金融股权关联对上市公司现金持有之影响:基于货币政策波动视角的实证考察  

Financial equity connection and the cash holdings of listed companies: An empirical analysis based on the fluctuations of monetary policy

作　　者：蒋水全[1] 刘星[1] 徐光伟[2] 

机构地区：[1]重庆大学经济与工商管理学院,重庆400030 [2]上海财经大学工商管理博士后流动站,上海200433

出　　处：《管理工程学报》2018年第1期9-23,共15页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金资助重点项目(71232004);国家自然科学基金资助项目(71172082);国家自然科学基金资助青年科学基金项目(71302117;71402109);教育部人文社会科学研究项目(14XJC790009)

摘　　要：本文以公司参股金融机构为视角,在宏观经济学、金融股权关联与公司现金持有理论相融合的统一分析框架下,从静态和动态两个维度探讨了金融股权关联与货币政策波动如何影响公司现金持有和现金调整速度及金融股权关联对货币政策传导效应的影响。研究发现:(1)公司参股金融机构会显著降低公司的现金持有水平并加快现金调整速度,且参股比例越高,该效应越明显;(2)货币政策可以通过信贷渠道和利率渠道影响公司的现金持有行为,当央行货币政策趋紧时,公司表现出明显的现金累积倾向,现金调整速度亦减慢,反之亦然;(3)金融股权关联能够部分缓冲货币政策波动带来的流动性冲击;(4)金融股权关联和货币政策波动对不同产权性质企业的影响存在显著差异。Cash is the enterprise＇s life-sustaining blood. Why do firms need to reserve cash and how do firms make cash holding decisions have always been the focus of academia. Based on information economic theory, transaction cost theory, and principal-agent theory, the previous literature attempted to explain cash holdings from the perspectives of financing friction and agency conflict. In addition, other theories, such as monetary demand theory, trade-off theory, pecking order theory, and principal-agent theory, were used to examine cash holdings. While these traditional theories reveal cash holding rules from some aspects and provide a theoretical frame for analyzing cash holdings, most of them explained the rules from static, single period or one-sided view, and failed to describe the whole rules of cash holdings. Moreover, previous study focused on analyzing cash holdings from the internal, micro-view, and lacked of empirical analysis of external macro-circumstances, especially of macroscopic policy factors. Last but not least, previous study always considered the enterprise as a passive recipient of external conditions, which resulted in ignoring the subjective initiatives of enterprises when facing external pressure. Based on the unified analytical frame for the integration of macroeconomic theory, financial equity connection theory and cash holdings theory, this paper investigates the impact of financial equity connection and monetary policy fluctuations on the level of corporate cash holdings and adjusting speed. In addition, this paper conducts an in-depth analysis of the moderating effect of financial equity connection in this process, by adopting the research methods of Heckman two-stage model, cash-cash flow sensitivity model, system GMM, bootstrap test, propensity score matching, and OLS model. Based on the quarterly data collected about A-share listed companies from 2007 to 2013, we derive three findings. Firstly, the financial equity connection can reduce cash holdings and significantly speed up the adju

关 键 词：货币政策波动 金融股权关联 公司现金持有 现金持有调整 

分 类 号：F830[经济管理—金融学] F275