我国上市公司现金持有水平研究

现金持有决策是公司面临的重要财务决策。本文以2012年我国A股上市公司作为研究样本,分析了各个行业上市公司现金持有水平的状况。研究表明,我国上市公司现金持有水平的数据分布基本呈现右偏态分布,公司间的现金持有水平有较大的差异,行业特征是影响公司现金持有水平的重要因素。     

我国高额现金持有上市公司的财务特征分析

现金持有作为一种财务决策,在我国上市公司中起到十分重要的作用。为研究高额现金持有上市公司的财务特征,文章通过选取我国2008年—2010年的上市公司为样本,通过对高额现金持有上市公司的界定,运用回归分析法,从财务方面设置获利能力与财务杠杆两个变量,对我国高额现金持有上市公司的财务特征进行分析。结果表明,我国高额现金持有上市公司具有较低的负债水平和较高的获利能力。     

Creditor Rights,Country Governance,and Corporate Cash Holdings

This study examines the impact of creditor rights and country governance on cash holdings using a sample of firms from 47 countries. We hypothesize that cash holdings are smaller when both creditor rights and country governance are high. In these circumstances firms will not need to hold as much cash for future investments needs (precautionary funds) because firms will expect that funds will be available in the future. Our findings support our hypothesis and hold for alternative definitions for cash holdings, different country samples, different definitions of governance and concerns about endogeneity.     

产品市场竞争与现金持有动态调整

本文采用中国上市公司2005～2008年812家公司3248个样本的平衡面板数据,对产品市场竞争及其变化与企业现金持有动态调整之间的关系进行研究。实证研究的结果表明,从静态角度看,产品市场竞争对现金持有调整速度的影响不显著;但是从动态角度看,企业的现金持有水平将随着产品市场竞争的动态变化做出调整,产品市场竞争越趋向激烈,企业现金持有调整的速度越快。进一步研究发现,产品市场竞争的动态变化与现金持有调整速度之间的上述关系在非国有企业和高成长企业更为明显。     

Corporate cash holdings and total factor productivity – A global analysis

Studies concerning total factor productivity (TFP) have investigated the effect of TFP on economic growth from a country-level perspective, which is a critical issue in the macroeconomics field. Few studies have examined how corporate financial decisions influence TFP from a firm-level perspective. Specifically, no extant studies have investigated how cash holdings affect firm productivity. This study utilizes data for firms in 65 countries during 1993–2017 to investigate the effect of cash holdings on TFP from a corporate perspective. The findings show that firms with higher cash holdings can enhance TFP. The results hold after considering endogenous problems, financial constraints, financial crises, corporate governance, institutional quality, and financial development as well as various robustness tests. Furthermore, we examine whether firms consistently invest their cash holdings into research and development (R&D) expenditures enhances firm productivity. The evidence indicates that higher cash holdings lead to steady increases in R&D expenditure, which improves firms’ TFP.     

“钱慌”背景下的企业现金持有研究:一个理论框架

宏观经济下的通货膨胀会影响货币价值,从而影响现金持有策略。从微观视角下,影响现金持有策略的因素有公司治理、公司特征以及经营周期等。本文在分析企业持有现金动机受宏观经济波动影响时,主要从宏观经济环境影响公司的现金持有量、现金持有的权衡理论、融资优序理论以及代理成本理论等方面进行了详细阐述。     

现金持有与研发投入的相关性研究——基于我国A股上市公司数据

采用2007—2013年沪深两市A股上市公司作为样本,对现金持有与研发投入的关系进行分析,结果显示:研发投入越多的企业的现金持有水平越高;期初现金持有越多的企业研发投入越多,研发-现金敏感性越显著,而且随着现金持有量的增加该敏感性会逐渐下降;相比于成熟期公司,成长期公司现金持有与研发投入之间的正相关性更强,而且成长期公司的研发-现金敏感性不会随着现金持有水平的增加而下降。     

信息披露质量与现金持有——来自深市A股上市公司的经验证据

本文以2006 ～ 2010年间深市非金融类A股上市公司为研究对象,利用深交所公布的上市公司信息披露考评结果作为信息披露质量的衡量方法,考察了信息披露质量对现金持有量的影响.研究发现,上市公司的信息披露质量与现金持有量显著负相关,即在其他条件不变的情况下,信息披露质量越高,企业持有的现金越少.这就从一个新的角度说明了提高信息披露质量确实能够减轻企业面临的信息不对称问题,从而能够缓和企业面临的融资约束问题以及股东与管理者之间的委托—代理问题.此外,研究还发现,行业竞争水平以及股权性质均对上市公司信息披露质量与现金持有量之间的关系具有显著的影响.     

Corporate cash holdings and dividend payments: evidence from simultaneous analysis

This study explores the simultaneous relationship between corporate cash holdings and dividend policy using a large sample of around 400 non‐financial firms for the period from 1991 to 2008. The results show that cash holdings are affected by dividends, leverage, growth, size, risk, profitability, and working capital ratio. Dividend policy is affected by cash, leverage, growth, size, risk, and profit. When controlling for simultaneity, dividend payments do not appear to significantly affect cash holdings, nor do cash holdings affect dividend policy. The empirical analysis suggests that simultaneity is crucial in analyzing corporate cash holdings and dividend policy. Copyright © 2011 John Wiley & Sons, Ltd.     

客户集中度、现金持有与公司竞争优势

以2007—2013年沪深A股制造业上市公司为样本,实证检验了客户集中度对公司竞争优势的影响以及现金持有在其中的调节效应。研究发现,客户集中度与公司竞争优势显著负相关,尤其是在高竞争行业,客户集中度对公司竞争优势的负面影响更加显著;充裕的现金储备可以通过其风险管理职能和竞争效应显著降低客户集中度对公司竞争优势的负面影响,在高竞争行业,现金持有更有助于缓解客户集中度对公司竞争优势的负面影响。本研究从客户集中度视角揭示了公司竞争优势的影响因素,丰富了现金持有经济效应的研究。     

数字金融如何影响企业现金持有？

基于2011—2020年中国上市企业数据和城市层面的数字普惠金融指数,考察了数字金融对企业现金持有的影响。研究发现,数字金融发展显著增加了区域内企业的现金持有,且数字金融分指标中除了覆盖广度和数字化程度外,二级指标中的数字支付和互联网信贷业务均会显著增加企业现金持有。进一步分析发现,数字金融通过提高经营活动现金流、抑制企业杠杆率和降低债务融资等机制增加了企业现金持有。此外,对于规模较小、民营和弱银企关系的企业而言,数字金融对企业现金持有的影响更显著。研究结论丰富了数字金融发展的经济后果,也拓展了现金持有理论的分析框架。     

The effect of cash holdings on firm performance in large Italian companies

This paper examines the relationship between cash holdings and performance in Italy over 36 years. Specifically, in light of the presence of conflicting evidence concerning the worth of cash stock, which could lead to a positive effect rather than a negative one, the role of moderating factors that can shape the magnitude of this relationship is investigated. The results show that the value of cash holdings is affected by firm‐specific characteristics, as well as factors related to the institutional context. Although other studies have analyzed moderators one at a time, this is the first work to consider how they jointly work. When the moderators are considered together, some of them become no longer statistically significant while others become even more economically and statistically relevant.     

Democracy,rule of law,and corporate governance—a liquidity perspective

This study examines whether and how democracy and rule of law—two overarching country-level governance variables—influence corporate governance. Given that corporate liquidity (cash holdings) is a good channel for examining the quality of corporate governance, the effects of democracy and rule of law on corporate governance can be identified using the liquidity approach. A review of 67 countries from 1996 to 2010 demonstrates that democracy and rule of law indeed have bearings on corporate governance. More specifically, results indicate that firms are more inclined to hoard cash to take advantage of growth opportunities when the level of democracy is higher or rule of law is stronger, suggesting that agency costs are lower and interests of managers and shareholders are more aligned under such circumstances. In addition, the negative effect of debt issuance and dividend payment on cash is more pronounced when the level of democracy is higher or rule of law is stronger, suggesting that these two approaches become more effective in reducing agency costs and transitively cash holdings under such circumstances. Moreover, the positive effect of democracy and rule of law on corporate governance appears to be reinforced when rule of law is stronger and the level of democracy is higher, respectively. Furthermore, higher level of economic development helps reap the benefit of democracy and rule of law in terms of improving corporate governance and reducing agency costs.     

A transaction cost perspective on why,how, and when cash impacts firm performance

While both financial and behavioral theories suggest that cash holdings may be beneficial to R&D‐intensive firms, agency theory would suggest that strong monitoring may be needed to ensure that cash holdings are not squandered. We contend that transaction cost economics provides a valuable lens for understanding the performance implications of cash holdings because not only does it explicate the benefits and costs of cash holdings in a single unified theoretical framework, but it further clarifies how environmental uncertainty critically moderates these relationships. Empirical tests on a large sample of US corporations yield strong support for our theory. Copyright © 2009 John Wiley & Sons, Ltd.     

股价崩盘风险、信息环境与企业现金调整

以我国2009—2016年沪深上市公司数据为样本,探究了股价崩盘风险、信息环境对企业现金调整的影响。研究发现：股价崩盘风险越大,企业现金调整速度越快,且这种正相关关系对于分析师跟踪数量较少、机构投资者持股比例少的企业而言更为显著。进一步考察股权性质在企业现金调整速度中的影响,发现国有企业与民营企业面对股价崩盘风险的现金调整速度并不具有显著差异,但是对于民营企业而言,更多的分析师跟踪和机构投资者持股将显著降低企业应对股价崩盘风险的现金调整速度,信息环境对于国有企业的作用并不显著。     

Investment committees and corporate cash holdings

We investigate the association between the voluntary formation of a board investment committee (IC) and corporate cash holdings for a large sample of Gulf Cooperation Council (GCC) firms over the 2005–2013 period. We provide evidence that the existence of a specialized IC increases corporate cash holdings. We also find that several IC characteristics, i.e., member experience, independence, number of meetings, and committee size, are associated with an increase in firms’ cash holdings. Furthermore, the local and foreign institutional ownership of GCC firms moderates the IC-cash holdings relationship. These results remain robust to alternative specifications of cash holdings and endogeneity tests. We contribute to the literature on firms’ incentives to hold cash and to the literature on governance in emerging market contexts.     

Working Capital Management,the Credit Crisis,and Hedging Strategies: Canadian Evidence

This study uses a sample of Canadian natural resource firms during the global financial crisis (GFC) of 2007–2008 to examine the influence of firm hedging strategies on their working capital management. Our evidence implies that increased cash holdings and derivatives are alternative ways of hedging risk, and also provides another perspective on the U.S. “trapped cash” controversy as our sample firms are not R&D intensive and do not face the same tax regime as U.S. multinationals.     

治理环境、控制权与现金流权分离及现金持有量——我国民营上市公司的实证研究

利用我国民营上市公司披露的2003年-2006年的终极控股股东数据和樊纲、王小鲁(2007年)编制的中国各地区市场化进程数据及其子数据构建各地区公司治理环境指数,检验治理环境、控制权与现金流权分离及现金持有量的关系.研究发现,治理环境与现金持有量正相关;终极股东控制权与现金流权偏离度与现金持有量显著负相关,治理环境的改善有助于减轻这种负向影响.     

董事会计师事务所工作背景与企业现金持有水平——来自中国资本市场的经验证据

基于2004—2012年我国上市公司数据,考察了董事会计师事务所工作背景对企业现金持有水平的影响。研究发现,董事会会计师事务所工作背景（董事会中是否有成员具有会计师事务所工作背景、董事会中拥有会计师事务所工作背景的董事人数、董事会中拥有会计师事务所工作背景的董事比例等）显著降低了企业的现金持有水平。进一步的分组检验结果还发现董事会计师事务所工作背景带来的现金方面的治理效应仅仅体现在高成长企业和管理层权力较大的企业之中,因为这两类企业面临的潜在代理冲突或信息不对称问题更为严重。     

The experience of EMAS in three European countries: a cultural and competitive analysis

EMAS, the European Eco‐Management and Audit Scheme, has been open for participation for six years now. Looking at registrations per country, a concentration of registrations in northern European countries is evident. The first part of this article investigates potential reasons by applying two popular models. Geert Hofstede's four cultural dimensions are used to explain favourable or unfavourable conditions for EMAS in a country. Michael E. Porter's national diamond is used to investigate determinants for national competitiveness and their influence on environmental management. These two frameworks are applied to Germany as a benchmark and France and Spain as representatives of southern European countries. In the second part of the article conclusions are drawn from this investigation on the influence of national culture, conditions and incentives for EMAS in these countries. Lastly actions for increased participation in EMAS of southern European countries are presented. Copyright © 2002 John Wiley & Sons, Ltd. and ERP Environment