我国上市公司现金持有量的影响因素研究--基于微观、中观、宏观视角
A Study on The Determinant Factors of Cash Holdings--Based on Micro, Meso and Macro Perspective
Abstract
现金持有量一直是财务学上受到关注的研究领域,近年来企业财务危机频发,不少知名企业由于资金链断裂导致破产重组,受到了业界和学术界的极大关注。企业的现金持有受到诸多因素的影响,从财务、经营到公司治理,再到行业、宏观政策,都会对现金持有量产生不同影响。本文将现金持有量的影响因素梳理后分为微观影响因素、中观影响因素和宏观影响因素三种,微观因素包括财务因素、经营因素和公司治理因素。财务因素主要指负债、现金流波动、资本支出等因素,经营因素包括多元化战略和产品市场竞争力因素,公司治理因素包含投资者保护、大股东持股水平、公司治理水平等因素。中观影响因素针对的是行业因素,不同的行业特质对现金持有量会产生不一样的... Cash holdings is always on great concern of the financial research areas. In recent years, many well-known enterprises fall into financial distress, and then come to bankruptcy due to capital chain rupture. Therefore, the academical and practical circle pay great attention this problem. Cash holdings of enterprises is affected by many factors, such as financial, operations or corporate governance...