CAJ | 학술논문

利用2008—2011年中国上市公司数据，本文从最终控制人的视角来识别中国上市公司中的企业集团，在此基础上考察了企业集团、货币政策与现金持有之间的关系。研究发现：首先，从整体上来看，与独立公司相比，企业集团控制的上市公司现金持有量更低；其次，货币政策对企业现金持有有着显著的影响，紧缩性的货币政策导致上市公司现金持有量增加；第三，企业集团能够削弱紧缩性货币政策对现金持有水平的影响，在货币政策紧缩时期集团控制的上市公司的现金持有水平增加更少；最后，企业集团、货币政策对现金持有的影响存在显著的所有制差异。一系列的稳健性检验结果进一步证实了上述结论的可靠性。
이용2008—2011년중국상시공사수거，본문종최종공제인적시각래식별중국상시공사중적기업집단，재차기출상고찰료기업집단、화폐정책여현금지유지간적관계。연구발현：수선，종정체상래간，여독립공사상비，기업집단공제적상시공사현금지유량경저；기차，화폐정책대기업현금지유유착현저적영향，긴축성적화폐정책도치상시공사현금지유량증가；제삼，기업집단능구삭약긴축성화폐정책대현금지유수평적영향，재화폐정책긴축시기집단공제적상시공사적현금지유수평증가경소；최후，기업집단、화폐정책대현금지유적영향존재현저적소유제차이。일계렬적은건성검험결과진일보증실료상술결론적가고성。
We investigate whether business groups and monetary policy in China influence corporate cash hold- ings of member firms. We find that the group affiliated firms have lower corporate cash holdings than the independent ones, which means business group acting as internal capital markets. We also find that corporate cash holdings increase when monetary policy become tighter and business group help member firms overcome the impact of tightening monetary policy. Finally, the impact of business group and monetary policy on corporate cash holdings vary between SOE and Non-SOE, we find a more significant correlation in Non- SOE sample.