我国上市公司现金持有量的市场价值研究——基于融资约束理论的经验证据

Market Value of Corporate Cash Holdings of Listed Companies in China——Evidence Based on Financing Constraints Theory

本文选取2000～2006年期间沪深两市A股上市公司为研究样本,通过Logistic回归模型和多元判别分析分别构建两个反映公司外部融资约束程度的综合指数,并建立两个公司价值模型,实证考察了我国上市公司外部融资约束与公司现金持有量市场价值之间的关系。实证研究结果表明,融资约束公司现金持有量的市场价值显著高于非融资约束公司现金持有量的市场价值。同时,本文还考察了融资约束条件下公司现金持有量的价值增强路径,研究结果表明,融资约束公司现金持有量之所以具有较高的市场价值,是源于公司现金持有量能够提高融资约束公司的投资支出水平,缓解其潜在的投资不足问题。

This paper firstly uses the financial data of all listed companies with A-shares issued in Shanghai and Shenzhen stock exchanges during the period 2000 to 2006 to construct two synthetical index that reflect the degress of external financing constraints using logistic regression model and multiple discriminant analysis respectively. Then we empirically examine the influence of firms external financing constraints on the market value of corporate cash holdings using. Empirical results show that the market value of cash holdings of financially constrained companies is significantlly greater than that of financially unconstrained companies. Further results show that the higher market value of cash holdings of financially constrained companies is consistent with the fact that cash holdings of financially constrained companies accelerate its capital expenditure, and then mitigate the potential underinvestment problems faced by financially constrained companies.