宏观经济波动对现金持有量的影响:来自我国上市公司的经验证据

The Impact of Macroeconomic Fluctuations on Firm's Cash Holdings:The Empirical Evidence from Listed Companies of China

本文以我国2001-2011年上市公司为样本,采用面板数据固定效应模型对宏观经济波动与企业现金持有量的关系进行了实证研究。结果表明,在宏观经济繁荣时期,即经济景气、经济快速增长、货币供应充足时,企业持有现金水平较低;而在宏观经济萧条不景气,经济增长放缓,货币供给紧张时,企业会持有的较高的现金余额。此外我们还发现融资约束严重的公司对于宏观经济波动状况更敏感。

Using samples of listed companies in China＇s stock market over the period of 2001-2011, we examine the impact of macroeconomic fluctuations on firm＇s cash holdings. The research result shows that cash holdings has significantly negative re- lation with macroeconomic fluctuations, which means that firm hold less cash when economic conditions is in ascending peri- od, the supply of money grows and the firms hold more cash when economic is downturn, money supply tighten. Ours re- search provides empirical evidence about the relation between cash holdings and macroeconomic conditions , showing the dif- ferences from financial constraints. The cash holdings of firms with strong financial constraints are more sensitive to the chang- es of macroeconomic fluctuations,