货币政策、融资约束与企业货币资金持有

发布时间：2018-03-09 16:02

  本文选题：现金持有　切入点：融资约束　出处：《南京大学》2017年硕士论文　论文类型：学位论文

【摘要】：出于预防动机的货币资金持有与公司面对的融资约束水平关系密切,货币政策、融资生态环境以及公司异质性特征等均可以通过改变融资约束水平来影响公司的货币资金持有行为。事实上,融资约束可从两个维度来理解,即外部融资环境与企业外部融资能力。货币政策。地区金融发展程度等主要是通过改变公司外源融资生态环境来作用于货币资金持有的策。"预防性动机",公司的异质性特征更多的是反应不同的企业融资能力是如何作用于"预防性动机"。本文选取2012年一季度至2016年二季度A股上市公司的季度数据为研究样本,构建了1519家公司的平衡面板数据,并且采用了固定效应模型作为实证工具。以广义货币量M2的同比增速为货币政策的度量指标,以货币资金的季度调整变化为被解释变量,分析了宏观货币政策对企业货币资金持有行为的影响。进一步的,从地区金融发展、产权特质、资产多寡等角度出发,将样本公司分类为高融资约束程度公司和低融资约束程度公司,考察不同融资约束条件下货币政策对企业现金持有行为的不同影响。本文主要研究结论如下:货币经济政策趋紧时,公司倾向提升货币资金持有水平;银根紧缩时,区域金融发展程度低的公司现金调整幅度较高,区域金融发展程度高的公司现金调整的反应不敏感;紧缩性货币政策下,民营、资产少的公司现金调整幅度较高,国资背景、资产多的公司现金调整的反应不敏感。总的来说,公司货币资金持有水平对货币政策的反应程度与其面临的融资约束条件密切相关,与低资本约束的公司相比,高资本约束公司的现金持有水平对货币政策的敏感度更强。
[Abstract]:The holding of monetary funds motivated by prevention is closely related to the level of financing constraints faced by companies. Financing ecological environment and corporate heterogeneity can affect the behavior of money holding by changing the level of financing constraints. In fact, financing constraints can be understood from two dimensions. That is, external financing environment and enterprises' external financing ability, monetary policy, regional financial development degree and so on are mainly by changing the external financing ecological environment of the company to act on the policy of monetary fund holding. "precautionary motive", the company's. The heterogeneity is more about how different firms' financing ability acts on "precautionary motivation". This paper selects the quarterly data of A-share listed companies from the first quarter of 2012 to the second quarter of 2016 as the research sample. The equilibrium panel data of 1519 companies are constructed, and the fixed effect model is used as an empirical tool. This paper analyzes the influence of macro-monetary policy on the behavior of money holding in enterprises. Further, from the perspective of regional financial development, property characteristics, amount of assets and so on, The sample companies are classified into high financing constraint companies and low financing constraint companies. The main conclusions of this paper are as follows: when the monetary policy becomes tighter, the company tends to raise the level of money holding, and when the monetary policy is tight, the firm tends to raise the level of money holding. The company with low level of regional financial development has a relatively high rate of cash adjustment, while the company with high degree of regional financial development is insensitive to the response of cash adjustment; under the tight monetary policy, the private company with less assets has a higher range of cash adjustment, and the background of state capital, Generally speaking, the level of monetary fund holding of a company is closely related to the financing constraints it faces, compared with that of a company with low capital constraints. High-capital-constrained companies' cash holdings are more sensitive to monetary policy.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F822.0
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本文编号：1589233