企业现金持有水平调整为何呈现不完全性
发布时间：2018-10-08 10:14
【摘要】：为揭示企业现金持有调整呈现不完全性的原因,文章考察了企业现金持有的变化规律,发现企业现金持有水平的分组变化呈现"马鞍"型分布:在大幅调增(或调减)时,伴随着大规模的外部融资(或投资)行为;在大幅调减之前,现金持有变化呈现逐步积累的过程;在大幅调增之后,现金持有变化呈现逐步消耗的过程。由此认为,企业现金持有调整呈现不完全性,不是由于调整成本的存在,导致企业现金持有调整不到位;而是企业现金持有调整存在间歇性和集中性,在大幅调整之前(或之后)存在几期小幅调整,现有文献在估算调整速度时,没有将企业主动优化现金持有行为与现金积累(或消耗)行为区分开来。
[Abstract]:In order to reveal the reasons why the adjustment of corporate cash holdings is incomplete, this paper investigates the changing law of corporate cash holdings, and finds that the group changes of corporate cash holdings are "saddle" distribution: when the cash holdings increase (or decrease) significantly, Accompanied by large-scale external financing (or investment) behavior; before a significant reduction, cash holdings change gradually accumulated process; after a large increase, cash holdings change gradually consumption process. It is concluded that the adjustment of corporate cash holdings is incomplete, not because of the existence of adjustment costs, but because the adjustment of corporate cash holdings is intermittent and centralized. There are several minor adjustments before (or after) large adjustments, and the existing literature does not distinguish the active cash holding behavior from the cash accumulation (or consumption) behavior when estimating the adjustment speed.
【作者单位】： 东华大学旭日工商管理学院;南开大学商学院;
【基金】：国家自然科学基金项目(714720 96) 上海市软科学研究计划项目(15692106400)资助
【分类号】：F275
，
本文编号：2256396
[Abstract]:In order to reveal the reasons why the adjustment of corporate cash holdings is incomplete, this paper investigates the changing law of corporate cash holdings, and finds that the group changes of corporate cash holdings are "saddle" distribution: when the cash holdings increase (or decrease) significantly, Accompanied by large-scale external financing (or investment) behavior; before a significant reduction, cash holdings change gradually accumulated process; after a large increase, cash holdings change gradually consumption process. It is concluded that the adjustment of corporate cash holdings is incomplete, not because of the existence of adjustment costs, but because the adjustment of corporate cash holdings is intermittent and centralized. There are several minor adjustments before (or after) large adjustments, and the existing literature does not distinguish the active cash holding behavior from the cash accumulation (or consumption) behavior when estimating the adjustment speed.
【作者单位】： 东华大学旭日工商管理学院;南开大学商学院;
【基金】：国家自然科学基金项目(714720 96) 上海市软科学研究计划项目(15692106400)资助
【分类号】：F275
，
本文编号：2256396
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