公司金融生态环境、盈余质量与现金持有——来自中国A股市场的经验数据  

Corporate Financial Ecological Environment, the Earnings Quality and Corporate Cash Holdings——Empirical Data from Chinese A-share Market

作　　者：罗劲博[1] 

机构地区：[1]厦门大学管理学院,福建厦门361005

出　　处：《山西财经大学学报》2013年第10期32-42,共11页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金面上项目(70972112;70972113);教育部人文社科研究重点基地重大项目(10JJD630004;11JJD790006);国家软科学基金项目(2010GXS5D221)

摘　　要：从公司金融生态环境出发研究盈余质量与公司现金持有之间的关系,结果表明:如果公司处于金融业市场化和信贷资金分配市场化水平较高的地区,则公司的盈余质量越高,持有的现金就越少;信贷资金分配市场化水平对国有企业盈余质量与现金持有之间的关系无显著影响,但会使民营企业的盈余质量与现金持有负相关;对于政府干预程度较低地区的公司,盈余质量越高其所持有的现金越少,反之,盈余质量与现金持有之间无显著关系。Under the financial ecological environment angle of view, the article discusses the relationship between the quality and the company＇s cash holdings, the results show that as for the financial marketization and the marketization of credit capital allocation level that is higher than other, the higher the company＇s earnings quality, the less the cash holdings ; however for the state-owned en- terprises with marketization of credit capital allocation level, there is no significant relationship between earning quality and cash holdings, while in the private enterprise, there is negative relationship between earning quality and cash holdings, as for the degree of government intervention in the lower area of the company, the higher earnings quality, the less cash holdings, on the other hand, there is no significant relationship between the earning quality and cash holdings.

关 键 词：盈余质量 公司金融生态环境 现金持有 产权性质 

分 类 号：F832.5[经济管理—金融学]