银行股权关联、货币政策变更与上市公司现金管理  

Bank Equity Connection,Monetary Policy Change and the Cash Management of Listed Firms

作　　者：陈栋[1] 陈运森[2] 

机构地区：[1]清华大学经济管理学院,北京10084 [2]中央财经大学会计学院,北京100081

出　　处：《金融研究》2012年第12期122-136,共15页Journal of Financial Research

基　　金：国家自然科学基金(71202126);中央财经大学"211工程"重点学科建设项目;北京市教育委员会共建项目资助

摘　　要：货币政策频繁变更且存在较大不确定性是现阶段我国资本市场的常态,而企业通过与银行建立关联关系能降低其面临制度变革的调整成本。本文考察了在货币政策变更背景下企业建立银行股权关联对现金管理的影响,实证结果发现:具有银行股权关联的公司现金持有水平较无关联公司低;且当货币政策从紧时,具有银行股权关联的公司现金持有和调整水平均更低;进一步分析发现其维持现金持有的融资渠道也显著区别于无关联公司,不同的现金管理政策对公司价值产生了不同影响。本文结论显示在我国银行主导型金融体系下,通过参股银行建立的直接关联关系可以"抵消"部分宏观货币政策变更对微观企业的冲击。Instability and frequent adjustment of monetary policy are common for China＇s capital market. Therefore firms build up connection with bank to reduce the adjustment cost caused by institutional change. This study examines the effect of firms＇ bank - equity - connection （BEC） on the cash management under the circumstance of monetary policy change. The empirical results demonstrate that the firms with equity connection to banks maintain a smaller amount of cash than that of without bank equity association. When monetary policy becomes tighter, the cash holding and cash adjustment by BEC firms are lower. Further study indicates that the financing strategy of BEC firms to maintain cash are significantly distinguished from that of firms with no bank equity association; hence exert different influences on company values. Our conclusion suggests that in China＇s environment of bank - based financial market, connections with banks are beneficial for the firms with higher efficiency of cash management, smaller uncertainty of policy change, and less financing constraint, our findings support the view of ＂information advantage＂ hypothesis in bank -equity association theory.

关 键 词：银行股权关联 货币政策变更 现金管理 

分 类 号：F822.0[经济管理—财政学] F275.1F832.51F224