企业现金持有水平调整为何呈现不完全性  

Why Do Firms Show Partial Adjustment toward Their Optimal Cash Holding Levels

作　　者：张西征[1] 刘志远[2] 

机构地区：[1]东华大学旭日工商管理学院 [2]南开大学商学院

出　　处：《南开管理评论》2016年第2期100-113,共14页Nankai Business Review

基　　金：国家自然科学基金项目(714720 96);上海市软科学研究计划项目(15692106400)资助

摘　　要：为揭示企业现金持有调整呈现不完全性的原因,文章考察了企业现金持有的变化规律,发现企业现金持有水平的分组变化呈现"马鞍"型分布:在大幅调增(或调减)时,伴随着大规模的外部融资(或投资)行为;在大幅调减之前,现金持有变化呈现逐步积累的过程;在大幅调增之后,现金持有变化呈现逐步消耗的过程。由此认为,企业现金持有调整呈现不完全性,不是由于调整成本的存在,导致企业现金持有调整不到位;而是企业现金持有调整存在间歇性和集中性,在大幅调整之前(或之后)存在几期小幅调整,现有文献在估算调整速度时,没有将企业主动优化现金持有行为与现金积累(或消耗)行为区分开来。A number of literatures find that corporate cash holding change is partial adjustment. In order to reveal the reasons that corporate cash holdings adjustment presents not complete, we investigate corporate cash holdings change law. Firstly, the paper observes the cor porate cash holdings adjustments manner carefully and discusses why corporate cash holding change is partial adjustment from theoretical perspective by analyzing the root causes of the cash holdings adjustment cost and its function form. Secondly, using China listed companies financial data, this paper estimates the unsmooth extent of corporate cash holdings adjustment, investment and external financing, and observes carefully the corporate cash holdings mean reversal effect from the time dimension. Finally, using the standard partial adjustment model and the extended standard partial adjustment model, the paper tests actively the speed of corporate cash holdings adjustment, the speed of departing from the optimal state of cash holding level and the speed of optimizing cash holdings level respectively. The paper finds that the change shape in corporate cash holdings group presents a ＂saddle＂ type distribution. These mean that there is a massive external financing behavior when company increases its cash holdings level substantially, and is a massive external investment behavior when company decreases its cash holdings level significantly. Cash holdings change presents the rendering process of gradual accumulation before the significant decrease. Cash holdings change presents the rendering process gradually consumed after the sharp increase. These changing features of corporate cash holdings adjustment support the view of corporate cash holdings presenting unsmooth adjustment, while do not support the existing literatures speculation that company adjusts smoothly its cash holdings to the optimal target. These results indicate that corporate cash holdings adjustment is lumpiness in nature. The reason of partial adjustment is not because company adj

关 键 词：现金持有管理 公司投资 公司融资 不平滑结构 非凸性调整成本 

分 类 号：F275[经济管理—企业管理]