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。
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.
[1] Cooper R W, Haltiwanger J C. On the nature of capital adjustment costs [J]. Review of Economic Studies, 2006, 73(3): 611-633.
[2] Myers S C, Majluf N S. Corporate financing and investment decisions when firms have information that investors do not have[J]. Journal of financial economics, 1984,13(2): 187-221.
[3] Baker M, Wurgler J. Market timing and capital structure[J]. The Journal of Finance, 2002,57(1): 1-32.
[4] 刘端,陈收,陈健. 市场时机对资本结构影响的持续度研究[J]. 管理学报,2006,3(1): 85-90.
[5] 胡志强,卓琳玲. IPO市场时机选择与资本结构关系研究——基于中国上市公司面板数据的实证研究[J]. 金融研究, 2008, (10): 136-149.
[6] Kim C S, Mauer D C, Sherman A E. The determinants of corporate liquidity: Theory and evidence[J]. Journal of Financial and Quantitative Analysis, 1998,33(3): 335-359.
[7] Opler T, Pinkowitz L, Stulz R. The determinants and implications of corporate cash holdings[J]. Journal of Financial Economics, 1999, 52(1): 3-46.
[8] Bates T W, Kahle K M, Stulz R M. Why do US firms hold so much more cash than they used to?[J]. The Journal of Finance, 2009,64(5): 1985-2021.
[9] Pinkowitz L, Williamson R. Bank power and cash holdings: Evidence from Japan[J]. Review of Financial Studies, 2001,14(4): 1059-1082.
[10] Baum C F, Caglayan M, Ozkan N. The impact of macroeconomic uncertainty on non-financial firms' demand for liquidity[J]. Review of Financial Economics, 2006,15(4): 289-304.
[11] 彭桃英,周伟. 中国上市公司高额现金持有动因研究——代理理论抑或权衡理论[J]. 会计研究, 2006, (5): 42-49.
[12] Brown J R, Petersen B C. Cash holdings and R&D smoothing[J]. Journal of Corporate Finance, 2011,17(3): 694-709.
[13] Eisner R, Strotz R H. The determinants of business investment [M].New Jersey: Prentice-Hall, 1963, 78-86.
[14] Fazzari S, Hubbard R G, Petersen B C. Financing constraints and corporate investment [J]. Brookings Papers on Economic Activity, 1988, 1:141-195.
[15] Allayannis G, Mozumdar A. The impact of negative cash flow and influential observations on investment-cash flow sensitivity estimates [J]. Journal of Banking and Finance, 2004, 28(5): 901-930.
[16] 韩立岩,娄静. 经营、投资和筹资现金流动态交互影响分析[J]. 中国管理科学,2010,18(2):1-7.
[17] Duchina R, Ozbasb O, Sensoyc B. Costly external finance,corporate investment,and the subprime mortgage credit crisis[J]. Journal of Financial Economics,2010,97(3): 418-435.
[18] 连玉君,苏治. 融资约束、不确定性与上市公司投资效率[J]. 管理评论, 2009, 21(1): 19-26.
[19] 饶华春. 中国金融发展与企业融资约束的缓解——基于系统广义矩估计的动态面板数据分析[J]. 金融研究, 2009, (9): 156-164.
[20] 马健,刘志新,张力健.双重异质信念下中国上市公司融资决策研究[J].中国管理科学,2012,20(2):50-56.
[21] 张新民,王珏,祝继高. 市场地位、商业信用与企业经营性融资[J]. 会计研究, 2012, (8): 58-65.
[22] Deshmukh S, Vogt S C. Investment, cash flow, and corporate hedging[J]. Journal of Corporate Finance, 2005,11(4): 628-644.
[23] Han S, Qiu Jiaping. Corporate precautionary cash holdings[J]. Journal of Corporate Finance, 2007, 13(1): 43-57.
[24] Bond S, Meghir C. Dynamic investment models and the firm's financial policy [J]. Review of Economic Studies, 1994, 61(2): 197-222.
[25] Denis D J, Sibilkov V. Financial constraints, investment, and the value of cash holdings[J]. The Review of Financial Studies, 2010,23(1): 247-269.
[26] Almeida H, Campello M, Weisbach M S. The cash flow sensitivity of cash [J]. Journal of Finance, 2004, 59(4): 1777-1804.
[27] Whited T M. Debt, liquidity constraints, and corporate investment: Evidence from panel data [J]. Journal of Finance, 1992, 47(4): 1425-1460.
[28] Gilchrist S, Himmelberg C P. Evidence on the role of cash flow for investment [J]. Journal of Monetary Economics, 1995, 36(3): 541-572.
[29] Erickson T, Whited T M. Measurement error and the relationship between investment and q [J]. Journal of Political Economy, 2000, 108(5): 1027-1057.
[30] Acharya V, Almeida H, Campello M. Is cash negative debt? A hedging perspective on corporate financial policies [J]. Journal of Financial Intermediation, 2007, 16(4): 515-554.
[31] 王彦超. 融资约束、现金持有与过度投资 [J]. 金融研究, 2009, (7): 121-133.
[32] Oliner S D, Rudebusch G D. Sources of the financing hierarchy for business investment [J]. The Review of Economics and Statistics, 1992, 74(4): 643-654.
[33] Kadapakkam P R, Kumar P C, Riddick L A. The impact of cash flows and firm size on investment: The international evidence [J]. Journal of Banking & Finance, 1998, 22(3): 293-320.
[34] Pagano M, Roell A A, Zechner J. The geography of equity listing: Why do companies list abroad? [J]. Journal of Finance, 2002, 57(6): 2651-2694.
[35] Lins K V, Strickland D, Zenner M. Do non-U.S. firms issue equity on U.S stock exchange to relax capital constraints [J]. Journal of Financial and Quantitative Analysis, 2005, 40(1): 109-133.
[36] Sun Qian,Tong W H S, Wu Yujun. The choice of foreign primary listing: China's share-issue privatization experience [R]. Institute for Financial and Accounting Studies, working paper, 2006.
[37] 陈国进, 王磊. 境外上市对融资约束的影响——基于H股公司的经验证据 [J]. 当代财经, 2007, (9): 47-51.
