中南大学学报(社会科学版)
中南大學學報(社會科學版)
중남대학학보(사회과학판)
JOURNAL OF CENTRAL SOUTH UNIVERSITY(SOCIAL SCIENCE)
2013年
3期
22-28
,共7页
现金持有量%盈利能力%货币资金%净资产报酬率%净利润%总资产报酬率
現金持有量%盈利能力%貨幣資金%淨資產報酬率%淨利潤%總資產報酬率
현금지유량%영리능력%화폐자금%정자산보수솔%정리윤%총자산보수솔
Cash holdings%Profitability%Monetary fund%Return on net assets%Net profit%Return on total assets
现金持有量和盈利能力是公司管理的两个重要方面.现金作为一项资产,其持有量的多少会影响企业的经营状况和盈利能力.研究现金持有量与盈利能力关系不仅充实了现金持有量理论和公司治理理论,还有利于公司对现金进行有效管理,帮助投资者做出最佳的投资决策.以2005—2010年间1155家A股上市公司为样本,以现金资产占比与货币资金为被解释变量,以总资产报酬率、净资产报酬率、主营业务净利率和净利润为解释变量,建立线性回归模型,对现金持有量与盈利能力的关系进行了实证检验.结果表明,现金持有量与盈利能力呈正相关关系.其中,现金持有量与净利润呈显著的正相关关系;现金资产占比与净资产报酬率呈显著的正相关关系,与总资产报酬率、主营业务净利率也呈正相关关系,但线性关系不显著.
現金持有量和盈利能力是公司管理的兩箇重要方麵.現金作為一項資產,其持有量的多少會影響企業的經營狀況和盈利能力.研究現金持有量與盈利能力關繫不僅充實瞭現金持有量理論和公司治理理論,還有利于公司對現金進行有效管理,幫助投資者做齣最佳的投資決策.以2005—2010年間1155傢A股上市公司為樣本,以現金資產佔比與貨幣資金為被解釋變量,以總資產報酬率、淨資產報酬率、主營業務淨利率和淨利潤為解釋變量,建立線性迴歸模型,對現金持有量與盈利能力的關繫進行瞭實證檢驗.結果錶明,現金持有量與盈利能力呈正相關關繫.其中,現金持有量與淨利潤呈顯著的正相關關繫;現金資產佔比與淨資產報酬率呈顯著的正相關關繫,與總資產報酬率、主營業務淨利率也呈正相關關繫,但線性關繫不顯著.
현금지유량화영리능력시공사관리적량개중요방면.현금작위일항자산,기지유량적다소회영향기업적경영상황화영리능력.연구현금지유량여영리능력관계불부충실료현금지유량이론화공사치리이론,환유리우공사대현금진행유효관리,방조투자자주출최가적투자결책.이2005—2010년간1155가A고상시공사위양본,이현금자산점비여화폐자금위피해석변량,이총자산보수솔、정자산보수솔、주영업무정리솔화정리윤위해석변량,건립선성회귀모형,대현금지유량여영리능력적관계진행료실증검험.결과표명,현금지유량여영리능력정정상관관계.기중,현금지유량여정리윤정현저적정상관관계;현금자산점비여정자산보수솔정현저적정상관관계,여총자산보수솔、주영업무정리솔야정정상관관계,단선성관계불현저.
Cash holdings and profitability of company management are two important aspects. Cash is an asset, and cash holdings will affect the management state and profitability of company. Studying on the relationship between cash holdings and profitability not only enriches the theory of cash holdings and corporate governance theory, but also helps the company to strengthen cash management, and helps investors make the best investment decisions. Selecting a sample of 1155 A-share companies listed from 2005 to 2010, through establishing of the linear regression model, this paper empirically examines the relationship between cash holdings and profitability, using the proportion of cash assets and monetary fund as the explained variables and return on total assets, return on net assets, net profit rate of the main business and net profit as the explanatory variables. The results shown that there is positive correlation between cash holdings and profitability, and cash holdings has a significant positive correlation with net profit. There is a significant positive correlation between the proportion of cash assets and t return on net assets, but it is a faint positive correlation with return on total assets, net profit rate of the main business.
