金融发展、现金持有水平及其市场价值

Financial Development,Cash Holdings and Market Value

金融发展作为宏观经济层面的一个重要因素,会对微观企业行为产生重要影响。笔者以1999—2015年中国A股非金融类上市公司的年度数据为样本,研究中国金融发展水平对中国上市公司现金持有行为的影响及其产生的经济后果。研究结果显示:(1)金融发展降低了公司现金持有量,增加了公司现金持有的边际市场价值;(2)按产权性质分组看,金融发展使得国有企业现金持有量降低的幅度要大于民营企业,现金市场价值增加的幅度要大于民营企业;(3)进一步进行稳健性和机制检验,发现结果稳健且金融发展降低了公司的现金-现金流敏感性、抑制了过度投资和减轻了代理问题。以上结果表明金融发展主要通过缓解公司外部融资约束和减轻代理问题来影响其现金持有行为。

Financial development,as an important factor in the macroeconomic level,must have an important impact on the behavior of micro-enterprises.This paper uses the annual data of non-financial listed companies in China’s A stock market from 1999 to 2015 as the research sample to study the impact of China’s financial development level on the cash holdings of Chinese listed companies and its economic consequences.The results show that:(1)The financial development reduces the cash holdings of the company and increases the marginal market value of the cash held by the company;(2)In the aspect of cash holdings,the reduction of state-owned enterprises is larger than that of private enterprises.In terms of cash market value,the increase of state-owned enterprises is larger than that of private enterprises;(3)Further tests show that the results are robust and institutional tests show that financial development reduces the company’s cash-cash flow sensitivity,inhibits excessive investment and reduces agency problems.The above results show that financial development mainly affects cash holding behavior by easing corporate external financing constraints and mitigating agency problems.