金融危机冲击与企业现金持有的动态调整  

The Shock of Financial Crisis and the Dynamic Adjustment of Cash Holding

作　　者：张名誉[1,2] 李志军[2] 

机构地区：[1]常州大学经济管理学院,江苏常州213016 [2]上海财经大学金融学院,上海200433

出　　处：《经济问题》2011年第8期55-58,共4页On Economic Problems

基　　金：国家社科基金资助项目(08CJY046)

摘　　要：运用动态面板模型及系统GMM估计方法,得出不同财务特征的企业在解释现金持有及动态调整速度与成本方面的差异,发现金融危机会显著增加公司调整持有现金的成本。进一步分析显示,正常状况下公司进行现金调整的资金来源主要依靠银行贷款与经营性现金流量,但在金融危机冲击时,中国上市公司对银行融资性资金来源的依赖更为明显,这与我国以银行为主体的间接融资方式相一致。Under the recent global financial crisis,we discover the difference in adjustment speed and cost of listed company with various financial characteristic by applying dynamic panel model and the system GMM estimation method.We find that the crisis has brought out the increase in the adjustment cost.With the furthering analysis,the approach to adjust during the common times relies on the loan and the operating cash flow,but during the crisis,mainly on the bank loan,which is consistent with our financial system.

关 键 词：现金持有 金融危机 动态面板分析 

分 类 号：F275[经济管理—企业管理]