上市公司现金持有过量对投资行为及效率的影响分析

An Empirical Study on the Relationship between Positive Excess Cash Holdings and the Performance of Investment in China's Listed Firms

文章以1998-2006年连续4年以上有数据的沪深股市的上市公司为样本,实证分析现金持有过量对公司投资行为及其效率的影响。实证发现:(1)现金持有过量越多,公司的长期投资能力增强。(2)暂时性和持续性过量的公司相比,过量现金对投资行为的影响表现存在差异。(3)过量现金持有对公司业绩提升无贡献;过量现金的投资使用效率低下,普遍存在过度投资现象。

The article selects listed firms that continuously have data for more than 4 - years during 1998 -2006 in Shenzhen and Shanghai Stock Exchange as sample. We find, listed firms＇ positive cash holdings and long - time investment have a positive relationship, and with short - time investment have a negative relationship. Between the Listed firms, which temporary or continually 2 - years or continual- ly 3 -years have positive cash holdings, investments behaviors are difference. Listed firms＇ positive cash holdings and corporate performance has significance negative or no significance relationship. And listed firms which temporary or continually 2 - years or continually 3 - years have positive cash holdings, investments that affected by positive excess cash holdings have no benefit to the performance.