货币政策对企业现金持有价值的影响  

作　　者：王怀明[1] 顾洪溢 

机构地区：[1]南京农业大学金融学院,江苏农村金融发展研究中心 [2]南京农业大学金融学院

出　　处：《企业经济》2017年第3期55-61,共7页Enterprise Economy

基　　金：国家自然科学基金项目“食品企业社会责任促进机制研究”(项目编号:71173108)

摘　　要：本文基于A股上市公司2010年第一季度至2014年第四季度的相关数据,借鉴Fama和French(1998)的经典企业价值回归模型,以货币政策为出发点,对我国上市公司现金持有的市场价值进行了实证分析。研究结果表明:从整体而言,我国上市公司现金持有的市场价值低于账面价值,且相比于非国有控股企业,国有控股企业的现金持有市场价值更低;货币政策对公司现金持有的市场价值影响较大,且相比于宽松的货币政策,紧缩的货币政策会显著提高企业现金持有的市场价值。本文的研究将宏观货币政策与企业微观的现金持有战略结合起来,进一步拓展了现金管理的视角。Based on the data from the first quarter of 2010 to the fourth quarter of 2014 for the A shares of listing companies, this paper uses Fama and French （1998）classic enterprise value regression models, by using monetary policy as a starting point, to make an empirical analysis on the market value of cash holdings of the listing companies in China. The results show that, as a whole, the market value of cash holdings of listing companies is less than the book value, and compared to non-state- owned holding companies, the market value of the cash holdings of state-owned holding companies is lower. Monetary pol- icy makes a great impact on market value of cash holdings, compared to loose monetary policy, and tight monetary policy will significantly increase the market value of corporate cash holdings. The paper combines the macro monetary policy and the corporate micro cash holdings strategy to further expand the visual angle of cash management.

关 键 词：货币政策 现金持有 市场价值 账面价值 

分 类 号：F275.3[经济管理—企业管理]