外部融资约束与公司现金持有量研究

Study on the Relationship between External Financing Constraints and Corporate Cash Holdings

利用2000—2006年沪深两市A股上市公司的财务数据，应用Logistic回归模型和多元判别分析法分别构建两个融资约束指数，分析外部融资约束与公司现金持有量之间的关系。实证研究发现，从现金持有量水平来看，中国上市公司融资约束程度与现金持有量水平之间呈现负相关关系，这种负相关关系主要是源于高融资约束组公司的内外部资金来源约束；从现金持有量的变化来看，中国上市公司融资约束与现金一现金流敏感性之间存在显著为正的相关关系，说明融资约束程度较高的公司比融资约束程度较低的公司具有更高的现金积累倾向。

This paper empirically examines the relationship between external financing constraints and corporate cash holdings, using the data of China＇s listed companies with A- share issued in Shenzhun and Shanghai Stock Exchange. Firstly, the authors construct two financing constraint indexes, using logistic regression model and multiple discriminant analysis, respectively. The authors then empirically examine the relationship between external financing constraints and corporate cash holdings. Empirical results show that the relationship between financing constraints and corporate cash holdings is significantly negative, which is contrary to the results found by foreign scholars. Further evidence shows that the negative relationship between external financing constraints and corporate cash holdings is stemmed from the internal and external sources of funds for highly financially constrained companies. In addition, the relationship between financing eonstraints and the cash flow sensitivity of cash is significantly positive. This shows that highly financially constrained companies have higher propensity to save cash than lowly financially constrained companies.