超额现金持有水平对企业价值的影响——基于企业生命周期视角的实证研究  

The Impacts of Excess Cash Holdings Level on Corporate Value:Empirical Study from the Perspective of Corporate Lifecycle

作　　者：曾志坚[1] 周星[1] 

机构地区：[1]湖南大学工商管理学院

出　　处：《中央财经大学学报》2015年第4期107-112,共6页Journal of Central University of Finance & Economics

基　　金：国家自然科学基金项目"基于时频分析的证券市场间风险溢出研究"(项目号71340014);国家软科学研究计划项目"国际金融危机的产生与传递及其对中国金融稳定和经济发展的影响"(项目号2010GXS5B141);湖南省社会科学基金项目"基于宏观经济因素与时序数据重构的证券市场危机预警研究"(项目号09YBA037)

摘　　要：现金是收益性最差的资产,但许多公司却倾向于持有超过正常水平的现金。笔者以2007—2012年沪深两市全部A股上市公司为研究样本,考察了超额现金持有水平对企业价值的影响。实证结果显示:由于公司普遍同时面临委托代理和融资约束问题,其超额现金持有水平与企业价值之间呈现倒U型关系。这表明适度持有超额现金将有助于企业价值的提升,但超额现金持有过多将导致企业价值下降。笔者进一步深入研究了超额现金持有水平对企业价值的影响在生命周期不同阶段是否存在差异。研究结果显示对于处在生命周期不同阶段的公司,使其企业价值达到最大化的最优超额现金持有水平存在显著差异,成长期公司的最优超额现金持有水平最高,成熟期公司的最优超额现金持有水平最低。因此,公司应当根据自身所处的企业生命周期阶段来制定相应的现金持有决策,促使企业价值达到最大化。Many firms tend to hold a large amount of cash, even though the profitability of cash is lower than that of any other assets. Basing the financial data of the A-share listed companies during the period 2007--2012, We study the impacts of corporate excess cash holdings level on corporate value. The results show that a significant reverse U-shaped relation exists between excess cash holdings level and corporate value. It may be caused by the fact that companies always face the financing constraint problem and agency problem at the same time. Holding appropriate excess cash can exert beneficial impacts on improving firm value, but holding too much cash lead to the decrease in corporate value. Moreover, we investigate the difference of the impacts of excess cash holdings level on firm value at different corporate lifecycle stages. The results show that the optimal excess cash holdings level is different at different corporate lifecycle stages. The optimal excess cash holdings level of firms at growth life cycle stage is highest. And the optimal excess cash holdings level of firms at maturity life cycle stage is lowest. Therefore corporate should make corresponding cash policy accord- ing to which corporate lifecycle stage it is at.

关 键 词：超额现金持有水平 企业价值 企业生命周期 融资约束理论 委托代理理论 

分 类 号：F275[经济管理—企业管理]