摘要
基于中国上市公司2001-2012年的数据,采用动态面板门限方法,研究了银行授信对企业现金持有管理行为的影响。结果表明,企业通过权衡调整收益与成本进行现金持有的动态调整。高投资水平的公司为了提高收益,会表现出更快的现金调整速度,但受到调整成本的制约,银行授信通过向企业提供流动性资产,降低了调整成本。因此对多次授信的公司而言,高投资支出伴随着更快的现金调整速度,但对从未获得授信的弱银企关系公司而言,不同投资水平上的公司现金调整速度并不存在显著差异。
On the basis of the data 2001 -2012 of China' s listed companies, this paper uses the dynamic threshold method to provide empirical evidence for theoretical expectations, which shows the way that the bank credit lines influences the active management of cash holdings. Dynamic adjustment of cash holdings is a process of balancing adjustment costs and benefits, which investment represents the cash adjustment benefits. Large investment spending companies would be more active in cash management, which shows faster adjusting speed. But cash adjustment behavior is greatly restricted by adjustment cost, represented by the bank lines of credit which could release financial constraints to reduce cash adjustment costs. So for those firms with multiple accesses to bank credit, they set up strong relationship with banks. Thus for strong bank -enterprise relationship subsamples, we can expect that high investment spending firms show a significant faster cash adjustment speed, but no significant difference for weak relationship companies.
出处
《金融经济学研究》
CSSCI
北大核心
2014年第6期64-74,共11页
Financial Economics Research
关键词
现金持有
投资支出
银行授信
动态面板门限模型
cash holdings
investment
lines of credit
dynamic thresholds of panel data