金融股权关联对上市公司现金持有之影响-基于货币政策波动视角的实证考察 本期目录 >>
Title: Financial Equity Connection and the Cash Holdings of Listed Companies-An empirical analysis based on the Fluctuations of Monetary Policy
作者 蒋水全;刘星;徐光伟
Author(s): jiang shui quan; liu xing; xu guang wei
摘要: 本文以公司参股金融机构为视角,在宏观经济学、金融股权关联与公司现金持有理论相融合的统一分析框架下,从静态和动态两个维度探讨了金融股权关联与货币政策波动如何影响公司现金持有和现金调整速度及金融股权关联对货币政策传导效应的影响。研究发现:(1)公司参股金融机构会显著降低公司的现金持有水平并加快现金调整速度,且参股比例越高,该效应越明显;(2)货币政策可以通过信贷渠道和利率渠道影响公司的现金持有行为,当央行货币政策趋紧时,公司表现出明显的现金累积倾向,现金调整速度亦减慢,反之亦然;(3)金融股权关联能够部分缓冲货币政策波动带来的流动性冲击;(4)金融股权关联和货币政策波动对不同产权性质企业的影响存在显著差异。
Abstract: Cash is the enterprise's life-sustaining blood. Why do firms need to reserve cash and how do firms make cash holdings decision have always been the focus of academia both at home and abroad. Based on information economic theory, transaction cost theory, principal-agent theory etc., the previous literature attempted to explain cash holdings from the perspectives of financing frictions or agency conflicts, and put forward some corresponding hypothesis. Among them, the representative hypothesis include: monetary demand theory, trade-off theory, pecking order theory, principal-agent theory and so on. While these traditional theories reveal the cash holding rules from some certain aspect and provide a theoretical frame for analyzing cash holdings, most of them only explained from some static, single period or one-sided view, and failed to describe the whole rules of cash holdings. What is more, they focused on analyzing from the internal micro-view and lacked of empirical analysis of external macro-circumstances especially of macroscopic policy factors. Last but not least, they always took the enterprise as a passive recipient of external conditions, which resulted in ignoring the subjective initiatives of enterprises when facing external pressure. Based on these background, under the unified analytical frame for the integration of macroeconomic theory, financial equity connection theory and cash holdings theory, this paper investigates the impact of financial equity connection and monetary policy fluctuations on the level of corporate cash holdings and its adjusting speed, as well as presents an in-depth analysis the moderating effect of financial equity connection in this process, by adopting the research methods of Heckman two-stage model, cash-cash flow sensitivity model, system GMM, bootstrap test, propensity score matching, OLS model, etc. Based on the quarterly data collected about A-share listed companies from 2007 to 2013, we derive three findings. Firstly, the financial equity connection can reduce cash holdings and significantly speed up the adjustment speed of cash holdings. What is more, this effect is significantly positively correlated with the equity ratio. Secondly, monetary policy fluctuations have significant impact on cash holdings behavior through the credit channel and the interest rate channel. When central banks tighten monetary policy, listed companies showed a stronger tendency to accumulate cash and weaker ability to adjust cash. However, due to the buffering effect of financial equity connection, the liquidity shocks will be partially offset. Of course, this buffering effect still depends on the proportion of share. Thirdly, financial equity connection and monetary policy have different degrees impact on enterprises of different nature. Among them, the influence of financial equity connection and monetary policy is most evident for private enterprises, followed by local state-owned enterprises, to a lesser degree, centrally administered enterprises. The above findings not only enrich the related research achievement, but also have some theoretical and practical value for the adjustment of monetary policy, the strategy selection of holding financial institutions’ ownership and the gradual reform of banking industry.
关键词: 货币政策波动;金融股权关联;公司现金持有;现金持有调整
Keywords: monetary policy fluctuations; financial equity connection; cash holdings; cash adjustment
基金项目: 国家自然科学基金重点项目;国家自然科学基金面上项目;国家自然科学基金青年科学基金项目;国家自然科学青年科学基金项目;教育部人文社会科学研究项目
发表期数: 2018年 第1期
中图分类号: 文献标识码: 文章编号:
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