| 多元化经营与现金持有水平——基于中国制造业上市公司的实证研究 |
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| 引用本文： | 陈立泰,徐静.多元化经营与现金持有水平——基于中国制造业上市公司的实证研究[J].经济与管理研究,2012(2):40-48,128. |
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| 作者姓名： | 陈立泰 徐静 |
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| 作者单位： | 重庆大学贸易与行政学院,重庆市,400030 |
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| 基金项目： | 国家社会科学基金，中央高校基本科研项目 |
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| 摘 要： | 本文采用2007～2009年446家A股制造业上市公司的平衡面板数据,基于静态权衡理论,利用两个维度的多元化经营指标分析了中国制造业上市公司多元化经营对现金持有水平的影响。研究结果显示,多元化与专业化上市公司的现金持有水平存在显著差异,多元化经营的上市公司现金持有水平更低,而且多元化经营水平越高的上市公司现金持有水平越低。
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| 关 键 词： | 多元化经营 现金持有 静态权衡理论 制造业 |
Diversification and Cash Holdings: Empirical Research Based on Data of Listed Manufacture Companies in China |
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| CHEN Li-tai,XU Jing.Diversification and Cash Holdings: Empirical Research Based on Data of Listed Manufacture Companies in China[J].Research on Economics and Management,2012(2):40-48,128. |
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| Authors: | CHEN Li-tai XU Jing |
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| Institution: | (College of Trade and Public Administration,Chongqing University,Chongqing 400030 ) |
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| Abstract: | Based on balanced panel data of 446 listed manufacturing companies from 2007 to 2009,this paper studies the relation between diversification and cash holding.Based on the static trade - off theory,this paper analyzes the relation by two dimensions of corporate diversification index.The result shows that there is a significant difference between diversified companies and focused companies on cash holdings.The diversified companies hold less than focused companies. Furthermore,the higher level of diversification of listed companies,the lower cash they hold. |
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| Keywords: | Diversification Cash Holdings Static Trade-off Theory Manufacturing Industry |
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