公司现金持有、融资约束与投资效率  

Corporate Cash Holding, Financing Constraints and Investment Efficiency

作　　者：张超林[1] 

机构地区：[1]湖南商学院财政金融学院,长沙410205

出　　处：《湖北经济学院学报》2018年第4期14-21,共8页Journal of Hubei University of Economics

基　　金：湖南省社会科学基金项目(15YBA236);湖南省教育厅科研项目(15C0765);湖南省普通高校哲学社会科学重点研究基地"区域金融创新研究基地"项目

摘　　要：利用1998—2016年我国A股上市公司样本数据,基于Richardson(2006)模型估算出投资不足样本,本文研究了公司现金持有对投资效率的影响及融资约束对二者关系的异质性调节作用。使用固定效应模型和异质性随机前沿模型,本文得到一致的研究结论,即公司现金持有能缓解公司投资不足的现象,从而提高公司投资效率。进一步研究发现,该影响仅存在于融资约束公司中,在非融资约束公司中结果并不显著。本文的研究表明公司现金持有和融资约束共同影响公司投资效率,支持现金持有的预防动机理论。Using the sample of A-share listed companies in China from 1998 to 2016 and based on the Richardson's model to estimate the under-investment sample, we study the effect of corporate cash holding on investment efficiency and the heterogeneity of financing constraints on the relationship between them. Using the fixed effect model and the heterogeneous stochastic frontier model, we conclude similarly that the corporate cash holdings could alleviate the corporate under-investment and improve corporate investment efficiency. Further research find that the impact only exists in the financing constraints companies, while results in the non-financing constraints companies are not significant. The results in this paper show that corporate cash holdings and financing constraints jointly affect corporate investment efficiency and support the precaution motivation theory of cash holdings.

关 键 词：公司现金持有 投资效率 融资约束 异质性随机前沿模型 

分 类 号：F275[经济管理—企业管理] F830.59[经济管理—国民经济]