CAJ | 학술논문

本文以沪深两市2008～2011年的上市公司为样本，将多元化经营对现金持有水平与现金持有价值的影响纳入一个整体研究框架，以同一个样本，检验了多元化经营对两者的共同影响。结果显示，总体上，多元化经营降低了公司的现金持有水平，然而多元化经营降低现金持有水平的同时并不一定提升现金持有价值，两者的对应关系与公司治理水平相关。本文研究表明单从现金持有水平或者现金持有价值的变化不能判定多元化经营的财务流动性效应。改善公司治理，抑制因多元化经营产生的代理问题是保障多元化经营财务流动性效应的关键。
본문이호심량시2008～2011년적상시공사위양본，장다원화경영대현금지유수평여현금지유개치적영향납입일개정체연구광가，이동일개양본，검험료다원화경영대량자적공동영향。결과현시，총체상，다원화경영강저료공사적현금지유수평，연이다원화경영강저현금지유수평적동시병불일정제승현금지유개치，량자적대응관계여공사치리수평상관。본문연구표명단종현금지유수평혹자현금지유개치적변화불능판정다원화경영적재무류동성효응。개선공사치리，억제인다원화경영산생적대리문제시보장다원화경영재무류동성효응적관건。
We bring corporate diversification influence on the level of cash holdings and cash value into an unified research framework, in which we examine how diversification affects corporate financial liquidity using a dataset of Shanghai and Shenzhen Stock Exchange from 2008 to 2011. We find that corporate diversification decreases the level of cash holdings, but does not necessarily increase the value of cash holdings, which is affected by the corporate governance. Our research indicates that we cannot predicate whether corporate diversification could enhance the financial liquidity, until we know both the relationship between diversification and the level of cash holdings, and the relationship between diversification and the value of cash holdings. Better corporate governance will protect the corporate diversification financial liquidity effect.