上市公司的现金持有:预防性动机还是逐利性动机——基于货币供给的研究视角

Cash Holding of Listed Companies: Precautionary or Profit-driven Motivation——From the Perspective of Money Supply

基于货币供给的研究视角,本文从静态和动态两个角度分析我国上市公司现金持有的动机。实证研究发现:基于货币供给视角,国有上市公司的现金持有具有逐利性动机;民营上市公司现金持有的预防性动机则不显著。该结论说明,我国近十年来充裕的货币供给导致融资约束机制甄别公司信贷资质的功能基本丧失,金融资源使用效率不高。为此,必须坚持"优化金融资源配置,用好增量、盘活存量"不动摇。

Based on the perspective of money supply, this paper analyzes the cash holding motivation of Chinese listed companies. It finds that the cash holding motivation of state-owned listed companies is profit-driven and the precautionary motivation of private companies is not significant. The result implies that the credit qualification mechanism of financing constraint poorly works because of abundant money supply in this decade.