多元化经营与现金持有水平——基于中国制造业上市公司的实证研究  

Diversification and Cash Holdings:Empirical Research Based on Data of Listed Manufacture Companies in China

作　　者：陈立泰[1] 徐静[1] 

机构地区：[1]重庆大学贸易与行政学院

出　　处：《经济与管理研究》2012年第2期40-48,128,共10页Research on Economics and Management

基　　金：国家社会科学基金项目"西部地区服务业集聚与城镇化互动发展研究"(11 XJL009);中央高校基本科研项目"重庆企业责任竞争力治理机制研究"(CDJSK100027)

摘　　要：本文采用2007～2009年446家A股制造业上市公司的平衡面板数据,基于静态权衡理论,利用两个维度的多元化经营指标分析了中国制造业上市公司多元化经营对现金持有水平的影响。研究结果显示,多元化与专业化上市公司的现金持有水平存在显著差异,多元化经营的上市公司现金持有水平更低,而且多元化经营水平越高的上市公司现金持有水平越低。Based on balanced panel data of 446 listed manufacturing companies from 2007 to 2009, this paper studies the relation between diversification and cash holding. Based on the static trade - off theory, paper analyzes the relation by two dimensions of corporate diversification index. The result shows that there is a significant difference between diversifled companies and focused companies on cash holdings. The diversified companies hold less than focused companies Furthermore,the higher level of diversification of listed companies, the lower cash they hold.

关 键 词：多元化经营 现金持有 静态权衡理论 制造业 

分 类 号：F276.6[经济管理—企业管理]