浅析货币政策对于上市公司现金持有量的影响

On currency policy's influence on listed company's cash holdings

货币政策对于上市公司的融资行为和投资行为有着极为重要的影响,其主要反映在现金持有水平的变化上。由于不同类型的公司受到货币政策的影响是不同,而上市公司受货币政策影响最为明显。因此,本文将以上市公司为例来说明两者之间的关系。我们的研究主要围绕两个问题:一是货币政策紧缩对于上市公司的影响;二是当上市公司的实际持有人为非国有时,货币政策对于上司公司的影响。

The monetary policy has a very important influent on the behavior of listed companies and its investment behavior,mainly reflect on the changes of cash holding level.Because of deferent types of listed companies,it was different impacted by the monetary policy,and the estate companies was more impacted by monetary policy.Therefore,the text choice the estate companies as an example in order to illustrate the relationship between theirs.Our research is organized around two questions： One is monetary policy tightening effect for real estate companies;Two is real estate companies＇ choices in the external financing constraint.