商业信用、银行信贷与现金持有量研究

发布时间：2018-05-23 22:58

本文选题：商业信用 + 现金持有量　；参考：《天津财经大学》2014年硕士论文

【摘要】：现金持有量的决策问题无论从理论还是实践上都是企业现金管理中重要的课题之一,因为它不仅影响企业的正常运作,还与企业投融资等行为密切相关,影响着整个企业的经营管理战略。随着现金持有量决策的日益重要性,中西方学者也越来越关注现金持有的实证研究,目的就是更好地指导实务操作。另一方面,企业间形成的商业信用融资是融资约束环境下银行信贷的一种可行的替代机制,不仅拓宽了企业的融资渠道,而且加速了企业的资金周转,因此商业信用影响着现金持有量决策问题。此外,不同银行信贷水平地区的企业,这一敏感性也会有差异,而应收账款质押政策可以作为银行信贷水平的一种体现。因此,研究商业信用对现金持有量的影响以及银行信贷水平的作用无论对于理论还是实务都是非常有意义的。论文基于我国上市公司商业信用使用和现金持有的现状以及特殊的银行信贷制度环境,从商业信用和银行信贷水平两条主线出发,在对商业信用和现金持有量进行理论分析的基础上,通过构建商业信用等因素与现金持有量的模型,针对商业信用、银行信贷水平与现金持有量之间的关系进行了实证研究。首先阐述了权衡理论、融资优序理论、信贷配给理论和交易成本理论；接着分别探讨了商业信用与现金持有量之间的关系、银行信贷水平和应收账款质押政策对现金持有量的影响,并加入关联方交易和国有控股两个虚拟变量,研究现金持有量对这两者的敏感性；最后指出商业信用中应收款项和应付款项对现金持有量会产生不对称的影响,并且,在银行信贷水平较高的地区,企业会持有更少的现金来应对应付款项,同时应收款项能够替代更多的现金。
[Abstract]:The decision-making of cash holdings is one of the most important issues in cash management, both in theory and practice, because it not only affects the normal operation of enterprises, but also has a close relationship with the investment and financing behaviors of enterprises. It affects the management strategy of the whole enterprise. With the increasing importance of cash holding decision, Chinese and western scholars pay more and more attention to the empirical study of cash holding, in order to better guide the practical operation. On the other hand, the commercial credit financing formed between enterprises is a feasible alternative mechanism of bank credit under the circumstance of financing constraint, which not only widens the financing channels of enterprises, but also accelerates the capital turnover of enterprises. Therefore, commercial credit affects the decision of cash holdings. In addition, the sensitivity of enterprises in different areas of bank credit level is different, and the pledge policy of accounts receivable can be used as a reflection of bank credit level. Therefore, it is very meaningful to study the influence of commercial credit on cash holdings and the effect of bank credit level on both theory and practice. Based on the current situation of commercial credit use and cash holding of listed companies in China and the special banking credit system environment, this paper starts from the two main lines of commercial credit and bank credit level. Based on the theoretical analysis of commercial credit and cash holdings, this paper makes an empirical study on the relationship among commercial credit, bank credit level and cash holdings by constructing a model of commercial credit and cash holdings. Firstly, the paper expounds the trade-off theory, financing order theory, credit rationing theory and transaction cost theory, and then discusses the relationship between commercial credit and cash holdings, respectively. The influence of bank credit level and accounts receivable pledge policy on cash holdings and the sensitivity of cash holdings to cash holdings are studied by adding two virtual variables related party transactions and state-owned holding. Finally, it is pointed out that accounts receivable and payables in commercial credit have an asymmetric effect on cash holdings, and in areas with high bank credit level, enterprises will hold less cash to cope with the payables. At the same time, receivables can replace more cash.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.4

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