上市公司现金持有水平对投资行为影响研究

Cash Holdings on the Investment Behavior in Listed Companies

企业持有现金是企业内部融资的一个重要手段,与投资行为密切相关。上市公司应持有多大规模的现金,才能使得现金持有成本和丧失投资机会的成本之和最低,这是企业管理层必须考虑的一个问题。该文旨在通过实证方法研究不同现金持有水平的公司在投资行为方面存在的差异以及投资效率的高低,并提出相应的建议对策,以期能够对公司的现金持有管理有所贡献。

Cash holdings,as an important means of internal financing,is closely related to investment behavior.The management should keep the total cost in the optimal standard which is consist by cash holdings cost and opportunity cost of investment chance loss.The investment behaviors and investment efficiency under different cash holdings are researched by empirical analysis,and some suggestions are provided in the paper.