上市公司现金持有与资本结构动态调整研究

Research on the Cash Holdings and the Dynamic Adjustment of Capital Structure of Listed Companies

以2000-2013年沪深证券市场A股上市公司为研究样本,通过建立资本结构动态部分调整模型,实证检验了现金持有及其变动是否以及如何影响资本结构动态调整。研究结果表明:现金持有越高,资本结构调整速度越快,且从现金持有动态的角度来看,现金持有变动越大,资本结构调整速度也越快。进一步地,在不同负债水平、盈利情况和产权性质分组情况下,现金持有及其变动对资本结构调整速度的影响呈现出一定的差异性。

Based on the listed companies of Shanghai and Shenzhen A-share from2000 to 2013, this paper establishes the dynamic capital structure adjust model, and then studies the question that the cash holdings and its change how to affect the dynamic adjustment of capital structure. It is found that the higher level of cash holdings and the greater changes of cash holdings is, the adjustment speed of capital structure is faster.Furthermore, cash holdings and its change have different influence on adjustment speed of capital structure under different conditions of debt, profit and property. This paper provides the new empirical evidence to capital structure theory, and helps the enterprises maximize the enterprises value from the perspective of cash holdings.