公司治理、不确定性与流动性管理

宏观经济因素与企业治理水平的共同作用,对公司的经营活动和决策行为产生重要影响。本文构建公司内外部治理机制的综合性指标体系,提出公司治理指数,采用系统广义矩估计方法,系统研究了公司综合治理水平和不确定性与企业现金持有策略的关系。研究发现,公司存在最优现金持有水平,企业的流动性管理策略体现出向这一目标水平动态调整其现金持有规模的特征;综合治理水平越低的企业,其现金持有水平越高;与低治理效率公司相比,高治理效率公司的现金持有策略调整速度较快,并且对不确定性表现出积极反应。研究结论证实了高治理效率公司现金持有策略的预防性动机,以及低治理效率公司现金持有策略的代理动机。     

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。     

高铁开通的微观治理效应——基于现金持有的实证研究

随着中国高铁建设进入黄金期,高铁开通给企业带来的经济效益日益凸显。本文基于2005-2016年沪深两市上市公司的面板数据,以其办公所在地城市是否开通高铁作为外生冲击,采用双重差分(Differences-in-Differences)方法实证检验了高铁开通对企业现金持有水平的影响以其作用机制。研究发现,高铁通车以后,沿线上市公司的现金持有水平显著降低,进一步机制检验发现,当公司面临较为严重的融资约束以及处于较弱的外部治理环境时,高铁开通对现金持有水平的降低效应更显著,表明高铁开通对企业现金持有水平的影响主要通过缓解企业的融资约束与降低代理成本来实现。本文的研究丰富和拓展了高铁开通及现金持有等领域的相关文献,同时提供了交通基础设施建设影响公司微观行为的经验证据。     

融资环境、行业产品市场竞争与公司现金持有量研究述评

行业产品市场竞争与融资环境等宏观动态变量可能对引起公司现金持有量变化的风险因素产生根本性影响,而且这种影响可能是互动的.在宏观动态背景中多变量交互作用下的公司现金持有行为可能具有不同的解释.受产业组织和资本结构理论,以及基于"公司(投资)-金融市场"动态权衡框架下的融资结构与现金流政策研究的启示,本文对行业产品市场竞争、风险管理、融资约束以及融资契约治理等创新视角为公司现金持有决策提供的"间接"证据进行了述评.     

供需不确定性、市场竞争与现金持有——来自中国上市公司的经验证据

本文研究了市场供需不确定性对中国上市公司现金持有行为的影响.针对2000-2006年期间637家上市公司的经验研究表明,现金持有水平与市场供需不确定性负相关.这一关系在寡头竞争行业中最为显著,完全竞争行业次之,而垄断性行业最低.上述结果表明,中国上市公司的现金持有行为主要表现为短期逐利动机,并不支持国外学者普遍认为的预防性动机假说.这主要源于中国上市公司破产压力较低,使之过度追求短期资本回报,并没有将现金持有当作一种风险管理工具.     

融资约束对现金持有动机强弱影响的实证分析

在不同的财务背景下公司现金持有动机强弱表现是否存在差异,这是学术界近年研究的热点。文章以1998—2006年连续四年有数据的沪深上市公司为样本,通过公司规模四分位数、样本期间发生股利支付与否作为融资约束与否的判别标准,分析融资约束公司与非融资约束公司现金持有动机强弱表现差异。实证结果表明：我国上市公司融资约束与否直接影响到现金持有决策过程中动机强弱的表现。为了避免现金短缺和投资机会的丧失等情况的发生,我国上市公司在整个现金持有决策中均表现谨慎,注重现金持有的预防性动机和交易性动机作用的发挥。     

货币政策不确定性与企业现金持有——现金股利视角的新解释

研究利用中国A股上市公司样本,系统探讨了货币政策不确定性对企业现金持有策略的影响.研究发现:随着货币政策不确定性的提高,企业现金持有水平降低.深入研究发现货币政策不确定性对企业现金持有策略的影响主要通过现金股利渠道发挥作用,即在货币政策不确定性较高时期,企业持有的现金更多用于支持现金股利分配,籍此向市场传递积极信号.进一步研究排除了投资机会与代理成本等潜在干扰因素的影响,并且结合产权性质差异的分析发现货币政策不确定性对于非国有企业现金持有策略的影响更为明显.研究一方面基于不确定性视角为货币政策如何影响企业现金管理策略提出了新解释——现金股利渠道,有助于更好地理解我国上市公司的现金持有策略;另一方面也说明货币政策频繁调整所导致的货币政策不确定性很可能是加剧实体经济经营风险的宏观诱因.     

制度环境、原油要素价格不确定性与企业现金持有--来自中国资本市场的经验证据

文章基于中观的生产要素市场层面,运用递归模型,实证考察特定的原油要素价格不确定性对中国上市公司现金持有水平的影响及其作用机理。研究结果表明,原油要素价格不确定性对上市公司现金持有水平具有显著的正向影响,且部分通过降低企业的投资支出来实现。基于中国制度背景的拓展性分析显示：相比国有上市公司和成品油定价市场化程度较低时期,相关的影响及其作用机理在非国有上市公司和成品油定价市场化程度较高时期表现得更为显著。     

中国上市公司现金持有的行业差异研究

上市公司为什么持有大量现金？影响上市公司现金持有水平的因素有哪些？本文从公司融资角度，以中国2005至2008年上市公司为样本，运用方差分析和多重比较方法，实证研究企业现金持有的行业差异。结果表明，我国上市公司现金持有比率4年间整体上呈下降趋势，现金持有水平行业特征比较明显。其中，传播与文化产业和信息技术业类企业的现金持有比率较高，而房地产业的现金持有水平较低。这种差异，无论是行业门类之间，还是行业大类或制造业中大类之间都是显著的，且在不同年份这种差异是比较稳定的。     

中国上市公司持有高额现金的原因

本文通过对2002～2004年共895个高额现金持有样本观测值、1859个未实行高额现金持有样本观测值的经验研究发现,在中国制度环境较差的地区,企业更会实行高额现金持有政策。这是因为在制度环境较差的地区中,企业面临的融资约束较多,持有现金会给企业带来较高的收益。通过对现金与企业价值关系的进一步验证,以及检验两类企业现金的现金流敏感性,我们发现以上结论依然成立。     

Monetary policy,cash holding and corporate investment: Evidence from China

This paper uses 13,766 firm-year observations between 2003 and 2013 from China to investigate the effects of monetary policy on corporate investment and the mitigating effects of cash holding. We find that tightening monetary policy reduces corporate investment while cash holdings mitigate such adverse effects. The cash mitigating role is especially significant for financially constrained firms, non-state-owned enterprises (non-SOEs) and those firms located in a less developed financial market. Cash holding also improves investment efficiency when monetary policy is tightening and tightening monetary policy enhances the ‘cash-cash flow’ sensitivity. Our empirical evidence calls for a critical evaluation on the monetary policies implemented in China which are less effective for state-owned enterprises. It also calls for a necessity for local government to further develop regional financial markets to protect vulnerable businesses, such as non-SOEs and financially constrained firms, from external shocks in order to maintain their sustainable growth and competitive advantages.     

The effects of credit lines on cash holdings and capital investment: Evidence from Japan

This study examines how credit lines affect corporate cash holdings and capital investment using a hand-collected data on publicly traded Japanese firms from 2006 to 2017. The study compares firms with and without credit lines to investigate the effects of credit lines. The empirical results are as follows: (1) Firms with credit lines hold smaller cash reserves than those without; (2) Firms with credit lines undertake more capital investment than those without; (3) The effects of credit lines are more amplified for financially constrained firms than their counterpart; (4) A close bank–firm relationship plays a positive role in the effect of credit lines on corporate activities.These empirical findings indicate that credit lines can improve firms’ financial flexibility and allow them to use cash holdings held for precautionary reasons to invest. The results also show that credit lines and the attendant implicit bank–firm relationships are complementary to each other. Moreover, having both credit lines and a close bank–firm relationship is important to Japanese firms for their corporate activities. Furthermore, the results imply that the use of credit lines is still relatively undeveloped in Japan, which may be a reason for the country's large corporate savings and lackluster investment.     

Economic policy uncertainty and firm’s cash holding in China: The key role of asset reversibility

This paper investigates how asset reversibility affects the sensitivity of firm’s cash holding to economic policy uncertainty in China. Using the 2012 national input-output table for 139 industries, we measure the industry-level asset reversibility and match them with nonfinancial publicly listed firms over 2007−2017. The results show that asset reversibility has a significant and negative effect on the positive uncertainty-cash holding sensitivity, especially for firms with more severe financial constraints. Furthermore, we find that firms with higher asset reversibility invest more in fixed assets, suggesting that real investment is an important mechanism. In addition, baseline results are robust to potential endogeneity and alternative measures of asset reversibility and economic policy uncertainty. Our findings reveal that asset market friction is a critical determinant of firm’s cash holding.     

Corporate Cash Holding in Asia

In this paper, we analyze the determinants of corporate saving in the form of changes in cash holdings for 11 Asian economies using firm‐level data from the Oriana Database for the 2002–2011 period. We find some evidence that cash flow has a positive impact on the change in cash holdings (i.e. that the cash flow sensitivity of cash is positive) and that the positive impact of cash flow on the change in cash holdings is larger and more significant in the case of smaller and presumably more constrained firms than in the case of larger and presumably less constrained firms in both developed and developing economies. Both of these findings corroborate the importance of financial constraints in Asian firms. In addition, we find that the cash flow sensitivity of cash declined after the global financial crisis and that Tobin's q has a positive impact on the change in cash holdings, especially in the case of larger and presumably unconstrained firms.     

More-money and less-cash effects of diversification: Evidence from Japanese firms

This study provides evidence for the more-money and less-cash effects of diversification based on the industry-adjusted debt and cash holdings of Japanese firms. Diversified firms are more leveraged while holding less cash than focused firms in the same industries, even after controlling for the standard determinants of capital structure, unobserved heterogeneity, and the endogeneity of firm scope. The study also finds that these effects are mitigated when a firm has an ownership structure that insulates managers from capital market pressures for risk-taking. This pattern suggests that the risk-taking incentives of managers differentiate the effect of diversification on finance across firms.     

现金持有对家族企业市场竞争力的影响——基于CEO来源的视角

当前我国家族企业已陆续进入代际传承的重要阶段,企业CEO也出现了由一代、二代或外部经理人这三种不同来源的安排。不同来源的CEO从现金持有的交易动机、预防动机和代理动机出发,会选择不同的现金持有战略,从而影响企业的市场竞争力。文章以2010-2014年沪深两市A股上市家族企业为研究对象,研究现金持有水平与企业市场竞争力之间的一般关系,并根据家族企业的特殊性和差异性,推断家族企业现金持有是否同样具有竞争优势,还进一步研究家族企业不同CEO来源对现金持有竞争优势的影响。研究发现,家族企业的现金持有能够增强企业的市场竞争力,即家族企业存在现金持有的竞争优势。而且家族企业CEO的不同来源会对企业现金持有的竞争优势产生较大影响,具体说,家族创始人CEO由于维护社会情感财富和代际传承等原因,可能会损害企业现金持有的竞争优势,降低家族企业现金持有价值;家族二代CEO出于二次创业的动力,反而会加强企业现金持有的竞争优势;外部经理人担任CEO为了个人声誉和薪酬,也会显著加强企业现金持有的竞争优势。文章从家族企业这一特殊样本出发,丰富了家族企业现金持有竞争优势的研究,并从家族企业代际传承的视角,独特地研究了...     

Liquidity Crises and Corporate Cash Holdings in Chile

This paper addresses the heterogonous effects of adverse liquidity shocks on corporate cash holdings in an emerging market. We use a large panel dataset with quarterly financial information for Chilean firms during the period 1996–2009. We find three main results. First, liquidity crises have had a negative and economically significant effect on cash holdings, but mainly for small firms; medium‐sized and large firms have not been affected by liquidity crises. Second, liquidity crises reduce the ability of firms to adjust to optimal cash holdings. Finally, medium‐sized firms are less able to adjust cash holdings compared to small and large firms.     

上市公司现金持有过量对投资行为及效率的影响分析

文章以1998-2006年连续4年以上有数据的沪深股市的上市公司为样本,实证分析现金持有过量对公司投资行为及其效率的影响。实证发现：（1）现金持有过量越多,公司的长期投资能力增强。（2）暂时性和持续性过量的公司相比,过量现金对投资行为的影响表现存在差异。（3）过量现金持有对公司业绩提升无贡献;过量现金的投资使用效率低下,普遍存在过度投资现象。     

Japan's elderly small business managers: Performance and succession

We investigate the effects of succession from an elderly to a nonelderly small business manager using firm-level data for Japan. The number of elderly small business managers has increased in Japan with the aging of the population; therefore, succession to younger managers has become an important policy issue. We make use of data for 2001–2015 for 188,021 small businesses, of which 77,773 at some point have a manager aged 60 or older and 8711 of these transition to a manager of under age 60. First, we investigate the relationship between firm performance and manager age. Performance is found to be lower for firms with elderly managers. Second, we estimate the determinants of succession in small businesses with elderly managers, showing that larger, less leveraged, more cash-rich, and profitable firms are more likely to transition to younger managers. Our results imply that more poorly performing firms are less likely to replace elderly managers, suggesting that such firms are not selected by young managers. Third, we examine post-succession performance using propensity score matching. Succession from elderly to young managers is shown to have positive effects on sales, employment, assets, return on assets, capital investment, and cash holdings. These results imply that succession improves firm growth. Furthermore, young successors tend to accumulate cash holdings implying that they are more risk averse and/or face tighter credit constraints than their predecessors.