| 融资约束对现金持有动机强弱影响的实证分析 |
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| 引用本文： | 张凤.融资约束对现金持有动机强弱影响的实证分析[J].改革与战略,2011,27(6):71-73,87. |
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| 作者姓名： | 张凤 |
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| 作者单位： | 成都信息工程学院统计系,四川成都,610103 |
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| 基金项目： | 四川省教育厅人文社会科学青年基金资助项目《企业的投融资困境和行为选择研究》阶段性成果(项目编号:08SB061) |
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| 摘 要： | 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。
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| 关 键 词： | 融资约束 非融资约束 现金持有量 交易动机 预防性动机 |
An Empirical Study on the Relationship Between Financial Constraints and Cash Holdings' Motive in China Listed Firms |
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| Zhang Feng.An Empirical Study on the Relationship Between Financial Constraints and Cash Holdings' Motive in China Listed Firms[J].Reformation & Strategy,2011,27(6):71-73,87. |
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| Authors: | Zhang Feng |
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| Institution: | Zhang Feng(Statistics department,Chengdu University of Information Technology,Chengdu,Shichuang 610103) |
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| Abstract: | This paper studies the relations between listed firms' cash holdings' motive and financial constraints in China.We select listed firms that continuously have data for more than 4-years during 1998-2003 in Shenzhen and Shanghai Stock Exchange as sample.We find that: The constrained firms' precautionary demand for cash holdings is more than transaction demand;constrained firms' precautionary demand for cash is more than unconstrained firms';and unconstrained firms' transaction demand for cash is more than pre... |
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| Keywords: | financial constraint financial unconstraint cash holdings transaction motive precautionary motive |
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