数据,分析了机构投资者对资本结构动态调整的影响。研究发现,机构投资者持股比例越高,资本结构向目标资本结构调整的速度越快;与非独立机构投资者相比,独立机构投资者对资本结构调整的促进作用更加显著。     

宏观经济政策、融资约束与企业融资结构调整——基于我国上市公司的经验数据

本文主要研究宏观经济政策与微观特征因素对企业融资结构调整所产生的联合效应,在理论分析基础上,以我国上市公司为样本进行实证分析,得出如下结论:从宏观经济政策因素看,财政政策和货币政策的扩张都加快了企业融资结构的调整速度,且这种影响对国有与非国有企业存在差异;企业所受的融资约束显著降低了企业的融资结构调整速度;与非融资约束企业相比,扩张性宏观经济政策对融资约束企业的融资结构调整速度所起到的促进作用更为显著.     

高管薪酬差距与资本结构动态调整研究

文章利用2007-2012年我国A股上市公司数据,采用面板数据分析方法,实证检验了高管薪酬差距与资本结构动态调整之间的关系。结果发现,高管薪酬差距符合锦标赛理论预期,随着高管薪酬差距水平不断提升,资本结构的调整速度会不断加快,偏离目标资本结构的程度会不断缩小。民营企业高管对薪酬差距的敏感程度较国有企业高管更高,较低的薪酬差距即可引发资本结构的显著调整。     

Cash holdings in SMEs: speed of adjustment,growth and financing

This paper studies the effect of growth opportunities, financial constraints and financial distress on the speed of adjustment of small and medium-sized enterprises (SMEs) to their target cash holdings. We use a sample of Spanish SMEs from the period of 1998 to 2012. The results support the existence of a target cash holding level to which small firms attempt to converge. Additionally, consistent with the precautionary motive for cash holdings, the results show that SMEs with greater growth opportunities adjust more quickly to their target cash holding level to preserve their financial flexibility and to be able to take advantage of profitable investment opportunities when they arise. Moreover, for SMEs in financial difficulties, the adjustment speed of cash is higher to avoid financial distress costs. Finally, we observe a faster speed of adjustment for cash holding in the crisis period for all firms, as a possible response to the credit restrictions faced by SMEs.     

How and Why Do Firms Adjust Their Cash Holdings toward Targets? Evidence from China

We examine the dynamic adjustment of cash holdings of publicly traded Chinese firms during 1998–2006. The empirical evidence is supportive of the dynamic trade-off theory of cash holdings. In particular, there is strong evidence of asymmetric adjustments, i.e., adjustments from above the target are significantly faster than those from below. Moreover, the speeds of adjustment (SOA) are heterogeneous for firms facing differential adjustment costs. More specifically, the adjustment speed is higher in firms with bank lines of credit, positively related to the deviation from the target, but it is negatively related to firm size. Furthermore, in terms of adjustment method, firms make adjustments to their targets primarily through debt and equity financing when they are in cash shortage, On the other hand, the dividend payments play a minimal role in it. Lastly, in terms of motives for adjustment, we find that the precautionary motive arising from financial constraints well explains the cash holdings adjustment behaviors of Chinese listed firms.     

Determinants of Speed of Adjustment (SOA) toward Optimum Capital Structure: Evidence from Listed Firms in Sri Lanka

This research article aims at examining the determinants of speed of adjustment (SOA) toward the optimum capital structure (OCS). Particularly, this study focuses the impact of firm-specific factors and corporate governance factors on the capital structure adjustment in the Sri Lankan context. The methodology utilizes the benefits of the partial (stock) adjustment model, namely, two-step panel framework using generalised method of moments (GMM) to determine the SOA to OCS. The results indicate that Sri Lankan firms are found to have an OCS and do rapidly adjust toward their target structures. Further this study reveals that profitability, size, tangibility, nondebt tax shields, and governance factors such as directors’ compensation and CEO duality significantly affect the SOA to OCS. The past studies in the emerging market context hardly go into corporate governance factors, leaving a large space for research in the area of capital structure. This study of the listed firms in Sri Lanka contributes to the literature, by examining the determinants of SOA to OCS decision.     

Product market competition and dynamic adjustment in capital structure

Based on the balanced panel data of Chinese listed firms from 1999 to 2004, this paper studies the relationship between product market competition and dynamic adjustment in capital structure. Results show that, from both static and dynamic perspectives, product market competition and its changes have significant influence on the degree of deviation of a firm’ s present capital structure from its targeted one. Specifically, the more intensive the product market competition, the smaller the capital structure deviation. Meanwhile, capital structure deviation tends to decrease in a market characterized by increasingly fierce competition. However, evidence also reveals that product market competition and the speed of the capital structure adjustment are independent from one another.     

法制环境、两权分离与资本结构动态调整

本文实证检验了法制环境以及控股股东控制权和所有权分离对资本结构动态调整的影响。研究发现：上市公司控股股东控制权和所有权分离程度越高,实际资本结构偏离最优资本结构的幅度越大,资本结构调整速度越慢;上市公司所处的法制环境越好,实际资本结构偏离最优资本结构的幅度越小,资本结构调整速度越快;法制环境的改善能够显著的缓解两权分离对资本结构动态调整的负面影响;结合中国的制度背景,基于公司产权性质的分析发现,相比国有上市公司,非国有上市公司受法制环境和两权分离的影响更加显著。     

How does Financial Distress Affect Small Firms’ Financial Structure?

This paper provides new evidence on the financial structure of small firms by emphasizing the role played by financial distress. We specify a model of debt adjustments that allows us to investigate the specific nature of the adjustment process towards target debt levels in small firms, which is then extended to account for the effect of financial distress on financial structure decisions. Our models were estimated by the Generalized Method of Moments on a data panel of small Portuguese firms during a period of recession, in which a substantial proportion of the companies analyzed faced a financial distress situation. We find that small firms do adjust their debt ratios towards target levels, the speed of adjustment being faster in the shorter term. Our results also indicate that there are major differences in the determinants of long-term and short-term debt, highlighting the role played by debt maturity in explaining a firm’s financial structure. Finally, random behavior is observed in financially distressed firms, who seem to be disoriented when making their financial structure decisions.     

地方政府干预、僵尸企业与资本结构动态调整

近年来，资本结构研究领域的明显趋势是对资本结构动态调整的深入探讨。各区域制度环境差异是不容忽视的影响因素，而地方政府干预是影响企业资本结构调整最基本的制度因素。僵尸企业作为地方政府干预金融市场信贷配给的副产品，负债率显著高于正常企业并居高不下。文章旨在研究地方政府干预对资本结构动态调整的影响，并探讨僵尸企业对这一影响的作用机制。研究发现：地方政府干预通过增加债务的方式加快了企业向上的资本结构调整速度，且对国有企业的促进作用更为显著。僵尸企业的“融资成本转嫁效应”抑制了地方政府干预对资本结构向上调整的促进作用，且对非国有企业的抑制作用更为显著。因此，应加强地方政府对经济的有效调控，加快对僵尸企业的清理，切实优化企业的融资环境，实现资本结构的优化调整。     

Supply Chains,Global Financial Shocks and Firm Behaviour towards Liquidity Needs

Driven by the increasingly important role of supply chains in global production, this paper studies empirical association between global credit‐market shocks and firm behaviour towards liquidity needs across countries and industries. Focusing on the adjustment of working‐capital financing, we find two pieces of supporting evidence from international firm‐level panel data covering the period 2002:I–2012:IV. First, for industries where specific investment in the input supplier–customer relationship is large, firms are more exposed to credit‐market shocks. We find that measures of global credit‐market shocks are negatively associated with trade receivables, trade payables and inventories, conditional on the level of contract intensity in the industries where firms operate. Second, firms in emerging markets are more vulnerable to credit‐market shocks than are firms in developed countries. We are also able to verify the economic significance of sales growth, operating cash flows, cash stock and firm size in the overall adjustment. Our findings highlight the importance of balance‐sheet contagion along supply chains during the 2007–09 global financial crisis.     

财务松弛对公司业绩的影响研究——基于融资约束和代理成本的视角

财务松弛政策由现金持有政策和负债冗余政策组成.文章以我国1998-2007年的上市公司为实证研究对象分析财务松弛对企业绩效的影响,并进一步分析代理成本和融资约束对财务松弛经济后果的影响.研究发现财务松弛和企业业绩正相关,融资约束进一步提升了企业财务松弛的价值,对财务松弛-业绩敏感性产生显著正向影响,代理成本对财务松弛-业绩敏感性的负向影响只在非融资约束的情况下较为明显.