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。

Macroeconomic Uncertainty, Financial Constraints and Firm Cash Holdings in China

We develop a simplified buffer-stock model to formalize manager’s cash holding decision,and investigate the impact of macroeconomic uncertainty on firm cash holding behavior using a broad sample of Chinese non-financial listed companies from 2001-2009.We find that macroeconomic uncertainty has a positive impact on firm cash holdings.Compared to financially constrained firms,financially unconstrained firms’cash holdings are more sensitive to change of macroeconomic uncertainty.Our findings contribute to the understanding on firms’demand behavior for liquidity in institutional context of China.