融资约束、多元化战略与公司现金持有

Financial Constraints, Diversification Strategy and Corporate Cash Holdings

多元化战略对公司现金持有价值的影响可以分为直接效应和间接效应。直接效应指多元化企业内部资金转移的效率．间接效应指多元化战略可以通过对现金持有水平的影响而间接影响现金持有价值。基于中国上市公司2009—2015年数据的实证研究发现，行业多元化显著降低了现金持有价值，国际多元化对现金持有价值没有统计上显著的影响：行业多元化显著降低了现金持有水平，而国际多元化显著提高了公司的现金持有水平。同时，融资约束会影响多元化战略与公司现金持有价值、现金持有水平之间的关系，上述结论仅在融资受约束的企业里存在。

The impact of diversification strategy on the value of corporate cash holdings can be divided into direct effect and indirect effect. Direct effect refers to a wide range of internal funds transfer efficiency, and indirect effect refers to the impact of diversification strategy by the level of cash holdings on the value of cash holdings. Based on 2009-2015 data of Chinese listing Corporations, the empirical research finds that industrial diversification significantly reduces the value of cash holdings, and international diversification has no statistically significant effect on the value of cash holdings. International diversification significantly improves the company＇s cash holdings, but industrial diversification significantly reduces the level of cash holdings. At the same time, financial constraints will affect the relationship between diversification strategy and corporate cash holdings, and the above conclusion exists only in constrained financing enterprises.