市场化进程与企业现金持有动态调整研究

发布时间：2018-02-13 14:58

本文关键词： 现金持有量市场化进程动态面板　出处：《南开大学》2014年硕士论文　论文类型：学位论文

【摘要】：本文以沪深证券市场1999年-2012年A股上市公司为研究对象,通过建立动态面板模型,采用系统广义矩估计的方法,从现金持有量的调整速度和实际现金持有偏离目标现金持有的程度两个方面,考察了市场化进程及其变化对上市公司现金持有行为的影响。研究结果表明：市场化程度越高,企业现金持有量的调整速度越快,且从市场化进程的动态角度来看,市场化程度提高的越快,现金持有量的调整速度也越快。同时,市场化程度越高,企业期末实际现金持有量偏离目标现金持有量的程度越低。区分企业现金持有状况的进一步研究表明,相对于超额持有现金企业,现金持有不足公司的现金持有调整速度与偏离目标程度受市场化进程的影响更为明显。
[Abstract]:This paper takes A-share listed companies in Shanghai and Shenzhen Stock Market from 1999 to 2012 as the research object, through the establishment of dynamic panel model, the method of system generalized moment estimation is used. From the two aspects of the adjustment speed of cash holdings and the degree of actual cash holdings deviating from the target cash holdings, this paper investigates the influence of marketization process and its changes on the cash holding behavior of listed companies. The results show that the higher the marketization degree is, the higher the marketization degree is. The faster the cash holdings of enterprises are adjusted, and from the point of view of the dynamic process of marketization, the faster the increase of marketization degree, the faster the adjustment speed of cash holdings. At the same time, the higher the marketization degree, the faster the adjustment speed of cash holdings. The lower the actual cash holdings deviate from the target cash holdings at the end of the period, the further research shows that compared with excess cash holding enterprises, The adjustment speed of cash holding and the degree of deviation from the target are more obviously influenced by the marketization process.
【学位授予单位】：南开大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F224;F832.51

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