投资效率、现金持有与企业价值——基于融资约束视角的研究

The Efficiency of Investment,Cash Holdings and Corporate Value——A Research Based on Financial Constraints

本文以2006～2010年沪深股市中的872家非金融类上市公司为研究对象,利用多元线性回归分析来研究融资约束公司与非融资约束公司现金持有价值存在的差异以及造成这种差异的根源.研究发现：首先,融资约束公司的现金持有价值显著高于非融资约束公司的现金持有价值,这表明现金持有对于融资约束类的公司具有更高的价值.其次,小规模公司和民营企业的投资效率显著高于大规模公司和国有企业;股利支付率较低和位于金融市场发展程度较低地区的公司,其投资效率与股利支付率较高和位于金融市场发展程度较高地区公司的投资效率无显著差异;而财务状况较差公司的投资效率显著低于财务状况较好的公司.

The author took non-financial listed companies in Shanghai and Shenzhen stock exchange from 2006 to 2010, and used multivariable linear regression models to study the value difference of cash holdings between financing constraints and non financing constraints corporations and the fundamental reason of the value difference. The study got these conclusions. First,the value of the cash held by the non financing constraints companies was significantly higher than that of financing constraint companies,which indicated that the cash held by the financing constraint company owned higher value. Second,the investment efflciency of small companies and private enterprises was significantly higher than large companies and state-owned enterprises;and the investment efficiency has no difference between paying lower and higher dividend＇s firms;and there was no difference of the investment efficiency between located in the area of lower level of development of the financial market and higher;ones while the investment efflciency of the companies in the poor financial position was significantly lower than those in the better financial position.