产权性质、融资约束与现金调整:兼论货币政策有效性

本文采用现金-现金流敏感度分析,通过2002年至2010年包括国际金融危机前后我国上市公司的样本,实证分析了金融危机外部冲击对不同产权性质企业现金持有及调整策略的影响,我们发现,在国际金融危机前,由于信贷歧视,民营上市公司的现金-现金流敏感度要高于国有上市公司;在国际金融危机的冲击下,由于银行信贷流向更不均衡以及政府财政刺激使得国有上市公司获得了更多的外部现金流,国有上市公司现金持有对公司内部产生的现金流敏感性进一步降低。通过动态调整模型的分析表明,在国际金融危机后,民营上市公司应对现金流动性变动的反应更强,现金持有向均值的调整积极性更高,因此,私人部门的现金策略行为在一定程度上缓解了对宏观经济的不利影响。

The Ultimate Ownership,Financing Constraint and the Adjustment of Corporate Cash Holding:Also on the Effectiveness of Macro-policies

This paper investigates the impact of financing constraint on cash holding of companies owing to ownership difference against the background of the international financial crisis.Using the analytical framework of cash flow sensitivity of cash,we find that the cash flow sensitivity of cash for private enterprises is higher than that of state-owned enterprises.The result implies that private enterprises are subject to more severe financing constraint.With the implementation of fiscal stimulus plan,state-owned enterprises have more cash support,which further lowers their cash flow sensitivity of cash.Finally,the dynamic adjusting model shows that private enterprises are more active in managing liquid assets and the adjusting speed to mean cash holding is much higher than that of state-owned enterprises.