融资约束影响我国上市公司的现金持有政策吗——来自现金-现金流敏感度的分析

Do Financial Constraints Affect Corporate Cash Holding of China Listed Companies——Analysis of Cash and Flow Sensitivity of Cash

作为一种重要的内部融资手段,公司现金持有政策是公司管理层必须要考虑的一个问题。本文从公司所受到的融资约束角度出发,采用现金-现金流敏感度作为检验指标,研究了我国上市公司的现金持有策略。实证结果发现按照通常的融资约束分类标准,融资受约束和不受融资公司的现金持有政策并没有显著的差异。这个结果一方面说明我国资本市场发展的还不成熟,绝大多数公司都面临着严重的融资约束问题。另一方面隐含着我国大多数上市公司都存在滥用“自由现金流”的现象。因此我们的结论不能有效地支持融资约束影响了我国上市公司现金持有政策这一假说。

Being an important internal financial source, corporate cash holding policy must be considered by managers. From the perspective of financial constraints, we study cash holding policy of China listed companies by using the cash flow sensitivity of cash. According to our financial constraints criteria, we find that both constrained firms and unconstrained firms have a positive cash flow sensitivity of cash. It suggests that all companies may be constrained because of our undeveloped stock market. Or it may imply that management has a tendency of abusing cash flow. We have not enough evidence that financial constraints do affect cash holding policy of our listed companies.