货币政策对企业现金持有价值的影响

发布时间：2018-03-08 02:13

本文选题：货币政策　切入点：现金持有　出处：《企业经济》2017年03期 　论文类型：期刊论文

【摘要】：本文基于A股上市公司2010年第一季度至2014年第四季度的相关数据,借鉴Fama和French(1998)的经典企业价值回归模型,以货币政策为出发点,对我国上市公司现金持有的市场价值进行了实证分析。研究结果表明:从整体而言,我国上市公司现金持有的市场价值低于账面价值,且相比于非国有控股企业,国有控股企业的现金持有市场价值更低;货币政策对公司现金持有的市场价值影响较大,且相比于宽松的货币政策,紧缩的货币政策会显著提高企业现金持有的市场价值。本文的研究将宏观货币政策与企业微观的现金持有战略结合起来,进一步拓展了现金管理的视角。
[Abstract]:Based on the relevant data of A-share listed companies from in the first quarter of 2010 to in the fourth quarter of 2014, this paper draws lessons from the classical enterprise value regression model of Fama and French 1998, and takes monetary policy as the starting point. This paper makes an empirical analysis on the market value of cash holdings of listed companies in China. The results show that the market value of cash holdings of listed companies in our country is lower than book value, and compared with that of non-state-owned holding enterprises, the market value of cash holdings of listed companies in China is lower than that of non-state-owned holding enterprises. The market value of cash holdings of state-owned holding enterprises is even lower; the monetary policy has a greater impact on the market value of cash holdings of companies, and compared with the loose monetary policy, Tight monetary policy will significantly improve the market value of corporate cash holdings. This paper combines macro-monetary policy with corporate micro-cash holding strategy and further expands the perspective of cash management.
【作者单位】：南京农业大学金融学院、江苏农村金融发展研究中心;南京农业大学金融学院;
【基金】：国家自然科学基金项目“食品企业社会责任促进机制研究”(项目编号:71173108)
【分类号】：F275.3;F822.0

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