| 中国上市公司现金持有水平的实证研究 |
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| 引用本文： | 张健光,张俊瑞.中国上市公司现金持有水平的实证研究[J].财经论丛,2009(2). |
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| 作者姓名： | 张健光 张俊瑞 |
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| 作者单位： | 西安交通大学管理学院,陕西,西安,710049 |
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| 摘 要： | 企业持有现金不仅受经营活动、投资活动客观需要的影响,也会受到管理者(经理人)的主观意愿影响.权衡理论、代理理论、信息不对称理论、筹资优序理论对此进行了理论解释,但通过研究发现竞争强度和企业所处的生命周期阶段也会对现金持有水平有显著影响.利用1990-2006年深沪两地上市公司的12261个企业年数据对此进行了实证研究,实证结果较好地支持了六种不同角度的解释.
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| 关 键 词： | 现金持有 生命时期 技术水平 |
Empirical Study on Cash Holding Level of China Listed Firms |
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| ZHANG Jian-guang,ZHANG Jun-rui.Empirical Study on Cash Holding Level of China Listed Firms[J].Collected Essays On Finance and Economics,2009(2). |
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| Authors: | ZHANG Jian-guang ZHANG Jun-rui |
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| Institution: | Management School;Xi'an Jiaotong University;Xi'an 710049;China |
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| Abstract: | The paper found that the trade-off theory,agency theory,information asymmetric theory and pecking-order theory explain cash holding levels in different perspectives.However,the research finds that competitive degree and firm life stage also affects firm cash holding levels.We select listed firm data during 1990-2006 in Shenzhen and Shanghai Stock Exchanges of 12261 firm-year data to test theory feasibility.The results support the six theoretical explanations from different perspectives. |
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| Keywords: | cash holding life stage technology level |
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