现金持有量、产权性质与企业绩效——基于制造业上市公司的数据

Cash Holdings, Property Rights and Corporate Performance——Based on the Data of Listed Manufacturing Companies

以沪深A股制造业上市公司公布的2013—2019年数据为研究样本,分析了现金持有量对不同产权性质企业的绩效的影响。研究结果表明,企业持有现金会显著正向影响企业绩效,且在国有企业中会持有较少的现金,但对企业绩效的影响更为显著;现金持有量对企业绩效的影响存在时间上的滞后效应。

Taking the data of 2013-2019 published by A-share manufacturing listed companies in Shanghai and Shenzhen as the research sample, this paper analyzes the impact of cash holdings on the performance of enterprises with different property rights. The results show that enterprises holding cash will have a significant positive impact on enterprise performance, and will hold less cash in state-owned enterprises,but the impact on enterprise performance is more significant;the impact of cash holdings on enterprise performance has a time lag effect.