融资约束、资产有形性和现金持有——以制造业上市公司为例

Financing Constraints,Asset Tangibility and Cash Holdings——A Case Study of Listed Manufacturing Companies

本文将融资约束、资产有形性和现金持有纳入一个统一的动态性研究框架,研究融资约束、资产有形性以及在融资约束和资产有形性交互作用下现金持有的动态变化,选取1354家A股制造业上市公司10年面板数据为研究样本,以多元变量指标作为衡量融资约束的分类标准,运用广义矩估计对现金持有的动态变化做实证研究。结果显示:融资约束和现金持有之间呈现正相关,资产有形性和现金持有之间呈现负相关。在考虑融资约束这个外部变量后,融资约束和资产有形性的交互作用和现金持有之间呈现负相关,同时数据显示融资约束放大了负相关程度。企业应根据融资约束程度及现金持有量的最优化,平衡现金持有和资产有形性之间的数量关系。

This paper integrates financing constraints, asset tangibility and cash holdings into a unified dynamic research framework and studies financing constraints, asset tangibility and the dynamic changes of cash holdings under the interaction of fi nancing constraints and asset tangibility. The 10-year panel data of 1354 A-share manufacturing listed companies are selected as research samples, and the multi-variable indicators are used as classification criteria to measure financing constraints. This paper makes an empirical study on the dynamic change of cash holdings by using generalized moment estimation. The results show that fi nancing constraints and cash holdings are positively correlated, while assets tangibility and cash holdings are negatively correlated. After considering the external variable of financing constraints, there is a negative correlation between the interaction between finan cing constraints and asset tangibility and cash holdings. At the same time, the data show that financing constraints amplify the de gree of negative correlation. Enterprises should balance the quantitative relationship between cash holdings and asset tangibility ac cording to the degree of financing constraints and the optimization of cash holdings.