通货膨胀预期、现金持有与企业投资支出

Expected Inflation, Cash Holdings and Enterprise Investment Expenditure

本文基于我国2006-2015年A股上市公司的数据,实证研究通货膨胀预期这一宏观经济因素对微观企业行为的影响,在论证了通货膨胀预期对现金持有水平的影响和对企业投资支出的影响之后,进一步研究通货膨胀预期对企业投资支出与现金持有水平依赖性的影响。结果发现:通货膨胀预期与现金持有呈负相关关系,通货膨胀预期与投资支出呈正相关关系,同时通货膨胀预期会减弱企业投资支出对现金持有的依赖性。本文的研究结果不仅对宏观经济因素与微观企业行为做进一步的补充,而且便于理解通货膨胀预期影响的作用机制。

Based on the data of A-share listed companies in China from 2006 to 2015, this paper uses empirical research to investigate the effect of macro-economic factors namely expected inflation on micro-enterprise behavior. After respectively demonstrating the effect of expected inflation on cash holdings and enterprise investment expenditure, this paper further studies the effect of expected inflation on the dependence of enterprise investment expenditure and cash holdings. The results show that expected inflation is negatively correlated with cash holdings, but positively to with investment expenditure, Also it is expected to diminish the dependence of enterprise investment expenditure on cash holdings. The results of this paper not only provides a further complement to macro-economic factors and micro-enterprise behavior, but also facilitates understanding of the mechanism of the impact of expected inflation.