中小电子信息企业现金持有水平比较分析

选择中小板和创业板50家中小电子企业和40家中小信息服务企业的面板数据为样本,应用实证方法分析中小企业债务来源结构对现金持有水平的影响,并对中小电子企业和中小信息服务企业的现金持有水平进行横向比较。结果显示,中小电子企业和中小信息服务企业的现金持有水平均与经营负债率正相关,与金融负债率负相关,而且中小电子企业现金持有水平大大低于中小信息服务企业现金持有水平。因此,中小企业应该通过设计合理的债务来源结构来维持合理的现金持有水平。

Comparative Analysis on the Level of Cash Holdings of Small and Medium-sized Enterprises of Electronic Information

The choice of the medium and small board and the gem of 50 small and medium-sized electronic enterprises and 40 small information service enterprise panel data as sample,the application of empirical methods of analysis of the SME debt source structure holding level impact on cash,and the small and medium-sized enterprises and small and medium-sized information service corporate cash holdings in the horizontal comparison.The results showed that：small and medium sized enterprises and small and medium-sized information service corporate cash holdings are rate has a positive correlation with operating liabilities,and financial debt rate is negative, but small and medium-sized electronic enterprises hold cash levels significantly lower than the small and medium-sized enterprise information services level of cash holdings.Therefore,the small and medium-sized enterprise should through debt source structure reasonably designed to maintain a reasonable level of cash holdings.