内部资本配置与集团现金持有——基于集团整体视角的研究

Internal Capital Allocation and Cash Holdings of Business Groups:from the Group Perspective

使用2001—2016年我国上市公司数据,实证检验企业集团内部资本配置对集团整体现金持有的影响及内在传导机理。研究结果发现:母公司对子公司的资金支持显著减少集团整体的现金持有水平。这一作用发挥的机理源于母公司对子公司的资金支持可以缓解集团整体的融资约束。进一步将货币政策纳入研究框架,结果发现:紧缩的货币政策会显著减弱集团内部资本配置的上述作用。这表明集团内部资本配置可以在一定程度上缓解集团整体的融资约束,进而减少集团的现金持有水平,但紧缩性货币政策提高了企业集团出于预防性动机而持有的现金数量,进而减弱了内部资本配置的上述作用。

Using a sample of Chinese listed firms during the period of 2001—2016,this paper empirically examines the influence of internal capital allocation within business groups on their cash holdings and its influencing mechanism. The results indicate that cash holdings of groups decrease when parent companies provide financial support to subsidiaries,which helps alleviate the financing constraints on the entire group. When taking monetary policy in account,a further study shows that the effect is weakened by tight-money policy. This shows that internal capital allocation can alleviate financing constraints to some extent,thus reduce the cash holdings of groups. However,tight-money policy will increase cash holding out of precautionary motive of groups and impair the function of internal capital allocation.