现金持有、融资约束与企业价值——基于门槛回归模型的实证检验  

Cash Holdings,Financial Constraints and Firm Value:An Empirical Test Based on the Threshold Regression Model

作　　者：万小勇[1] 顾乃康[1] 

机构地区：[1]中山大学管理学院,广东广州510275

出　　处：《商业经济与管理》2011年第2期71-77,F0003,共8页Journal of Business Economics

基　　金：国家自然科学基金项目(70772079);教育部人文社会科学规划基金项目(07JA630023)

摘　　要：文章基于门槛回归模型,对融资约束是否会影响现金及超额现金与企业价值的关系进行实证检验。结果表明,现金及超额现金与企业价值的关系均存在显著的门槛效应。在弱融资约束企业,现金及超额现金的账面价值高于其市场价值,而在强融资约束企业,现金及超额现金的账面价值低于其市场价值,这支持了代理理论和融资约束理论,说明弱融资约束企业滥用现金的代理问题较为严重,现金持有对企业价值具有负向影响,强融资约束企业持有现金,能够抓住更多投资机会,现金持有对企业价值具有正向影响。Based on the threshold regression model,this paper investigates whether the financial constraints affect the relationship between cash holdings or excessive cash holdings and firm value.The result indicates that there is a significant threshold effect on relationship between cash holdings or excessive cash holdings and firm value.In the low-financial-constraints firms,the market value of cash holdings or excessive cash holdings is less than their corresponding book value.But in the high-financial-constraints firms,the market value of cash holdings or excessive cash holdings is more than their corresponding book value.

关 键 词：现金 超额现金 融资约束 企业价值 门槛回归模型 

分 类 号：F234.4[经济管理—会计学]