基于上市公司数据的企业货币需求分析

Research of Enterprise Money Demand Based on the Data of Listed Companies

企业货币需求是宏观货币需求的重要组成单位之一,鉴于企业微观个体存在的显著异质性,企业货币需求预测难度较大。为此,基于宏观货币需求理论,并将其与微观现金持有理论相结合,再利用2010-2019年2160家中国非金融类上市公司数据,对中国企业货币需求函数进行实际验证。研究发现第一,中国企业货币需求规模弹性系数大约在0.63-0.70之间,呈现显著的规模经济;第二,中国企业货币需求与货币机会成本之间显著负相关,与工人工资之间显著正相关;第三,中国企业的治理水平、财务特征等微观特征变量会对企业货币需求产生显著影响;第四,中国企业货币需求存在显著的行业差异、股权性质差异。

Corporate money demand is one of the important components of macro money demand.In view of the significant heterogeneity of corporate micro-individuals,it is difficult to predict corporate money demand.Therefore,based on the macro money demand theory and combined with the micro cash holding theory,this paper uses the data of 2160 Chinese non-financial listed companies from 2010 to 2019 to verify the money demand function of Chinese enterprises.The results of the study show:Firstly,the elasticity of the scale of monetary demand for Chinese companies is between 0.63 and 0.70,showing significant economies of scale.Secondly,there is a significant negative correlation between the money demand of Chinese companies and the opportunity cost of money,and a significant positive correlation with the wages of workers.Thirdly,the micro-characteristic variables such as the governance level and financial characteristics of Chinese companies will have a significant impact on the company's currency demand.Forthly,there are significant industry differences and differences in the nature of equity in Chinese companies'currency demand.