金融市场稳定与企业流动性管理——基于股价崩盘风险视角的经验证据

Financial Market Stability and Enterprise’Liquidity Management--An Analysis on Stock Price Crash Risk

金融市场稳定是影响企业流动性管理的重要因素。本文以2003年至2016年沪深A股上市公司为研究样本,用现金持有量和企业股价崩盘风险分别度量企业流动性和金融市场的稳定情况,实证研究股价崩盘风险对企业现金持有的影响。研究发现,股价崩盘风险升高时,企业会增加现金持有且现金持有价值更高,验证了现金持有的“权衡理论”。在区分产权、经济政策不确定性等差异后,发现股价崩盘风险对企业现金持有量和现金持有价值的影响在非国有企业和经济政策不确定性较高的时期更显著。因此,公司应提高自身的流动性管理水平,政府应拓展民营企业的融资渠道以缓解其面临的融资难和融资贵等问题。保持政策的一致性和连续性,以降低由于经济政策波动而产生的对于微观企业行为的影响。

The stability of the financial market is an important factor affecting the liquidity management of enterprises.This paper takes Shanghai and Shenzhen A-share listed companies from 2003 to 2016 as research samples,uses cash holdings and corporate stock price collapse risk to measure corporate liquidity and financial market stability respectively,and empirically studies the impact of stock price collapse risk on corporate cash holdings.The study found that when the risk of stock price collapse increases,enterprises will increase their cash holdings and the value of cash holdings is higher,which verifies the“trade-off theory”of cash holdings.After distinguishing the differences between property rights and economic policy uncertainty,it is found that the impact of stock price collapse risk on cash holdings and cash holdings value of enterprises is more significant in non-state-owned enterprises and periods with high economic policy uncertainty.Therefore,companies should improve their own corporate governance level,and the government should expand the financing channels of small and medium-sized enterprises to alleviate the financing difficulties and high financing costs faced by them.Maintain the consistency and continuity of policies to reduce the impact on the behavior of micro-enterprises caused by the fluctuation of economic policies.