金融生态环境、债务治理效应与现金持有价值  

Financial Ecology Environment,Debt Governance Effects and the Valuation of Cash Holdings

作　　者：孙刚[1,2] 

机构地区：[1]上海财经大学会计学院,上海200439 [2]宁波工程学院经济与管理学院,浙江宁波315211

出　　处：《上海立信会计学院学报》2010年第6期46-54,共9页Journal of Shanghai Lixin University of Commerce

基　　金：国家自然科学基金面上项目(70972060);2009年度浙江省高等学校优秀青年教师资助计划[浙教办高科(2009)164号];2010年度浙江省教育厅科研项目(Y201010040)

摘　　要：文章将现金持有价值作为衡量企业资本配置效率的指标,系统考察了银行信用和商业信用两种债务融资的治理效应。实证检验发现,银行信用比例与现金持有价值呈负相关关系,在短期银行信用比例较高的企业中这一负相关关系尤为明显,特别对处于金融生态环境较差地区的企业,银行信用不仅不具有债务治理效应,反而会阻碍资本的有效配置。较之银行信用,商业信用并没有显示出显著更优的资金效率治理功能,并且其治理效应不受金融生态环境地区差异的影响。Using the valuation of cash holdings as a measure of capital allocation efficiency, the paper systematically examines governance effects of bond financing of both bank credit and trade credit. The findings indicate that bank credits and valuation of cash holdings are negatively related, and the relation- ship is more significant for enterprises with high short-term bank credit. With the deterioration of financial ecology, bank credit governance impedes the efficient capital allocation rather than enhance it. Moreover, compared to bank credit, trade credit does not signify a superb governance role on the effective use of cash holdings and its governance role is immune from regional financial ecological environment development.

关 键 词：银行信用 商业信用 债务治理 金融生态环境 现金持有价值 

分 类 号：F275[经济管理—企业管理]