内部资金往来、现金持有与公司价值

Internal Funds,Cash Holdings,and Firm's Market Value

利用手工收集的2007-2012年上市公司内部资金往来数据,本文发现内部资金往来可以显著降低公司因预防性动机而持有的现金水平,并且在私营企业、非经营性资金往来中以及货币政策偏紧时期降低的更明显。同时,这一作用不仅显著提高了公司持有现金的市场价值,也提高了公司的市场价值。本文的发现证实了内部资本市场具有"阳光"的正面作用,对发展内部资本市场有丰富的政策意义。

This paper tries to explore whether the internal funds can alleviate financing constraints,thereby reducing the firm＇s cash holdings. Using the handworked collected data of parent firm and its subsidiary company of Chinese listed companies from2007 to 2012,this paper found：（1） The internal funds can significantly reduce the firm＇s cash holdings;（2） This role is relatively much more significant in the private firms,in the internal funds which is non-operating,and during the period of tight monetary policy and expected credit environment respectively.（3） Internal funds can not only significantly increase the market value of the firm＇s cash holdings,but also raise the company＇s market value. The discovery of this article has a lot of policy meanings for developing internal capital market.