两类高额现金持有行为动因及对公司业绩影响研究

Research on the Causes and Effects on Volatility of High Cash Holdings

本文对高额现金持有行为进行理论分析,确定了持续和波动两类高额现金持有行为的成因及其经济影响。为验证理论结果,以2004-2006年波动和持续高额持有现金的上市公司为研究样本,从高额现金持有量的数额和波动角度出发,分析两类异常高额现金持有行为对公司2007-2009年间业绩的影响,以进一步理清高额现金持有的动因、流向及其影响。结果发现持续高额现金持有行为是代理人权衡利弊的结果,该行为对公司业绩没有损害;波动高额现金持有行为受到委托代理冲突影响,对公司业绩有负向影响。

High cash holding behavior attracts researchers＇ attention for years, yet what drives this behavior and where it leads to are still confusing. We use theoretical models to identify the causes and effects on volatility of high cash holdings and in order to test this, we use firms which have persistent or fluctuant large cash reserves as samples in 2004-2006 to analyze their firm performance from 2007 to 2009. To overcome the drawbacks of existing research methods and explore the relationship between abnormal high cash holding and firm performance more deeply, using sample specification, linear regression, logistic regression and Pearson correlation analysis, we find that persistent large cash reserves do not harm performance, which proves tradeoff theory; fluctuant large cash reserves have negative influence on performance, which supports proxy theory.