现金持有在企业投资支出中的平滑作用—基于融资约束的视角

doi:10.16381/j.cnki.issn1003-207x.2015.01.002

中国管理科学 ›› 2015, Vol. 23 ›› Issue (1): 10-16.doi: 10.16381/j.cnki.issn1003-207x.2015.01.002

现金持有在企业投资支出中的平滑作用—基于融资约束的视角

刘端, 彭媛, 罗勇, 周有德, 陈收

湖南大学工商管理学院, 湖南长沙 410082

收稿日期:2012-07-30 修回日期:2013-12-10 出版日期:2015-01-20 发布日期:2015-01-21
作者简介:刘端(1978-),女(汉族),湖南岳阳人,湖南大学工商管理学院,副教授,博士,研究方向:投融资决策、风险管理、公司理财.
基金资助:
国家自然科学基金重点资助项目 (71031004);国家自然科学基金青年项目(71202137);湖南省自然科学基金项目(12JJ4072);国家自然科学基金创新研究群体资助项目(71221001);湖南大学"青年教师成长计划"资助

Cash Holdings Smooth Investment: Base on the Perspective of Financial Constraints

LIU Duan, PENG Yuan, LUO Yong, ZHOU You-de, CHEN Shou

School of Business Administration, Hunan University, Changsha 410082, China

Received:2012-07-30 Revised:2013-12-10 Online:2015-01-20 Published:2015-01-21

摘要/Abstract

摘要： 由于内外部融资具有不确定性,可能导致企业投资支出发生波动。而投资支出的变化会引发高昂的调整成本,因此企业有必要保持投资支出的相对稳定。本文重点关注企业在保持投资支出稳定的过程中,现金持有在平滑投资中的作用。以沪深两市A股上市公司1998-2010年的面板数据为样本,利用带凸性调整成本的动态投资模型,首先检验了现金持有对投资支出在总体样本中的平滑作用。然后进一步引入融资约束的视角,通过分组回归,比较分析了在不同融资约束程度下现金持有对投资的平滑作用的差异。研究表明,现金持有对企业投资有显著平滑作用,且这种平滑作用在融资约束程度较高的企业中表现得更为明显。本文的研究丰富了现有文献,为我国上市公司现金持有政策和投资决策的制定提供了一定的理论和实证依据。

关键词: 现金持有, 投资平滑, 融资约束

Abstract: Firm's investment expenditure changes frequently because both internal and external financing are volatile, which will cause high adjustment costs. Therefore, firms should maintain stable investment expenditure. The effect that cash holdings have on firm's investment expenditure is considered in this paper. Based on the panel data of the listed companies in China A share market from 1998 to 2010, using the dynamic investment model with convex adjustment costs, the smoothing effect that cash holdings have on firm's investment expenditure in the total sample firstly is examined. Then, from the perspective of financing constraints, the differences of the smoothing effect are further analyzed under the different levels of financing constraints through group regression. It is found that cash holdings have a significant smoothing effect on firm's investment expenditure, and this effect is more pronounced when firms being financial constraints. The existing literature is enriched, and a certain theoretical basis is provided for making decisions about cash holdings and investment for Chinese listed companies.

Key words: cash holdings, investment smoothing, financial constraints

中图分类号:

F276.6

刘端, 彭媛, 罗勇, 周有德, 陈收. 现金持有在企业投资支出中的平滑作用—基于融资约束的视角[J]. 中国管理科学, 2015, 23(1): 10-16.

LIU Duan, PENG Yuan, LUO Yong, ZHOU You-de, CHEN Shou. Cash Holdings Smooth Investment: Base on the Perspective of Financial Constraints[J]. Chinese Journal of Management Science, 2015, 23(1): 10-16.

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现金持有在企业投资支出中的平滑作用—基于融资约束的视角

Cash Holdings Smooth Investment: Base on the Perspective of Financial Constraints

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