宏观政策调整下银企关系与公司现金持有策略

Bank-Enterprise Relationship and Corporate Cash Holding Strategy under Macro Policy Adjustment

本文用企业获得银行融资贷款的难易程度代替银企关系水平,实证研究银企关系和宏观政策调整是否会影响公司现金持有水平。研究结论显示银企关系密切的公司常常持有更少的现金,反之公司则在货币政策紧缩期间持有更多的现金,这是因为从外部筹集资金的代价过高。这一研究结果符合现金持有的预防性动机理论和融资优序理论。

This paper investigates whether bank - enterprise relationship and macro policy adjustment can affect the level of corporate cash holding by substituting the degree of difficulty of corporate gaining financial external fund from banks for the level of bank - enterprise relationship. As expected, strong evidence supports that firms with stronger bank - enter- prise relationship tend to hold less cash. Based on the study, it is also found that firms without stronger bank - enterprise relationship hold more cash in the tighter period of monetary policy, owing to excessive costs of external financing. Our findings are in line with both the precautionary motive and pecking order theory of financing for holding cash.