货币紧缩、现金锁定与现金持有价值  

Monetary Tightening,Restricted Cash,and Value of Cash Holding

作　　者：刘媛媛 钟覃琳[2] Liu Yuanyuan;Zhong Qinlin

机构地区：[1]厦门大学管理学院,361005 [2]北京大学光华管理学院,100871

出　　处：《会计研究》2018年第2期55-61,共7页Accounting Research

摘　　要：本文以资产负债表的"货币资金"项目和现金流量表补充资料的"现金"项目之差为切入点,从货币政策变化和企业产权性质视角研究了企业被锁定的限制性现金的宏观政策动因和微观经济后果。研究发现:货币政策紧缩引起了企业被锁定的限制性现金增加,这一现象在非国有企业表现得更为明显;同时,与不存在现金锁定的上市公司相比,现金锁定的上市公司其现金持有价值显著更低。本文的研究发现还直接地证实了限制性现金与企业的银行信用和商业信用有关,同时也间接地说明了现金持有的交易性和预防性动机,它有助于进一步理解银行和企业之间在风险转移和利益分享上的银企关系。We define ＂Restricted Cash＂ as the difference between ＂Cash＂ in balance sheet and the ＂Cash＂ in notes to cash flow statement. Ac- cording to China Enterprise Accounting Standards, this difference is the bank deposits that cannot be withdrawn at any time. We focus on this ＂Restricted Cash＂ （RC）, and find that eorporates increase holding of RC in response to monetary tightening policy. This phenomenon is more pronounced for non- state-owned companies. We also show that investors value cash in RC firms substantially less than they do in non-RC firms. Our results explore the de- terminants and consequences of Restricted Cash.

关 键 词：货币政策 产权性质 现金锁定 现金持有价值 

分 类 号：F275[经济管理—企业管理]