房地产开发企业现金持有行为特征

Cash holding behavior of real estate developers

为研究房地产开发企业现金持有行为特征,运用实物期权理论框架分析了预防性动机与投机性动机下最优现金持有水平及其影响因素,并通过实证研究判断了A股上市房地产开发企业现金持有量是否最优以及偏离最优水平的影响因素。研究表明:受竞争环境、经营模式、发展阶段以及战略需求的影响,企业最优现金持有水平存在较大差异;中国A股上市房地产开发企业总体上存在现金持有水平偏低的问题,而且理论上要求现金持有量较高的企业更倾向于向下偏离最优水平,行业总体呈现出现金持有水平趋同的趋势。

Real option theory is used to investigate the cash holding behavior of real estate developers by analyzing these cash holdings and the factors impacting those holdings relative to the precaution and speculation attitudes of the developer. The optimal cash holdings for A-share listed developers and the factors impacting deviations from the optimums are justified by the empirical studies. The results show that the optimal cash holdings differ among developers due to the different competitive environments, operational patterns, development stages and management strategies of the developers. Currently, the cash holdings of A-share listed real estate developers are generally relatively low in China, especially for developers who theoretically should have high levels of cash. The cash holdings for the entire real estate industry are tending to converge.