融资约束、现金持有量与企业投资时机选择  

Financial Constraints,Cash Holding,and Firm’s Investment Timing Decision

作　　者：何青[1] 李皓鹏[2] 

机构地区：[1]南开大学经济学院金融系,300071 [2]中国银行公司银行总部,100818

出　　处：《南开经济研究》2013年第3期67-82,共16页Nankai Economic Studies

基　　金：国家社科基金项目宏观经济政策与经济周期对企业投融资行为的影响研究(项目号:10CGL042);中央高校基本科研业务费专项资金(NKZXB11048)资助

摘　　要：本文通过建立一个二阶段比较静态模型,研究企业融资约束、现金持有量与投资时机选择之间的关系。研究发现:现金持有量与企业投资时点选择不是呈现之前学者认为的U形关系而是单调关系,即在面临融资约束时,企业现期现金持有量水平越低,越倾向于推迟实施投资计划;企业现期现金持有量水平越高,越倾向于在现期实施投资计划。此外,现金持有量水平还决定了融资费用和现金波动性对投资时机的影响方向,当企业现期现金存量水平较低时,融资费用越高、现金波动越大的企业,倾向于延后执行投资机会,当企业现期现金存量水平较高时,融资费用越高、现金波动越大的企业,倾向于提前执行投资机会。The existence of finance constraints would affect the investment plan of the enterprise generally. This paper researches link between the investment timing and cash holdings when there is capital shortage and finance constraints through a two-stage comparative static model. The research result implies that when there is capital shortage and finance cost the investment timing is linked to cash-holdings, enterprise prefers to postponing investment when the cash holdings are low and is more and more inclined to investing now while the cash holdings increase. Cash- holding level also determines the direction of impact which financial cost and cash volatility exert on investment timing. When cash-holding level is relatively low, firms with higher financial cost and cash volatility tend to postpone investing; when cash-holding level is relatively high, firms with higher financial cost and cash volatility tend to execute investment ahead of time.

关 键 词：融资约束 现金持有量水平 投资时机 

分 类 号：F224[经济管理—国民经济] F275