现金持有与宏观经济因素的传导机制——兼对现金持有理论的一个综述

Cash Holdings and the Propagation Mechanism of Macroeconomic Factors: A Literature Review

企业现金持有研究主要关注微观经济因素的影响。随着经济运行中内生因素和微观基础越来越受到重视,公司金融领域对现金持有的研究也逐渐深入到了宏观经济传导机制层面的考察,且这一方向已经展示出对现实世界更强的解释力和未来广阔的研究前景。本文在对现金持有理论溯源、比较的基础上,重点介绍了基于宏观经济因素的动态研究这一最新进展之主要方法和结论。最后,以经济周期、财政政策、货币政策为例,分析了我国现行制度背景下,宏观经济对企业现金持有的传导机制。

With the growing concern and emphasis of the endogenous causes and micro foundation of economic fluctua-tion, the research of cash holdings in corporate finance gradually came to the critical level of the propagation mechanism of macroeconomic factors that has shown significant potential in interpreting the real world. Based on the theory compari-son, this paper reviews main ideas and conclusions of the research progress on the propagation mechanism of macroeco-nomic factors in terms of firms' cash holdings. Finally, this paper analyzes the propagation mechanism by the example of business cycle, fiscal policy and monetary policy.