宏观经济条件、融资约束与现金持有水平  

Macroeconomic Conditions, Financial Constraints and Cash Holdings

作　　者：顾乃康[1] 万小勇[1] 陈辉[2] 

机构地区：[1]中山大学管理学院 [2]广东金融学院金融系

出　　处：《中大管理研究》2010年第4期33-53,共21页China Management Studies

基　　金：国家自然科学基金项目《现金持有量的决定与价值研究》(70772079)的阶段性成果;教育部人文社会科学规划基金项目《制度约束下公司融资中的择时行为研究》(07JA630023)的资助

摘　　要：本文以2000～2007年间沪深两市的上市公司为样本。对龛观经济条件与公司现金持有水平之间的关系进行了实证劈究。研究结果表明，总体宏观经济条件与公司现金持有水彳负相关，说明在宏观经济较好的时期，公司持有更少的现金。经济周期、信贷规模及股市表现与现金持有水平显著负采关，信贷市场违约风险与现金持有水平显著正相关。这意哜着在经济上行阶段，公司持有更少的现金；随着信贷规模耀加，公司现金持有水平下降；信贷市场违约风险越高，公司现金持有水平越高；股市表现越好，公司持有的现金越少。宏观经济因素与公司现金持有水平之间的关系，存在融资筑柬上的差异，融资约束越强的公司，其现金持有水平对宏明经济因素的变化越敏感。On the basis of data of listed companies from Shanghai stock market and Shenzhen stock market from 2000 to 2007, this paper explores the relationship between macroeconomic conditions and cash holdings. It shows that cash holdings is significantly negative relation with macroeconomic conditions, which means that firm cash holdings is less when macro-economy conditions is more favorable. Cash holdings is significantly negative related with economic cycle, credit scale and stock market performance, significantly positive related with credit default risk. It indicates that firms hold less cash when economy is in ascending period, credit scale is bigger or stock market performance is better, and the firms hold more cash when credit default risk is higher. The relation between cash holdings and macroeconomic conditions shows the differences from financial constraints. The cash holdings of firms with strong financial constraints are more sensitive to the changes of macroeconomic conditions.

关 键 词：宏观经济条件 融资约束 现金持有水平 

分 类 号：F275[经济管理—企业管理]