CAJ | 학술논문

本文建立一个简化的存货缓冲模型来形式化管理者的现金持有决策，并基于中国非金融类上市公司2001-2009年间的面板数据，考察不同融资约束条件下宏观经济不确定性对企业现金持有行为的影响。研究发现，宏观经济不确定性对企业的现金持有水平具有显著的正向影响；相比于低融资约束的公司，高融资约束公司的现金持有水平对宏观经济不确定性变化具有更高的敏感性。研究结果有助于增进对中国制度情境下企业流动性需求行为的理解。
본문건립일개간화적존화완충모형래형식화관리자적현금지유결책，병기우중국비금융류상시공사2001-2009년간적면판수거，고찰불동융자약속조건하굉관경제불학정성대기업현금지유행위적영향。연구발현，굉관경제불학정성대기업적현금지유수평구유현저적정향영향；상비우저융자약속적공사，고융자약속공사적현금지유수평대굉관경제불학정성변화구유경고적민감성。연구결과유조우증진대중국제도정경하기업류동성수구행위적리해。
We develop a simplified buffer-stock model to formalize manager＇ s cash holding decision, and investigate the impact of macroeconomic uncertainty on firm cash holding behavior using a broad sample of Chinese non-financial listed companies from 2001 - 2009. We find that macroeconomic uncertainty has a positive impact on firm cash holdings. Compared to financially constrained firms, financially unconstrained firms＇ cash holdings are more sensitive to change of macroeconomic uncertainty. Our findings contribute to the understanding on firms＇ demand behavior for liquidity in institutional context of China.