银行股权关联、货币政策变更与上市公司现金管理

发布时间：2019-01-19 21:44

【摘要】：货币政策频繁变更且存在较大不确定性是现阶段我国资本市场的常态,而企业通过与银行建立关联关系能降低其面临制度变革的调整成本。本文考察了在货币政策变更背景下企业建立银行股权关联对现金管理的影响,实证结果发现:具有银行股权关联的公司现金持有水平较无关联公司低;且当货币政策从紧时,具有银行股权关联的公司现金持有和调整水平均更低;进一步分析发现其维持现金持有的融资渠道也显著区别于无关联公司,不同的现金管理政策对公司价值产生了不同影响。本文结论显示在我国银行主导型金融体系下,通过参股银行建立的直接关联关系可以"抵消"部分宏观货币政策变更对微观企业的冲击。
[Abstract]:The frequent changes of monetary policy and the existence of greater uncertainty are the normal conditions in China's capital market at the present stage, and enterprises can reduce the adjustment costs facing institutional changes by establishing a relationship with banks. This paper examines the influence of establishing bank equity linkage on cash management under the background of monetary policy change. The empirical results show that the cash holding level of the company with bank equity association is lower than that of non-affiliated company. And when the monetary policy is tight, the cash holding and adjustment level of the company with bank equity relationship are lower; Further analysis shows that the financing channels of maintaining cash holdings are also significantly different from those of non-affiliated companies, and different cash management policies have different effects on the value of the company. The conclusion of this paper shows that under the bank-dominated financial system of our country, the direct relationship established by the shareholding banks can "counteract" the impact of some macro-monetary policy changes on the micro-enterprises.
【作者单位】：清华大学经济管理学院;中央财经大学会计学院;
【基金】：国家自然科学基金(71202126) 中央财经大学“211工程”重点学科建设项目北京市教育委员会共建项目资助
【分类号】：F822.0;F275.1;F832.51;F224

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