预防性动机与公司现金持有量的关系:来自中国上市公司的证据被引量：11

Relationship of Precautionary Motivation and Cash Holdings:Evidences from Chinese Listed Companies

下载PDF

导出

摘要文章主要讨论我国上市公司现金持有量与公司风险间的相关关系。与以往文献主要关注公司财务特征、公司治理等研究不同,本文从预防性动机、风险这一视角来讨论公司现金持有量问题。本文利用沪深两市上市公司样本(2002-2006)证实了现金持有量、风险及公司预防动机间的相关关系。结论表明,凯恩斯理论中的现金持有的预防性动机理论在中国仍然具有很强的解释力。 This paper focuses on the relationship between cash holdings and corporate risks. Different from the existing researches which paid much attention on financial characteristics and corporate governance as research variables, this paper studies the problem of cash holdings from perspective of precautionary motivation and corporate risks. Based on China＇s listed companies＇ data （2002-2006）, this paper explains the positive relationship between precautionary motivation, cash holdings and corporate risks. The conclusion shows that the Keynes＇ precautionary motivation of cash holdings theory remains a classic and still has its great explanatorily power on China＇s companies.

作者高克智王辉刘娜

机构地区安徽工商职业学院会计系北京工商大学商学院

出处《华东经济管理》 CSSCI 2011年第9期134-138,共5页 East China Economic Management

关键词预防性动机现金持有量风险 precautionary motivation cash holdings risks

分类号 F275 [经济管理—企业管理]

引文网络
相关文献

参考文献15

1凯恩斯.就业、利息和货币通论[M].北京:商务印书馆,1999.174-186.
2Opler T, Pinkowitz L, Stulz R, et al. The determinants and implications of cash holdings [J]. Journal of Financial Economics, 1999,52: 3-46.
3Baumol W S. The transactions demand for cash : An inventory theoretic approach [J ]. Quarterly Journal of Economics, 1952, 1 : 101-124.
4Myers S C, Majluf N. Corporate financing and investment decisions when firms have information that investors do not have [J ]. Journal of Financial Economies, 1984,13:187-221.
5Jensen M C, Meckling W H. Theory of the firm: Managerial behavior, agency costs and ownership structure [J]. Journal of Financial Economics, 1976,3 : 305-360.
6Myers S C. Determinants of corporate borrowing [J ]. Journal of Financial Economics, 1977,5 : 147-175.
7Ozkan A, Ozkan N. Corporate cash holdings: an empirical investigation of UK companies [ EB/OL ]. [ 2010-03-05 ]. http :// papers, ssrn. com/.
8Almeida H, Campello M, Weisbach M. The cash flow sensitivity of cash[J]. The Journal of Finance, 2004,59 : 1777-1804.
9Han S J, Qiu J P. Corporate precautionary cash holdings [R]. Working paper, SSRN, 2005.
10Chang X T J, Tan G, Wong H F Zhang. The effects of financial contraints on corporate policies in Australia[R]. Work- ing paper, SSRN, 2006.

二级参考文献11

1中国证监会颁布的《上市公司行业分类指引》.
2Almeida, H., M. Campello and M. S. Weisbach, 2002,"The Demand for Corporate Liquidity: A Theory and Some Evidence", Working Paper, University of Illinois and New York University.
3Denis, D. K. and J. J. McConnell, 2003, "International Corporate Governance", Journal of Financial and Quantitative Analysis, Vol. 38, pp.1-36.
4Dittmar, Amy, Jan Mahrt-Smith and Henri Servaes,2003, "International Corporate Governance and Corporate Cash Holdings", Journal of Financial and Quantitative Analysis, Vol.38, pp.111-133.
5Harford, J., 1999, "Corporate Cash Reserves and Acquisitions", Journal of Finance, Vol. 54, pp. 1969-1997.
6Meltzer, A. H., 1963, "The Demand for Money: A Cross-Section Study of Business Firms", Quarterly Journal of Economics, Vol. 77, pp.405-422.
7Miller, M. H. and D. Orr, 1966, "A Model of the Demand for Money by Firms", Quarterly Journal of Economics, Vol. 80,pp.413-435.
8Mikkelson, W. H. and M. M. Parteh, 2003, "Do Persistent Large Cash Reserves Hinder Performance?", Journal of Financial and Quantitative Analysis, Vol. 38, pp.275-294.
9Mulligan, C. B., 1997, "Scale Economies, the Value of Time and the Demand for Money: Longitudinal Evidence from Firms", Journal of Political Economy, Vol. 105, pp.1061-1079.
10Opler, T., L. Pinkowitz, R. Stulz and R. Williamson,1999, "The Determinants and Implications of Corporate Cash Holdings", Journal of Financial Economics, Vol. 52, pp.3-46.