上市公司现金储备量的实证研究简

通过利用2003~2013年中国上市公司的面板数据，研究影响上市公司现金储备量的因素，并对比金融危机前后公司的现金储备行为。研究发现，公司现金流量、资产负债率和净资产收益率的增加会引起公司现金储备量的增加，并且公司规模越小，现金储备比例越大，托宾q与公司现金储备无明显关系，金融危机使上市公司现金储备偏好进一步增强。

An Empirical Study on Public Company Cash Reserves

The study presenting public companies between 2003 and 2013, examines the factors and their respective impacts on cash reserves held by public company in China, as well as the cash reserves changes in global financial crisis. The empirical result shows that the increase of cash reserves can be caused by the rise of cash flow, asset-liability ratio or ROE. Moreover, the smaller the company’s size, the more the cash reserves added. There is an ambiguous relation between Tobin q and cash reserves. Increasing cash reserves happened after financial crisis.