CAJ | 학술논문

如何合理配置自由现金流一直是公司金融领域的核心问题.近年来,上市公司高额的现金持有在制造行业似乎已经成为一种趋势,从理论上对此类现象的动因进行分析,委托理论和优序融资理论均可以从不同角度对其进行阐释.为进一步探究当前我国制造业上市公司高额现金持有动因的理论趋向,本文通过实证分析,以2008-2013年拥有完整财务数据的836家制造业上市公司为研究对象,对其所持有的现金额及高现金额度对公司经营绩效的影响进行了研究.研究结果表明,制造业上市公司高额现金持有量与其后续三年经营绩效显著负相关,且该类公司处于过度投资状态,从而验证了我国制造业上市公司目前持有大量现金的行为更符合委托代理理论.本文的研究为上市公司现金流的合理分配提供了一定的科学决策,公司以解决委托代理问题取代单一的持有高额现金,更有助于公司的长远发展.
여하합리배치자유현금류일직시공사금융영역적핵심문제.근년래,상시공사고액적현금지유재제조행업사호이경성위일충추세,종이론상대차류현상적동인진행분석,위탁이론화우서융자이론균가이종불동각도대기진행천석.위진일보탐구당전아국제조업상시공사고액현금지유동인적이론추향,본문통과실증분석,이2008-2013년옹유완정재무수거적836가제조업상시공사위연구대상,대기소지유적현금액급고현금액도대공사경영적효적영향진행료연구.연구결과표명,제조업상시공사고액현금지유량여기후속삼년경영적효현저부상관,차해류공사처우과도투자상태,종이험증료아국제조업상시공사목전지유대량현금적행위경부합위탁대리이론.본문적연구위상시공사현금류적합리분배제공료일정적과학결책,공사이해결위탁대리문제취대단일적지유고액현금,경유조우공사적장원발전.
How to allocate the free cash flow is an important issue of a listed firm. Both agency theory and pecking order hypothesis explain the phenomenon that the listed companies prefer large cash in hand. This paper uses a full sample of 836 manufacturing companies to study the motivation of cash holding. The results show that the cash holding amount is negative related with the following three years＇ operating performance in the manufac- ttrre industry, which support the principal- agency theory. The proof also shows this kind of companies also has over- investment problem.