摘要
本文研究了中国上市公司现金持有行为的行业特征及其影响因素。结果表明:(1)不同行业间的现金持有存在显著差异,且这种差异在时序上表现出高度的稳定性;(2)就行业内部而言,个别公司的现金持有倾向于向行业均值收敛,调整成本导致偏离幅度越大收敛速度越慢,平均调整半周期约为1.3年;(3)资产结构、行业竞争强度以及行业收益不确定性都是导致现金持有水平行业差异的重要因素。上述结果为权衡理论提供了有力的经验支持,表明中国上市公司会在权衡现金持有利弊的基础上确定目标现金持有水平,而行业均值是一个重要的参考标准。
This paper investigates the industrial determinants of the cash holding behavior in Chinese listed firms. The results show that,(1) there are significant differences of cash holding between industries,and such differences are stable over time; (2) individual firm tends to adjust its cash holding toward the industrial average,and the converge speed is negatively correlated with the departure of the target level,with an average speed about 1. 3 years; (3) factors such as assets structure,competition,and the uncertainty of industrial profits,are imported to intra-industrial difference of cash holding. These results provide strong evidence to the trade - off theory,indicating that Chinese listed firms maintain target cash holding,with industrial average being an important benchmark.
出处
《会计研究》
CSSCI
北大核心
2011年第7期66-72,97,共7页
Accounting Research
基金
国家自然科学基金(71002056
70902071)
教育部人文社会科学研究基金(09YJC790269)
2009年度中央高校基本科研业务费专项资金
中山大学经济研究所基地建设经费资助
