金融发展、融资约束与公司流动性——来自中国上市公司的经验证据

Financial Development,Financial Constraints,and Corporate Liquidity:Eempirical Evidence from Chinese Listed Corporates

从现金—现金流敏感性和现金持有水平两个角度出发,考察了金融发展对中国上市公司流动性管理行为的影响。研究结果表明,金融发展水平的提高,可以显著降低上市公司的现金—现金流敏感性和现金持有水平。同时,相对于低融资约束公司,高融资约束下,以上两种负向影响更为显著。结论为金融发展与微观层面融资约束及公司流动性管理的相关研究提供了经验依据。

This paper examines how financial development impact financial constraints and liquidity management behavior of Chinese listed corporates from two perspectives of the cash - cash flow sensitivity and cash holdings levels. The empirical results show that financial development significantly reduces the cash flow sensitivity of cash and cash holdings. Meanwhile, compared to financially unconstrained corporates, these two negative effects perform more significantly in financially constrained corporates. These findings enrich the related study on how financial development can impact corporate financial constraints and liqudity management on microscopic level.