货币政策、企业成长与现金持有水平变化

Monetary Policies,Enterprise' Growth,and the Change in the Level of Cash-holding

本文利用中国人民银行发布的"货币政策指数",研究了货币政策与企业现金持有的关系。我们发现,企业的现金持有水平会随着货币政策紧缩程度的变化而变化,当货币政策趋于从紧时,外部融资约束增强,企业会提高现金持有水平;当货币政策趋于宽松时,外部融资约束降低,企业会降低现金持有水平。在银根紧缩期间,为了缓解外部融资约束,满足未来投资需求,高成长企业会增加更多的现金。我们还发现,高成长企业和低成长企业在增加现金持有的融资方式上存在很大的差异。本文的结论支持了现金持有理论中的预防性动机和权衡理论。

By means of the use of 'the monetary index' issued by The People’s Bank of China, we have studied the relationship between monetary policies and firm’s cash holdings (CH). We have discovered that the level of Firm’s CH varies with the degree of the tightening of monetary policies: when the monetary policy tends to be tight, the constraints of external financing increase and firms will lift the level of CH; when the monetary policy tends to be loose, the constraints of external financing decrease and firms will lower the level of CH. During the period of monetary contractions, in order to lessen the restraints of external financing to meet the future demand for investment, firms that grow rapidly will increase more cash. We have also found that firms that develop quickly and firms that develop slowly quite differ in the ways of financing for the increase of CH. The results of our study have supported the precautionary incentives and trade-off theory in the theory of CH.