我国财政政策对上市公司现金持有行为的影响研究

Impacts of China's Financial Policy on Cash Holding of Listed Companies

以2007—2013年中国上市公司财务数据为样本,构建回归模型,对公司补贴收入增长率对公司现金持有水平与公司现金持有价值的影响进行实证研究。公司补贴收入增长率高,相当于为公司提供了持续的外部融资,可以降低公司的融资成本和外部融资需求。在这种情况下,公司权衡了现金持有的收益和成本之后,不会产生较强的动机持有大量现金资产。公司将获得的补贴收入以现金资产的形式持有,能使公司充分把握投资机会,提升公司价值。因此,公司补贴收入增长率可以提高公司的现金持有价值。从宏观政策制定者的角度分析,应提高财政政策的科学性与合理性,进一步深化金融改革;从我国上市企业的角度分析,应制定符合企业自身特性的现金持有策略,提高现金使用效率。

The paper builds a regression model based on the financial data of listed companies in China from 2007 to 2013; the impacts of the growth rate of subsidy on the company's cash holdings level and on the company's cash holdings value have been empirically studied.The high growth rate of subsidies for the company is equivalent to provide a sustained external financing,which can lower the financing costs and EFN( external financing needed). After balancing the earnings and costs of cash holdings,companies have no motivation to hold large cash assets. And then,the company will receive the subsidy income in the form of cash holdings,so that companies take full advantages of investment opportunities,enhance the company's value.The results show that companies with higher growth of subsidy income is more likely to have a smaller size of cash and have a higher level of cash value. Therefore,subsidy revenue growth rate of the company can increase value of the company's cash holdings. From a point of view of macro policy-makers,efforts should be made to improve fiscal policies to be more scientific and rational so as to further deepen the financial reform; from the perspective of China's listed companies,efforts should be made to develop their own cash holdings strategies in line with its characteristics to improve efficiency in the use of cash.