产业集群、成长型企业现金持有水平及其经济效应研究

发布时间：2018-05-06 14:18

本文选题：产业集群 + 成长型企业　；参考：《苏州大学》2015年硕士论文

【摘要】：现金是企业赖以维持生命的“血液”,同时现金持有政策也是公司一项重要的财务决策。成长型企业作为最具活力的经济主体,其现金持有水平又如何呢?本文将以产业集群为切入点,研究成长型企业现金持有水平。此外,值得注意的是,产业集群对成长型现金持有水平的影响最终必定会反映到企业经营结果中,那这又将带来怎样一种经济效应呢?本文围绕以上问题展开研究。本文选取2007-2013年在沪深两市A股上市的制造业成长型企业为样本,探索产业集群对成长型企业现金持有水平的影响,并按企业性质进行分组,实证结果发现:产业集群可以通过降低融资风险与投资风险,减弱成长型企业现金持有的预防性动机,从而降低现金持有水平,且该效应主要体现在成长型民营企业中。然后本文进一步从产品市场与资本市场双重视角,考察产业集群对成长型企业现金持有经济效应的影响,实证结果发现:对于产业集群中的成长型企业,其相对较低的现金持有水平能显著提高产品市场的竞争力与企业价值;而非产业集群中的成长型企业,其需要通过提高现金持有水平实现产品市场的竞争力与企业价值。与现有的文献相比,本文以产业集群为切入点,丰富了制度层面因素对现金持有水平影响的研究。进一步对现金持有经济效应的研究,帮助我们更加深入地理解产业集群对现金持有水平影响的现实意义。同时,本文也为成长型企业如何正确对待产业集群,政府管理当局如何在产业集群中正确定位提供了一些启示。
[Abstract]:Cash is the blood of an enterprise to support its life, and the cash holding policy is also an important financial decision. As the most dynamic economic entity, what is the cash holding level of growth enterprises? This article will take the industrial cluster as the breakthrough point, studies the growth enterprise cash holding level. In addition, it is worth noting that the impact of industrial clusters on the level of growth cash holdings will eventually be reflected in the business results of enterprises, so what kind of economic effect will this bring? This paper focuses on the above problems. This paper selects the manufacturing growth enterprises listed in Shanghai and Shenzhen A-shares from 2007 to 2013 as a sample to explore the impact of industrial clusters on the cash holding level of growth enterprises, and groups according to the nature of the enterprises. The empirical results show that the industry cluster can reduce the precautionary motivation of cash holding of growth enterprises by reducing the financing risk and investment risk, thereby reducing the cash holding level, and this effect is mainly reflected in the growth private enterprises. Then, from the dual perspective of product market and capital market, this paper investigates the impact of industrial cluster on the economic effect of cash holding of growth enterprises. The empirical results show that: for the growth enterprises in industrial clusters, The relatively low level of cash holding can significantly improve the competitiveness and enterprise value of the product market, but the growth enterprises in the non-industrial cluster need to achieve the competitiveness and enterprise value of the product market by raising the level of cash holding. Compared with the existing literature, this paper takes industrial cluster as the breakthrough point, which enriches the research on the influence of institutional factors on cash holding level. The further study on the economic effect of cash holding helps us to understand the practical significance of the impact of industrial clusters on cash holding level. At the same time, this paper also provides some enlightenment for the growth enterprises how to treat the industrial clusters correctly, and how the government administration authorities to position correctly in the industrial clusters.
【学位授予单位】：苏州大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F275

【参考文献】