公司持有现金和负债是相互替代的吗?  

Are Corporate Cash Holdings and Debt Mutual Substitutes?

作　　者：韩忠雪[1] 尚娟[1] 程蕾[2] 

机构地区：[1]西安电子科技大学经济管理学院,西安710071 [2]华南理工大学工商管理学院,广州510641

出　　处：《管理评论》2012年第4期150-160,共11页Management Review

基　　金：国家自然科学基金项目(7107209670802031);教育部人文社会科学研究项目(09YJC630185);博士后基金项目(20090460680)

摘　　要：通过利用2001-2008年上市公司财务数据,采用GMM动态面板分析方法,研究了公司持有现金和债务比例的相互关系以及两者随现金流变动的变化规律。尽管总体样本表明,我国上市公司都存在显著的正的现金-现金流敏感性和负的债务-现金流敏感性,且现金持有和负债存在显著的替代关系。但是,在逐步考虑融资约束和对冲需求的条件下,公司持有现金和降低债务的偏好随之发生较大的差异和分化,而且,现金和债务的严格替代关系主要存在于未来现金流紧张的融资约束公司中。这些实证结果说明,我国上市公司既有与发达国家相似的持有现金与债务择机而变的现金流管理政策,同时也存在与我国资本市场不完善条件下自有的财务最优行为。Using the 2001-2008 financial data of Chinese listed companies and GMM dynamic panel analysis,this paper researches the company＇s cash holdings and debt ratio in changing of cash flow situation.Although empirical results show that,all listed firms have evidently positive cash-cash flow sensitivity and negative debt-cash flow sensitivity and substitute relations between cash and debt,the preference of cash holding and debt varies largely when financial constrain and hedging demand are considered.Furthermore,strict relation of substitution exits mainly in the low cash flow firms to be financially constrained.This shows that listed companies in China have similar cash flow management policy as those in developed countries,and there is also our own financial best financial behavior according to our imperfect capital market.

关 键 词：现金持有 债务 现金-现金流敏感性 债务-现金流敏感性 替代 

分 类 号：F275[经济管理—企业管理]