负债融资对企业现金持有行为的影响研究——来自中国上市公司的经验证据

Research on the Relationship between Debt Financing and Cash Holdings Behavior——Empirical Evidences from Chinese Listed Companies

以中国上市公司为研究对象，以2004—2006年的横截面数据为基础，考察了负债水平、负债期限结构及负债来源对企业现金持有行为的影响。实证结果表明，公司的现金持有量与负债水平呈现一种非线性的“U”型关系；公司的现金持有量与短期负债比例正相关，而与长期负债比例负相关，说明负债的期限结构会影响企业的现金持有行为；从负债来源看，公司的现金持有量与银行负债比例负相关，而与商业信用比例正相关。

This paper＇s focus is on the relation between cash holdings and debt financing of listed firms from China using data over the pefled 2004 - 2006. The authors argue that the impact of leverage on cash balances of finns is likely to be non - monotonic. And the findings provide strong and robust support for a significant nonlinear U- shape relation between cash holdings and leverage. Furthermore, the results show that debt maturity structure and the sources of debt also affect cash balances of firms. That is, firms tend to increase their cash balances as their short term loan increases or their trade credit increases. And they will reduce their cash reserves when their bank debt or long term loan increases.