“钱慌”背景下的企业现金持有研究:一个理论框架

A Theoretical Framework of Enterprise Cash Holdings under the Background of "Money Shortage"

宏观经济下的通货膨胀会影响货币价值,从而影响现金持有策略。从微观视角下,影响现金持有策略的因素有公司治理、公司特征以及经营周期等。本文在分析企业持有现金动机受宏观经济波动影响时,主要从宏观经济环境影响公司的现金持有量、现金持有的权衡理论、融资优序理论以及代理成本理论等方面进行了详细阐述。

The macro economy inflation will affect the value of the currency, which affects cash holding policy. From the micro perspective, the influencing factors of cash holdings policy include corporate governance, characteristics and business cycle. Based on the analysis of corporate cash holdings motivation by the macro economic fluctuations, this article discusses the influence of macro economic fluctuations on cash holdings mainly from the affecting volume, the trade-off theory, pecking order theory and agency cost theory.