经济周期、产业空间集聚与现金持有策略的价值效应  

Business Cycle, Industrial Agglomeration and the Value Effect of Cash Holdings Policy

作　　者：郑立东[1] 程小可[1] 

机构地区：[1]北京交通大学经济管理学院

出　　处：《金融评论》2015年第2期14-27,123,共15页Chinese Review of Financial Studies

基　　金：国家自然基金面上项目(项目编号:71272055);中央高校基本科研业务费项目(项目编号:B15JB00370)的资助

摘　　要：宏观经济及产业环境是影响微观企业财务决策行为及其经济后果的重要因素。基于我国特殊制度情境,本文探讨了经济周期波动、产业空间集聚与制造业上市公司现金持有策略的价值效应。研究发现:(1)总体而言,采取比竞争对手持有更多现金的策略能够产生显著正的价值效应,且这种效应在产业空间集聚度较低的企业中体现得更为明显;(2)当宏观经济发展处于下行通道之时,低集聚企业现金持有策略的价值效应会进一步显著提升;(3)低集聚企业现金持有策略的价值效应会随着竞争对手融资约束程度的加剧而显著增强,且这种效应在经济发展收缩期体现得更为明显;(4)考虑产权性质后发现,其他因素保持不变,与国有企业相比,低集聚民营企业现金持有策略的价值效应更强。Macro-economy and industry environment are the key influence factors of enterprises' financial decisions and its economic consequences. Under China's unique economic context, this paper investigates the relationship among business cycle fluctuation, industrial agglomeration and the value effect of cash holdings policy of listed manufacturing firms. We find that:(1) Overall, holding more cash than competitors may enhance firm value significantly, and this effect is more evident for firms with less concentrated industrial agglomeration.(2) When macro-economy is getting worse, the value effect of cash holdings policy of firms with less concentrated industrial agglomeration increases more significantly.(3) The value effect of cash holdings policy of firms with less concentrated industrial agglomeration increases more with the intensification of competitors' financial constraints, and this effect is also more obvious when the macro-economy is getting worse.(4) After considering the ownership nature of ultimate controller, we find that ceteris paribus,comparing with state-owned firms, the value effect of cash holdings policy are much stronger in private firms with less concentrated industrial agglomeration.

关 键 词：经济周期 产业空间集聚 现金持有策略 价值效应 

分 类 号：F121[经济管理—世界经济] F425F406.7