外部冲击、融资约束与企业的现金—现金流敏感性  

The External Shocks, Financing Constraints and the Cash Flow Sensitivity of Cash of Enterprise

作　　者：李慧[1] 

机构地区：[1]上海师范大学商学院

出　　处：《金融论坛》2013年第4期73-79,共7页Finance Forum

基　　金：上海市哲学社会科学规划课题"不对称违约传染的供应链融资企业信用风险评价研究"(2009BJB022);教育部人文社科规划基金项目"中国宏观审慎货币政策的调控机制研究"(11YJA790107)

摘　　要：本文以2000～2011年中国上市公司为样本,采用现金—现金流敏感性检验融资约束假说对我国上市公司的适用性,在此基础上研究外部冲击对不同融资约束企业现金持有规模的影响。研究表明,融资约束企业具有正的现金—现金流敏感性,且敏感性系数在受到金融危机冲击后大幅提高;非融资约束企业在金融危机前后都没有显著的现金—现金流敏感性。货币政策对两类企业的现金持有规模均有影响,货币政策主要通过影响长期贷款在总资产中的占比变化进而影响现金的持有,即仅在长期贷款占比提高时,企业的现金持有水平会大幅降低。The Chinese listed companies during 2000-2011 as samples, this paper applies the cash flow sensitivity of cash to examine the applicability of financing constraints hypothesis for the Chinese listed companies, and based on the examination, re- searches the influence of external shocks on the cash holding sizes of the enterprises in different financing constraints. The study of the paper shows that the financing-constraint enterprise has a positive cash flow sensitivity of cash and the sensitivity coeffi- cient increases greatly after the shock of the financial crisis; the non-financing-constraint enterprise has no obvious cash flow sensitivity of cash before or after the financial crisis. Monetary policies impact the cash holding sizes of the two kinds of enter- prises. The monetary policies affect the cash holdings mainly by affecting the ratio of long-term loans to total assets, which means that the cash holdings of the enterprise will greatly decrease only when the ratio of the long-term loans rises.

关 键 词：外部冲击 融资约束 现金-现金流敏感性 金融危机 货币政策 

分 类 号：F275[经济管理—企业管理]