预防性动机与公司现金持有量的关系:来自中国上市公司的证据  

Relationship of Precautionary Motivation and Cash Holdings:Evidences from Chinese Listed Companies

作　　者：高克智[1] 王辉[1] 刘娜[2] 

机构地区：[1]安徽工商职业学院会计系,安徽合肥231131 [2]北京工商大学商学院,北京100048

出　　处：《华东经济管理》2011年第9期134-138,共5页East China Economic Management

摘　　要：文章主要讨论我国上市公司现金持有量与公司风险间的相关关系。与以往文献主要关注公司财务特征、公司治理等研究不同,本文从预防性动机、风险这一视角来讨论公司现金持有量问题。本文利用沪深两市上市公司样本(2002-2006)证实了现金持有量、风险及公司预防动机间的相关关系。结论表明,凯恩斯理论中的现金持有的预防性动机理论在中国仍然具有很强的解释力。This paper focuses on the relationship between cash holdings and corporate risks. Different from the existing researches which paid much attention on financial characteristics and corporate governance as research variables, this paper studies the problem of cash holdings from perspective of precautionary motivation and corporate risks. Based on China＇s listed companies＇ data （2002-2006）, this paper explains the positive relationship between precautionary motivation, cash holdings and corporate risks. The conclusion shows that the Keynes＇ precautionary motivation of cash holdings theory remains a classic and still has its great explanatorily power on China＇s companies.

关 键 词：预防性动机 现金持有量 风险 

分 类 号：F275[经济管理—企业管理]