再融资监管制度变革、股权再融资与企业现金持有  

Equity Issuance Deregulation,Equityy Refinancing and Corporate Cash Holdings

作　　者：刘红忠[1] 柯蕴含 Liu Hongzhong;Ke Yunhan(School of Economics,Fudan University,Shanghai 200433,China)

机构地区：[1]复旦大学经济学院,上海200433

出　　处：《复旦学报（社会科学版）》2023年第3期190-200,共11页Fudan Journal（Social Sciences）

基　　金：国家社科基金重大项目“促进实体经济高质量发展的金融结构优化与制度创新研究”(项目批准号:22&ZD117)资助。

摘　　要：创新是引领发展的第一动力。随着中国经济由高速增长转向高质量发展阶段,建设服务于企业创新和技术进步的直接融资市场成为当下的重要议题。以往研究发现,高无形资产密集度企业集中于高技术产业,有持续的负净现金流,有更强的动机持有现金却常面临外部融资难以支撑其现金持有需求的问题。本文发现,2006年股权再融资监管制度改革后,高无形资产密集度企业相较之前能获得更高的现金储备。机制检验发现,股权再融资监管制度,特别是非公开股权再融资监管政策的放宽对高无形资产密集度企业进行股权再融资,从而积累现金的正向影响更强,表明股权再融资市场支持科技创新的功能愈发完备。本研究证实了高无形资产密集度企业更依赖股权再融资建立现金储备,为理解股权再融资监管制度改革的意义提供参考。Innovation is the primary force driving economic growth.As China's economy shifts from a stage of high-speed growth to a stage of high-quality development,building a capital market that serves corporate innovation and technological progress has become an important topic at the moment.Prior studies have shown that high-intangible-intensity firms are more concentrated in high-tech industries,have persistent negative net cash flow,and tend to build higher cash balances.However,their cash demand can hardly be satisfied due to constrained external financing.This paper finds that before 2006,there is no significant diference in the cash holdings between firms with high intangible intensity and those with low intangible intensity in China.However,after equity issuance deregulation in 2006,firms with high intangible intensity exhibit greater cash holdings compared to those with low intangible intensity.The mechanism that drives our result is that the deregulation of equity issuance,especially the deregulation of private placement of public equity,reduces market frictions,thereby having a strong positive impact on the equity refinancing of high-intangible-intensity firms.This paper sheds new light on how market frictions associated with equity refinancing affect corporate cash holdings,and has important implications for capital markets regulatory reform in China.

关 键 词：再融资监管制度 无形资产密集度 股权再融资 现金持有 

分 类 号：F275[经济管理—企业管理]