货币政策、企业现金持有量与财务困境风险关系研究——基于现金持有量的平均效应与区间效应

Research on the Relationship of Monetary Policy,Cash Holdings and Financial Distress——Based on the Average Effect and Interval Effect of Cash Holdings

本文基于代理理论、融资优序理论及掠夺理论考察了企业现金持有量与财务困境的关系,以及紧缩的货币政策对二者关系的调节作用。研究发现增加现金持有量可以显著降低企业的财务困境风险,这种效果在民营企业中更加显著;从持有现金的区间效应来看,企业持有的现金量越多,其发挥降低财务困境风险的作用越显著,即企业的现金持有量与财务困境风险之间具有反向的非单调性;进一步研究显示,在紧缩的货币政策环境下,企业持有现金降低财务困境风险的积极作用进一步加强,而宏观货币政策的这种强化效应主要发生在民营企业中。

This paper empirically investigates the impact of corporate cash holdings on the fnancial distress, and examines the moderating eftects of contrationary monetary policy on the basis of agency theory, pecking order theory and predatory theol7. The study finds that increasing cash holdings can significantly reduce the risk of financial difficulties and the positive role of cash holdings is more significant in private fimls. Besides, when we observe the interval eftect of cash holdings, we find that the role of cash holdings to reduce the risk of financial distress is enhanced as it increases in quantity. In other words, there is a negative non - linear relationship between the corporate cash holdings and the risk of financial difficulty. The fur/her study shows that under the contractionary monetary policy, the positive role of cash hold- ings is more outstanding, and the eftect mainly occurs in private enterprises.