我国上市公司规模与现金持有水平关系的实证研究
The Relationship between Firm Size and Cash Holdings: Empirical Researches on Chinese Listed Companies
Abstract
现金是企业流动性最强的资产。现金持有水平是否恰当,决定了它对企业的作用是增值还是损值。由于最优的现金持有水平难以决定,这一研究领域一直是学术界讨论的热点,同时也得到公司的财务决策者、投资者、资本市场政策制定者们的关注。 几乎所有研究公司现金持有行为的学者都肯定公司规模是一个显著相关的变量,并且都将其作为一个理所当然的控制变量引入各自的模型中,但几乎没有文献对二者的关系进行专门讨论。鉴于公司规模是一个具有丰富内涵的综合性变量,同时鉴于现有国内外文献对二者关系不能形成一致结论,本文将现金持有的影响因素作为研究视角,并且主要以公司规模作为主线。首先回顾了国内外关于公司规模与现金持有水平关系的现有理... Firms’ cash holdings have a two-side consequence, leading it still a puzzle for both practical and academic fields. Firm size has become such a routine control variable in empirical corporate finance studies that it receives little or no discussion in most research papers, even though it is not uncommonly among the most significant variables. Since the variable of firm size is closely linked with ...