融资约束、国有与非国有控股公司之间现金持有价值差异——基于经济周期的分析

Financial constraints,the difference in the value of cash holdings between SOEs and Non-SOEs:based on business cycle

借助经济周期波动实证分析了融资约束对国有与非国有控股公司之间现金持有价值差异的影响。经济周期波动能够影响公司外部融资能力,并且对不同特征公司的影响表现出一定差异性。在经济衰退期,国有与非国有控股公司之间融资约束差异程度进一步扩大。以2003—2015年中国A股上市公司为样本研究发现,在经济衰退期,非国有控股公司现金持有价值显著高于国有控股公司。从经济扩张期到经济衰退期,国有控股公司与非国有控股公司之间现金持有价值差异显著增加。进一步研究发现,国有控股公司与非国有控股公司之间现金持有价值差异在外部融资依赖程度较高公司和现金流波动性较大公司中更加明显。为融资约束对国有与非国有控股公司之间现金持有价值差异的影响提供了直接证据,也侧面验证了非国有控股公司存在一定融资约束问题,尤其在经济衰退期。

This paper analyzes the influence of financial constraints on the difference in the value of cash holdings between SOEs and Non-SOEs by means of business cycle fluctuation. The fluctuation of business cycle can affect the external financing capacity of the firms, and the effects on firms with different characteristics are different. The difference of financial constraints between SOEs and Non-SOEs is further amplified during the recession. Based on sample study of Chinese A-share listed firms from 2003 to 2015, we find that the Non-SOEs＇ cash holdings are more valuable than those of the SOEs＇ during recession. The difference in the value of cash holdings between SOEs and NO-SOEs increases significantly from the expansion of the economy to the recession. Further study shows that the difference in the value of cash holdings between SOEs and Non-SOEs is more pro- nounced in the firms more dependent on the external financing and the firms with greater cash flow volatility. This paper pro- vides direct evidence of the effects of financial constraints on the difference in the value of cash holdings between SOEs and Non-SOEs, and also confirms that the Non-SOEs are facing financial constraints, especially during the recession.