我国上市公司现金持有量的影响因素分析

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1、币政策宽松时，企业提高现金持有量，表明企业现金持有受到货币政策松紧程度的影响。本文的研究在一定程度上丰富了中国制度背景下现金持有量影响因素的研究成果，从实践上为公司管理层、投资者、债权人和监管部门提供新的思考角度，为企业合理安排负债和营运资本政策，适应宏观经济环境和经济政策，并确定合理的现金持有量提供依据。关键词：现金持有；负债；营运资本；行业特征；宏观经济IIAbstractMyers(1996)proposedthathowtodeterminetheoptimalfirmcashholdingsisoneofthetenpuzzlesunsolvedinfinancialres

2、earchfield．Determiningareasonablecashholdinglevelisextremelyimportantfortheviability,competivenessandstrate-gicdevelopmentofacompany．Sincethe2008financialcrisis，“cashisking’’isbeingpaidmoreandmoreattentionfromcorporatemanagersandinvestors．Asami—cro—economicindividual，afirm’Scashholdingpolicyact

3、uallyisaffectedbyfactorsofcorporatelevel，industrylevelandmacrolevel．UsingtheOLScross-sectionalregressionmethod，thispaperconductsallempir—icalstudyof1742A—sharelistedcompaniesinthe2001-2012periods．Weempiricallystudytheeffectsoffinancialcharacteristics．specificallydebtandworkingcapitalre—quiremen

4、tsoncashholdings，combiningindustrialfactorsandmacroeconomicfactorsWeexploretheissuesofcashholdinglevelsandtheirdeterminantsamongdifferentindustriesandunderdifferentmacroeconomiccircumstances．Therearefivesectionsinthispaper：insection1，Iintroducetheresearchback—ground，researchframeworkandpotentia

5、linnovations；section2reviewstheliteratureandempiricalstudiesrelatedtocashholdingsandgivesabriefsummary；section3presentstheoreticanalysis，hypothesisandmodel-buildings；insection4，Iempiricallystudythedeterminantsofcashholdingsfromfinancialcharacteristics，industrialcharacteristicsandmacroeconomicsf

6、eatures；section5summarizesthispaper，pointsoutthepotentialinnovations，deficienciesandresearchofientationsinthefutureThemainconclusionsinclude：(1)theimpactsofleverageoncorporatecashholdingsis“non—monotonic”ratherthansimple“linearnegative’’：therelationshipoftotalleverageandcashholdingsisLtype，whil

7、etherelationshipoffinancialleverageandcashholdingsisUtype；(2)commercialcreditdebtratiohasasignificantpositiveeffectoncashholdings，andthehigherthecommercialcreditdebtratiois，indicatingtheOPMstrategyimplementsefficiently，thehigherca