房地产开发企业现金持有行为特征

发布时间：2018-04-12 11:03

本文选题：房地产开发企业 + 现金持有　；参考：《清华大学学报(自然科学版)》2013年09期

【摘要】：为研究房地产开发企业现金持有行为特征,运用实物期权理论框架分析了预防性动机与投机性动机下最优现金持有水平及其影响因素,并通过实证研究判断了A股上市房地产开发企业现金持有量是否最优以及偏离最优水平的影响因素。研究表明:受竞争环境、经营模式、发展阶段以及战略需求的影响,企业最优现金持有水平存在较大差异;中国A股上市房地产开发企业总体上存在现金持有水平偏低的问题,而且理论上要求现金持有量较高的企业更倾向于向下偏离最优水平,行业总体呈现出现金持有水平趋同的趋势。
[Abstract]:The characteristics of cash holding behavior of real estate development enterprises, using the theory of real options framework and analyzes the factors of precautionary and speculative motives under the optimal level of cash holdings and its influence, and determine the influence factors of A shares listed real estate development enterprise cash holdings is optimal and the optimal level by empirical research. The study shows that competition the environment, business model, influence the development stage and the strategic needs of enterprises, there is a big difference between the optimal level of cash holdings; Chinese A shares listed real estate development enterprises in general are the low level of cash holdings, and the theoretical requirements of cash holdings high companies tend to deviate from the optimal level of industry overall downward, showing gold holding the trend of convergence.

【作者单位】：清华大学建设管理系;
【基金】：国家自然科学基金资助项目(71003060)
【分类号】：F293.33

【参考文献】