货币政策、信贷歧视与公司现金持有竞争效应  

Monetary Policy,Credit Discrimination and Competition Effect of Cash Holdings

作　　者：杨兴全[1,2] 曾义[1] 吴昊旻[1,2] 

机构地区：[1]石河子大学经济与管理学院,新疆石河子832000 [2]石河子大学公司治理与管理创新研究中心,新疆石河子832000

出　　处：《财经研究》2014年第2期133-144,共12页Journal of Finance and Economics

基　　金：国家自然科学基金项目(71362004;71262006);国家社会科学基金项目(11XGL002);教育部人文社科基金项目(13YJC630216);兵团社科基金项目(12YB24);新疆普通高校人文社科重点研究基地项目(XJEDU020112A01;XJEDU020112C02;XJEDU020113C02)

摘　　要：宏观经济政策与行业竞争显著影响公司现金持有的经济后果,文章利用2008-2011年中国上市公司季度数据,结合货币政策和信贷歧视考察了公司现金持有的竞争效应。研究发现:(1)公司现金持有具有竞争效应,而且随着竞争对手融资约束和行业竞争的加剧,公司现金持有的竞争效应更加显著;(2)与宽松货币政策相比,公司现金持有的竞争效应在紧缩货币政策下更加明显;(3)与政府控制的公司相比,民营公司现金持有的竞争效应更强,而且在紧缩货币政策下两者差异更加显著;(4)为研发活动提供持续稳定的资金是公司现金持有实现竞争效应的主要渠道。Macro-economic policy and industry competition significantly affect economic consequences of corporate cash holdings.Based on the quarter data of listed companies in China from 2008to 2011,this paper analyzes the competition effect of corporate cash holdings by combining monetary policy and credit discrimination.It draws the results as follows:firstly,cash holdings have competition effect which is more significant with the intensification of financing constraints of competitors and industry competition;secondly,compared to loose monetary policy,the competition effect of cash holdings is more significant under tight monetary policy;thirdly,compared with government-controlled companies,the competition effect of cash holdings is stronger in private companies,and the differences are more significant under tight monetary policy;fourthly,the provision of stable and sustainable funds for R&D activities is an important way to realize competition effect of cash holdings.

关 键 词：货币政策 信贷歧视 现金持有竞争效应 融资约束 行业竞争 

分 类 号：F275[经济管理—企业管理]