南昌大学学报：人文社会科学版
南昌大學學報：人文社會科學版
남창대학학보：인문사회과학판
Journal of Nanchang University(Humanities and Social Sciences)
2015年
1期
78~82
,共null页
融资约束 现金-现金流敏感性 现金积累倾向
融資約束 現金-現金流敏感性 現金積纍傾嚮
융자약속 현금-현금류민감성 현금적루경향
financial constraint ; cash flow sensitivity of cash ; cash - saving propensity
公司现金持有政策是公司财务管理的核心内容,近年来受到国内外学者的广泛关注。从外部融资约束的视角考察上市公司现金持有政策的影响因素发现,我国上市公司总体上具有显著为正的现金-现金流敏感性,表明上市公司普遍具有现金积累倾向;而且公司融资约束程度越高,现金积累倾向越大,表明公司融资约束显著影响公司现金持有政策。因此,政府应该进一步完善我国资本市场,采取切实措施拓展公司融资渠道,缓解公司外部融资约束。
公司現金持有政策是公司財務管理的覈心內容,近年來受到國內外學者的廣汎關註。從外部融資約束的視角攷察上市公司現金持有政策的影響因素髮現,我國上市公司總體上具有顯著為正的現金-現金流敏感性,錶明上市公司普遍具有現金積纍傾嚮;而且公司融資約束程度越高,現金積纍傾嚮越大,錶明公司融資約束顯著影響公司現金持有政策。因此,政府應該進一步完善我國資本市場,採取切實措施拓展公司融資渠道,緩解公司外部融資約束。
공사현금지유정책시공사재무관리적핵심내용,근년래수도국내외학자적엄범관주。종외부융자약속적시각고찰상시공사현금지유정책적영향인소발현,아국상시공사총체상구유현저위정적현금-현금류민감성,표명상시공사보편구유현금적루경향;이차공사융자약속정도월고,현금적루경향월대,표명공사융자약속현저영향공사현금지유정책。인차,정부응해진일보완선아국자본시장,채취절실조시탁전공사융자거도,완해공사외부융자약속。
Corporate cash - holding policy is the main content of financial management, and it got a lot of atten- tion in the past years. This paper examines the factors that impact the cash - holding policy and find all the compa- nies take on a significantly positive cash flow sensitivity of cash in general, and further evidence shows that the cash flow sensitivity of cash of the highly financially constrained companies is significantly greater than that of the lowly financially constrained companies. This evidence shows that financial constraint has a significant impact on the cash - holding policy. The government should improve the capital market and enlarge the financing channels, and relax the degree of financial constraint.
