行业技术处境、所有制与公司现金持有——来自中国上市公司的经验证据

Industry Technology Situation,Ownership and Corporate Cash Holding: Evidences from Chinese Listed Company

基于中国上市公司2001～2008年的数据,研究了公司生产效率在行业中的相对位置,即行业技术处境对现金持有的影响。公司出于预防性动机,持有现金来缓解融资约束对生产效率的制约作用,因此高行业技术处境的公司会持有更多的现金,两者显著正相关。进一步按照所有制分类研究国有企业和私营企业中技术处境在影响现金持有方面的差异发现,私营企业中行业处境对现金持有的影响程度要高于国有企业,反映融资约束程度更高的私营企业进行积极的现金管理行为。

This paper investigates the impact that the industry technology situation, which represents the individual firm＇s production efficiency in the industry＇s relative position,has on cash holding in a sample of listed enterprises in China during the period 2001-2008. The results show that industry technology situation is positively related to cash holding, and that precaution motivation of cash holding is to ease restriction of the financing constraints on production efficiency. Further,the research on the differences of cash holding from the perspective of ownership finds that private enterprises show stronger relationship between industry technology situation and cash holding than state-owned enterprise ,which reflects that the private enterprises is employing the more active cash holding management to withstand the restriction of financing.