中美上市公司流动性管理的比较研究——基于现金持有策略行业特征的发现

A Comparative Study of the Liquidity Management of Listed Companies in China and US——Findings Based on the Industrial Characteristics of Cash Holding

依据中美上市公司的行业划分,识别企业现金持有策略的行业特征。研究发现,与美国企业不同,中国企业现金持有策略的行业差异较弱;但是已呈现逐步改善迹象。参考美国企业现金持有策略行业差异的历史轨迹可预见:随着治理环境的改善,中国企业流动性管理将趋于理性。

According to the industry classification of Chinese and American listed companies,the authors identified the industrial characteristics of firms＇ cash holding policy.The results show that unlike the situation in the US,the differences in the cash holding policies of Chinese listed companies are weak,but there is a tendency of gradual improvement.With reference to the historical track of industry distinction in firms＇ cash holding policy of American firms,it can be foreseen that Chinese firms＇ liquidity management tends to be rationalized with the improvement of governance environment.