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。

Credit Rationing,Liquidity Shock and NGEs' Cash Holding

This paper models the precautionary motive for NGEs' cash holding.A three-period investment model shows that it is optimal for the borrower to get more assurance against the firm's shortage of funds than what is provided by a wait-and-see policy.This creates a corporate demand for liquidity.We test the empirical implications using yearly information from a sample of China's NGEs from 2004 to 2009,and find that the empirical evidence supports the theory.