融资约束、国有与非国有控股公司之间现金持有价值差异——基于经济周期的分析

发布时间：2018-08-13 13:06

【摘要】：借助经济周期波动实证分析了融资约束对国有与非国有控股公司之间现金持有价值差异的影响。经济周期波动能够影响公司外部融资能力,并且对不同特征公司的影响表现出一定差异性。在经济衰退期,国有与非国有控股公司之间融资约束差异程度进一步扩大。以2003—2015年中国A股上市公司为样本研究发现,在经济衰退期,非国有控股公司现金持有价值显著高于国有控股公司。从经济扩张期到经济衰退期,国有控股公司与非国有控股公司之间现金持有价值差异显著增加。进一步研究发现,国有控股公司与非国有控股公司之间现金持有价值差异在外部融资依赖程度较高公司和现金流波动性较大公司中更加明显。为融资约束对国有与非国有控股公司之间现金持有价值差异的影响提供了直接证据,也侧面验证了非国有控股公司存在一定融资约束问题,尤其在经济衰退期。
[Abstract]:With the help of economic cycle fluctuation, the paper analyzes the influence of financing constraints on the difference of cash holding value between state-owned and non-state-owned holding companies. The fluctuation of business cycle can affect the external financing ability of the company, and show certain difference to the different characteristic company's influence. During the recession, the difference in financing constraints between state-owned and non-state-owned holding companies has widened. A sample of Chinese A-share listed companies from 2003 to 2015 shows that during the economic recession, the cash holding value of non-state-owned holding companies is significantly higher than that of state-owned holding companies. From the period of economic expansion to the period of economic recession, the difference of cash holding value between state-owned holding company and non-state-owned holding company increases significantly. Further study shows that the difference of cash holding value between state-owned holding companies and non-state-owned holding companies is more obvious in companies with higher degree of external financing dependence and large cash flow volatility. It provides direct evidence for the influence of financing constraints on the difference of cash holding value between state-owned and non-state-owned holding companies, and also verifies the existence of certain financing constraints in non-state-owned holding companies, especially during the economic recession.
【作者单位】：复旦大学管理学院;
【分类号】：F275;F832.51

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