中国上市公司现金持有动态调整行为研究  

Research of Cash Holdings Dynamic Adjustment Behavior of Chinese Listed Companies

作　　者：王春峰[1,2] 黄晓彬[1,2] 房振明[1,2] 

机构地区：[1]天津大学管理学院,天津300072 [2]天津大学金融工程研究中心,天津300072

出　　处：《山西财经大学学报》2010年第1期108-114,共7页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金项目(批准号:70771076);国家杰出青年科学基金项目(批准号:70225002)

摘　　要：以动态面板数据方法构建的公司现金持有动态调整模型比静态模型更能够捕捉到企业现金持有的动态调整速度和调整形态,利用该模型对我国市场进行实证检验,结果表明,我国上市公司存在最优现金持有水平,但由于调整成本的存在,使得公司在偏离最优水平的情况下只能进行部分调整且调整速度较慢,并由此导致了持续性单方向调整的特殊形态。此外,企业规模、投资机会及财务杠杆等其他一些因素对现金持有动态调整过程也有显著影响。Corporate cash holdings dynamic model constructed by dynamic panel data econometric method is better than the static model in capturing the dynamic adjustment speed and form of corporate cash holdings. This paper uses the model to make empirical study of Chinese market. The empirical results show that, there is optimal level of cash holdings, but because of the adjustment cost, the firms can only adjust their cash holdings to the optimal level partially, and the adjustment speed is low, this lead to a special form of continuous single-direction adjustment. Besides, firm size, investment opportunity, financial leverage and other determinants also have significant impacts on cash holdings in the dynamic adjustment process.

关 键 词：现金持有量 动态调整 调整速度 调整形态 

分 类 号：F275[经济管理—企业管理]