融资约束、超额现金持有与企业价值  

Financial Constraints,Excess Cash Holdings and Firm Value

作　　者：谭艳艳[1] 刘金伟[1] 杨汉明[1] 

机构地区：[1]中南财经政法大学会计学院,湖北武汉430073

出　　处：《山西财经大学学报》2013年第1期95-105,共11页Journal of Shanxi University of Finance and Economics

基　　金：教育部人文社会科学项目"基于可持续增长的国有企业分红机制创新研究"(09YJA630154)的阶段性成果

摘　　要：从融资约束的角度，以2007—2010年沪深两市的上市公司为样本，分析了融资约束与企业超额现金持有之间的关系，探讨了融资约束对超额现金持有价值的影响，并对国有企业和民营企业以及不同货币政策下的异同进行了分类检验。研究结果表明：融资约束与超额现金持有呈正相关关系，融资约束对企业超额现金持有的影响在货币紧缩时期和民营企业中更大；我国上市公司的超额现金持有能提升公司价值，民营企业持有的超额现金价值显著大于国有企业，但融资约束对超额现金持有的价值影响不显著。This paper chooses the listed companies in Shanghai and Shenzhen stock Exchange as samples from 2007 to 2010. From the perspective of financial constraints, the authors examine the relationship influence of financial constraints on finns＇ excess cash holdings in State Owned Enterprises （SOEs） and Non-state Owned Enterprises（NSOEs） and in different monetary policy peri- ods. Meanwhile, this paper studies the relationship between financial constraints and the value of excess cash holdings. Also, the au- thors compare the difference of relationship between SOEs and NSOEs. The findings of the study are as follows： the relationship be- tween financial constraints and excess cash holding is significantly positive. Financial constraints have more influence on excess cash holdings in NSOEs than SOEs. Also, the influence is bigger in tight monetary policy period than in easy monetary policy period; the excess cash holding can improve finn value, the value of excess cash holding in NSOEs is higher than SOEs. However, this paper does not find the relationship between financial constraints and the value of excess cash holdings.

关 键 词：融资约束 超额现金持有 企业价值 

分 类 号：F23[经济管理—会计学]