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

Abstract

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

CLC Number:

F276.6

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

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