经济政策波动与上市公司现金资源管理政策及效率研究

发布时间：2018-02-14 13:59

  本文关键词： 经济政策波动 现金资源管理政策 现金资源管理效率　出处：《北京交通大学》2016年博士论文　论文类型：学位论文

【摘要】：作为公司金融领域“经久不衰”的研究议题,企业现金资源管理始终受到国内外学术界与实务界的广泛关注。特别是自2008年全球金融危机爆发以来,宏观经济发展持续走低、企业外部融资约束程度加剧、生产经营波动性陡然提升等致使大量企业因资金链断裂而相继破产,此时持有大量的现金资源成为企业缓冲金融危机不利冲击、确保持久发展的“黄金法则”。然而,作为企业流动性最强且最易遭受管理层侵占的资产,过度持有现金资源亦会成为管理层实现“帝国构建”的重要手段,继而损害企业长远价值。上述两种学术观点的“针锋相对”使得现有企业现金资源决定因素及其经济后果的研究长久以来尚未形成统一定论,原因是现有基于公司治理、行业特征以及企业自身特征等单一静态视角对上述问题的探究无法有效捕捉企业现金资源管理的动态变化过程,这也就无法清晰地回答企业持有现金资源的真实动机与实际配置效果,因此不可谓之完善。近年来,随着“宏观经济政策与微观企业行为”互动关系的研究日益成为学术界的热络议题,有关宏观经济政策对微观企业现金资源管理行为影响的研究亦得到了一定程度的探索,而通过对相关文献的梳理,本文发现相关研究大都仅针对宏观经济周期、货币政策以及财政政策等宏观因素“提高抑或降低企业现金资源持有水平及现金资源的市场价值等单一问题展开探讨”,却缺乏对宏观经济环境及政策与企业现金资源管理动态关系的更为细致、深入地探究,特别是在我国经济政策频繁波动、政府对市场具有较大影响的新兴加转轨的现实经济体制下,系统探究宏观经济政策波动对企业现金资源持有动机及其配置路径与效率的内在影响机制有助于我们更为清晰深刻地理解企业持有现金资源的真实动机与实际配置效果,进而为宏观经济政策制定者、微观企业实体以及资本市场投资者提供有益参考与指导。庆幸的是,新近Baker et al.(2013)构建的与我国宏观经济紧密相关的经济政策波动指数为本文系统探究经济政策波动于微观企业现金资源管理政策及效率的内在传导机制提供了难得的研究契机。本文正是基于此,以新近受到学术界与实务界广泛关注的经济政策波动为切入点,遵循“上市公司现金资源持有动机——上市公司现金资源配置路径——上市公司现金资源配置效率”的研究主线,采用大样本实证研究相结合的研究方法,系统考察不同经济政策波动情形下,上市公司现金资源持有动机及其配置路径与效率的动态差异变化,并从以下方面做出了补充性研究贡献：(1)既丰富了新近与经济政策波动相关研究议题的经验证据,又对现有宏观经济政策与微观企业财务行为相关议题做出了补充性研究贡献；(2)系统探究了不同经济政策波动情形下,上市公司现金资源持有动机的动态差异表现,对现有有关现金资源持有动机的研究做出了补充性贡献；(3)基于经济政策波动的静态与动态双重视角,系统探究了上市公司在不同经济政策波动情形下,现金资源对各类资本投向支持效用的动态差异变化,丰富了“现金与投资”关系研究的经验证据；(4)基于经济政策波动的静态与动态双重视角,系统探究了不同经济政策波动情形下,上市公司现金资源配置效率的动态差异变化,拓展了和深化了现有相关议题的研究范畴。本文的研究结论为政府制定更为合理的宏观经济政策提供政策性建议、为投资者正确评估企业价值提供理论参考、为上市公司提高流动性管理水平提供指导。
[Abstract]:Study on the issue of corporate finance as "enduring", the enterprise cash resources management has attracted widespread attention at home and abroad of the academic and practical circles. Especially since the 2008 global financial crisis, macro economic development continued to decline, enterprise external financing constraints degree intensifies, production volatility suddenly increase resulting in a large number of enterprises due to funding strand breaks and go bankrupt, then hold a lot of cash resources become the unfavorable impact of enterprise financial crisis to ensure the sustained development of the buffer, the "golden rule". However, as the enterprise liquidity the most strong and the most vulnerable to the occupation of the asset management, excessive cash holdings resources will become the important means to realize "empire building" the management, and then damage the enterprise value over the long term. The two academic point of view of the "tit for tat" makes the cash resources of existing enterprises and its determinants by Study on the long-term economic consequences has not yet formed a unified conclusion, the reason is based on the existing corporate governance, industry characteristics and enterprise's own characteristics such as single static perspective on these issues can not effectively capture corporate cash resources management change process, this is not true motives clear answer of corporate cash holdings and the actual resource allocation effect. It is not perfect. In recent years, with the interaction of macroeconomic policies and micro enterprises "has become the academic hot issue, research about the influence of macroeconomic policy on cash resources management behavior of micro enterprise has also been a certain degree of exploration, and based on the related literature, this paper found studies only according to the macro economic cycle, macroeconomic factors" monetary policy and fiscal policy to improve or reduce the enterprise now Discussion of "gold resources holdings and cash resources such as the market value of a single problem, but the lack of macro economic environment and policy and corporate cash resources management dynamic relationship is more detailed and in-depth research, especially in China's economic policy frequent fluctuations, the government has a great influence on the market of the emerging and transitional reality economic system, internal mechanism of a system on macroeconomic policy volatility holdings motivation and efficiency of enterprise and its configuration path of cash resources will help us more clearly understand the real resources of corporate cash holdings motivation and actual allocation effect, and macroeconomic policy makers, micro enterprise entity and capital market investors useful reference and guidance. Fortunately, the recent Baker et al. (2013) and the construction of economic policy fluctuation of China's macro economy is closely related to the number of The inherent conduction mechanism for this system on economic policy fluctuation on the cash resources management policy and the efficiency of the micro enterprise provides a research opportunity. This article is based on this, the recent fluctuations in economic policy by academic and practical circles attention as the starting point, the main line of cash holdings of listed companies follow the "resource motivation of listed companies cash allocation path -- corporate cash resources allocation efficiency", using the research methods of empirical study combining the systematic study of different economic policy fluctuation situation of listed companies cash holdings motivation and dynamic difference resource configuration path and efficiency change, and make a contribution from the following aspects: (1 complementary study) which not only enriches the empirical evidence and the recent fluctuations in economic policy related research issues, and the existing macroeconomic policies and micro enterprise finance Make a contribution of research topics related to behavior; (2) to explore the different economic policy fluctuation situation, dynamic difference of listed companies cash holdings motivation resource performance, make a supplementary contribution to the existing resources on cash holdings motivation research; (3) economic policy fluctuations in the static and dynamic double perspective. The inquiry system of Listed Companies in different economic policy fluctuation situation, cash resources to support the utility of the dynamic changes of different kinds of capital, enrich the empirical evidence research of the relationship between cash and investment; (4) economic policy fluctuations in the static and dynamic system based on dual perspective, explores the different economic policy fluctuation situation changes the difference of dynamic resource allocation efficiency of listed companies cash, expand the research category and deepen the existing related issues. The conclusion of this paper for the government to formulate more To provide policy recommendations for reasonable macroeconomic policy, provide a theoretical reference for investors to correctly assess corporate value, and provide guidance for listed companies to improve their liquidity management level.

【学位授予单位】：北京交通大学
【学位级别】：博士
【学位授予年份】：2016
【分类号】：F275.1
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本文编号：1510865