CAJ | 학술논문

本文用企业获得银行融资贷款的难易程度代替银企关系水平，实证研究银企关系和宏观政策调整是否会影响公司现金持有水平。研究结论显示银企关系密切的公司常常持有更少的现金，反之公司则在货币政策紧缩期间持有更多的现金，这是因为从外部筹集资金的代价过高。这一研究结果符合现金持有的预防性动机理论和融资优序理论。
본문용기업획득은행융자대관적난역정도대체은기관계수평，실증연구은기관계화굉관정책조정시부회영향공사현금지유수평。연구결론현시은기관계밀절적공사상상지유경소적현금，반지공사칙재화폐정책긴축기간지유경다적현금，저시인위종외부주집자금적대개과고。저일연구결과부합현금지유적예방성동궤이론화융자우서이론。
This paper investigates whether bank - enterprise relationship and macro policy adjustment can affect the level of corporate cash holding by substituting the degree of difficulty of corporate gaining financial external fund from banks for the level of bank - enterprise relationship. As expected, strong evidence supports that firms with stronger bank - enter- prise relationship tend to hold less cash. Based on the study, it is also found that firms without stronger bank - enterprise relationship hold more cash in the tighter period of monetary policy, owing to excessive costs of external financing. Our findings are in line with both the precautionary motive and pecking order theory of financing for holding cash.