公司存在目标现金持有量吗——基于并购视角的经验证据

Do Companies Have Target Cash Holdings----The Empirical Evidence Based on Mergers and Acquisitions

利用并购交易这一可观测的独特投资事件,以沪深上市公司成功完成的1 729笔并购交易为研究样本,采用均值回归模型、动态面板数据模型和系统GMM方法,研究了目标现金持有量的存在性以及现金持有量的动态调整。研究发现,公司的确存在目标现金持有量,且当实际现金持有量偏离目标现金持有量时,公司会利用并购交易这一机会,积极调整现金持有量,以缩小其与目标现金持有量之间的差距。这一结论支持了现金持有的动态权衡理论。

Based on the 1729 successful mergers and acquisitions samples of Chinese companies listed in Shanghai and Shen- zhen, this paper uses the mean regression model, dynamic panel data model and system GMM to examine target cash holdings exis- tence and the dynamic adjustment of cash holdings of listed companies in China. The research results indicate that companies have target cash holdings. When the actual cash holdings deviated from the target cash holdings, companies will take advantage of mergers and acquisitions in order to adjust actively the companies＇ cash holdings to narrow the gap with the target cash holdings.