上市公司现金持有影响因素的实证研究  

An empirical study on the determinants of listed corporate cash holdings

作　　者：胡国柳[1,2] 王化成[3] 

机构地区：[1]西南财经大学博士后流动站 [2]海南大学经济管理学院,海南海口570228 [3]中国人民大学商学院

出　　处：《东南大学学报（哲学社会科学版）》2007年第2期57-64,共8页Journal of Southeast University(Philosophy and Social Science)

基　　金：国家社科基金资助项目(03BJY019)的阶段性研究成果;海南省教育厅高校科研资助项目(Hjsk200512);海南大学科研基金资助项目(Kyjj0405)成果之一。

摘　　要：采用逐步回归法,以我国上市公司为样本,对企业现金持有影响因素进行实证分析的结果表明,增长机会、企业规模及股利支付与现金持有水平显著正相关;现金流变异性、现金替代物、财务杠杆及公司年龄与现金持有水平显著负相关;没有证据显示现金流、银行债务、债务期限结构与企业现金持有水平之间存在相关关系。Using a panel data of China’s listed companies, we conduct an empirical analysis on the determinants of corporate cash holdings by the approach of regression. The evidences show that growth opportunities, corporate size, and dividend payment have significantly positive relation with corporate cash holdings. The evidences also show that cash flow variability, cash substitutes, financial leverage, and corporate age have significantly negative relation with corporate cash holdings. However, no evidence shows that cash flow, bank debt, and maturity structure of debt have relation with corporate cash holdings.

关 键 词：上市公司 现金持有 影响因素 

分 类 号：F275[经济管理—企业管理]