银企关系对企业现金持有量的影响研究

发布时间：2019-05-10 02:54

【摘要】：本文首先回顾了银企关系、现金持有的相关文献及理论，，在此基础上，从不同的货币政策背景、行业差异、金融业市场化程度的地区差异和所有制性质差异四个角度，运用数理推导的方法，通过严谨的逻辑分析，提出一系列理论假说。最后，本文利用沪深两市A股上市公司2001年至2011年的数据对这些研究假设进行实证检验，得出以下结论。在不同的货币政策背景下，银企关系与企业现金持有量的关系因行业而异。在货币政策紧缩时期，就房地产行业上市公司而言，银企关系与现金持有量呈显著正相关关系；制造业上市公司和全部上市公司样本组银企关系与现金持有量呈显著负相关关系。在货币供给宽松时期，就房地产行业上市公司而言，银企关系与其现金持有量呈显著负相关关系；而制造业上市公司和全部上市公司样本组依然是显著负相关。从金融业市场化程度的角度看，市场化程度高的地区与市场化程度低的地区也存在差异。具体来说，在金融业市场化程度高的地区，银企关系与企业现金持有量呈显著负相关关系；在金融业市场化程度低的地区，银企关系与企业现金持有量之间的关系不显著。从所有制性质差异的角度看，国有企业与民营企业没有差别。即不管是国有企业还是民营企业，银企关系与其现金持有量均呈显著负相关关系。另外，本文的研究还说明，相对于其他现金持有理论，现金持有的融资优序理论在我国的解释力更强。
[Abstract]:This paper first reviews the relationship between banks and enterprises, the relevant literature and theory of cash holding, on this basis, from four angles: different monetary policy background, industry differences, regional differences in the degree of marketization of the financial industry and differences in the nature of ownership. By means of mathematical derivation and rigorous logical analysis, a series of theoretical hypotheses are put forward. Finally, this paper makes an empirical test of these research assumptions by using the data of A-share listed companies in Shanghai and Shenzhen stock markets from 2001 to 2011, and draws the following conclusions. In different monetary policy backgrounds, the relationship between bank-enterprise relationship and corporate cash holdings varies from industry to industry. In the period of monetary policy tightening, as far as the listed companies in the real estate industry are concerned, there is a significant positive correlation between the relationship between banks and enterprises and cash holdings. The relationship between banks and enterprises in the sample group of manufacturing listed companies and all listed companies was negatively correlated with cash holdings. In the period of loose money supply, as far as listed companies in real estate industry are concerned, there is a significant negative correlation between bank-enterprise relationship and their cash holdings, while the sample group of manufacturing listed companies and all listed companies is still significantly negatively correlated. From the point of view of the degree of marketization of the financial industry, there are also differences between the regions with high degree of marketization and those with low degree of marketization. Specifically, in the areas with high degree of marketization of the financial industry, there is a significant negative correlation between the relationship between banks and enterprises and the cash holdings of enterprises, while in the areas where the degree of marketization of the financial industry is low, the relationship between banks and enterprises and the cash holdings of enterprises is not significant. From the perspective of the nature of ownership, there is no difference between state-owned enterprises and private enterprises. That is, whether it is state-owned enterprises or private enterprises, the relationship between banks and enterprises has a significant negative correlation with their cash holdings. In addition, the research of this paper also shows that compared with other cash holding theories, the financing order theory of cash holding is more explanatory in our country.
【学位授予单位】：华侨大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275.1

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