利率市场化如何影响企业的现金持有行为  

How Interest Rate Liberalization Affects Corporate Cash Holdings

作　　者：叶永卫 云锋 YE Yongwei;YUN Feng(Shanghai University of Finance and Economics,Shanghai,200433;South China Normal University,Guangzhou,510006)

机构地区：[1]上海财经大学公共经济与管理学院 [2]华南师范大学经济与管理学院

出　　处：《中国经济问题》2021年第3期145-159,共15页China Economic Studies

基　　金：国家社会科学基金项目(19BGL057)的资助。

摘　　要：本文以2010-2018年中国上市企业为研究对象,考察了利率市场化对企业现金持有行为的影响及其背后的作用机制。研究发现:第一,随着利率市场化的推进,企业的现金持有量逐渐减少;第二,随着利率市场化的推进,外部融资依赖程度越低的企业,其现金持有量减少得更多。机制检验发现,利率市场化主要是通过融资约束渠道影响企业的现金持有水平行为,而非治理效应渠道。基于现金持有经济后果的探究发现,利率市场化改革优化了企业的现金持有水平,进而增加了有利于企业价值提升的创新投资。本文的研究丰富了利率市场化改革经济后果的文献。Using Chinese listed companies from 2010 to 2018, this paper examines the impact of the interest rate liberalization on corporate cash holding behaviors and the underlying mechanisms. The study finds that, with the promotion of the interest rate liberalization,(1) the cash holdings of enterprises gradually reduce;(2) the enterprises with lower dependence on external financing reduced cash holdings more. Mechanism test shows that the interest rate liberalization mainly affects the cash-holding level of enterprises through financing constraints, rather than governance effects. Further research finds that the interest rate liberalization reform optimizes the cash-holding level of enterprises, which increases the innovation investment that is conducive to the improvement of enterprise value. This paper enriches the literature on the economic consequences of the interest rate liberalization reform.

关 键 词：利率市场化 现金持有 融资约束 预防性动机 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]