经济新常态下饲料上市公司现金持有对经营绩效的影响

The impact of cash holdings on operational performance of feed listed companies under the new normal economy

我国饲料上市公司持有超额现金使企业绩效有效提升;企业持有现金的整体水平会受到自由现金流、现金流波动以及成长性等因素的正向影响,同时将受到资本性支持、财务杠杆以及净营运资金等因素的负向影响。与国有企业相比,非国有企业的现金持有比例更高;企业第一大股东持股比例高时,其现金持有比例则较低,资金供给不足。非国有企业超额现金持比提升其经营绩效要优于国有企业,在股权比例大于30%的企业中,大股东能对资金进行较好运用,并对管理者进行有效约束,从而使内部资本市场效率得到提升。

The paper studies the impact of cash holdings on operating performance of feed listed companies under the new normal economy. The results show that the excess cash holdings of feed listed companies in China can effectively improve the performance of enterprises;the fluctuation of cash flow, free cash flow, enterprise size and growth will promote enterprises to hold more cash;net operating capital, financial leverage and capital support will cause enterprises to reduce cash holdings. The performance of enterprises in this year is higher, and the performance in the next year is also higher. There is self-correlation in the performance of enterprises. The proportion of cash held by non-state-owned enterprises is higher than that of state-owned enterprises, while the proportion of cash held by the largest shareholder is lower and the capital supply is insufficient. The excess cash holdings of non-state-owned enterprises are better than those of state-owned enterprises in improving their operating performance. In enterprises with more than 30% equity, large shareholders can make better use of capital and restrain managers effectively, thus improving the efficiency of internal capital market.