In this paper,we summarize and analyze the relevant research on the cash manage-ment problem appearing in the literature.First,we identify the main dimensions of the cash management problem.Next,we review the most rel...In this paper,we summarize and analyze the relevant research on the cash manage-ment problem appearing in the literature.First,we identify the main dimensions of the cash management problem.Next,we review the most relevant contributions in this field and present a multidimensional analysis of these contributions,according to the dimensions of the problem.From this analysis,several open research questions are highlighted.展开更多
目前动荡的国际环境导致企业成长遇到阻力,严重阻碍了我国的高质量发展。本文利用Jurado et al.(2015)提出的方法测度了中国货币政策不确定性,实证研究了货币政策不确定性对企业成长的影响效应和作用渠道。经验结果表明,货币政策不确定...目前动荡的国际环境导致企业成长遇到阻力,严重阻碍了我国的高质量发展。本文利用Jurado et al.(2015)提出的方法测度了中国货币政策不确定性,实证研究了货币政策不确定性对企业成长的影响效应和作用渠道。经验结果表明,货币政策不确定性会显著抑制企业成长,该结论在考虑内生性等一系列稳健性检验中依然成立。异质性检验表明,货币政策不确定性对生命周期处于成长期与成熟期、融资约束较高、位于中西部、非高技术行业企业的成长影响更明显;中介效应检验表明,存在企业现金流不确定性的传导渠道。本文研究为政府进一步促进企业成长,减少不确定性对经济的冲击有一定的参考价值。展开更多
基金Research supported by projects:Crowd4SDG(H2020-872944)CI-SUSTAIN(PID 2019-104156GB-I00)+6 种基金TAILOR(H2020-952215)TED2021-131295B-C31TED2021-130187B-I00PID2019-105986GB-C21(funded by MCIN/AEI/10.13039/501100011033 and by the“European Union NextGeneration EU/PRTR”)VALAWAI(funded by the European Commission under Grant 101070930)2021 SGR 002992021 SGR 00754.
文摘In this paper,we summarize and analyze the relevant research on the cash manage-ment problem appearing in the literature.First,we identify the main dimensions of the cash management problem.Next,we review the most relevant contributions in this field and present a multidimensional analysis of these contributions,according to the dimensions of the problem.From this analysis,several open research questions are highlighted.
文摘目前动荡的国际环境导致企业成长遇到阻力,严重阻碍了我国的高质量发展。本文利用Jurado et al.(2015)提出的方法测度了中国货币政策不确定性,实证研究了货币政策不确定性对企业成长的影响效应和作用渠道。经验结果表明,货币政策不确定性会显著抑制企业成长,该结论在考虑内生性等一系列稳健性检验中依然成立。异质性检验表明,货币政策不确定性对生命周期处于成长期与成熟期、融资约束较高、位于中西部、非高技术行业企业的成长影响更明显;中介效应检验表明,存在企业现金流不确定性的传导渠道。本文研究为政府进一步促进企业成长,减少不确定性对经济的冲击有一定的参考价值。