宏观信贷政策、现金持有与企业投资

发布时间：2018-04-22 03:27

本文选题：宏观信贷政策 + 现金持有　；参考：《重庆大学》2015年硕士论文

【摘要】：现金是企业至关重要的财务资源,对企业的经营、投资以及融资等各个方面都有着重要的影响。在完美资本市场的假设下,企业是并不需要持有现金资产的,但在实际情况之中,资本市场的摩擦以及公司治理的缺陷使得现金持有政策成为企业的一项重要财务决策。依据信息不对称理论以及融资优序理论,现实资本市场的缺陷导致了企业面临着内外融资成本的差异,促使了企业出于预防性动机或者投机性动机而持有较多的流动性资产,这将有助于企业降低融资成本并把握投资机会。总而言之,现金资产是企业进行流动性管理的重要对象,企业持有现金能够对内部现金流起到补充作用,是一种廉价而又直接的融资方式,因此企业持有现金有助于缓解因融资约束而产生的投资不足问题;另一方面,企业拥有较多的现金资产虽然能够规避潜在的流动性风险,但正是这一未来资金约束的减弱可能会是企业利用当前的现金更加积极的进行投资,从而导致过度投资行为的产生。在以往公司投资的研究中,学者们通常使用内部现金流代表内源融资,而近年来,越来越多的学者开始关注期初现金持有对企业投资的影响。我国经济正处于转型期间,资本市场还很不成熟,信息不对称以及委托代理等问题较为严重,上市公司普遍存在融资约束,因此,深入分析我国上市公司的现金持有与投资行为之间的关系具有重要的理论与现实意义。此外,我国企业主要以银行贷款等间接融资为主要外部融资渠道,即使是对上市公司来说,银行贷款也仍然是最快捷、最便利的外部融资方式,而我国商业银行在提供信贷资金时会受到各项监管指标的制约,在不同的信贷政策下,商业银行所受制约程度不同,企业所面临的外部信贷供给便不同,其所遭受的外部信贷约束也就不同,那么现金持有政策以及通过现金管理应对投资需求的行为必然也会存在一些差异。目前,国内外学者在对企业投融资行为进行研究的过程当中往往忽视外部因素的影响,大多数的研究未将信贷政策这一外生性的影响纳入到分析框架之内。因此,本文运用实证分析方法,以2008-2013年我国沪深两市主板A股上市公司为研究样本,对宏观信贷政策、现金持有与企业投资之间的关系进行了深入的分析。本文首先讨论了现金持有、现金流与企业投资之间的关系,实证研究结果表明,在总体水平下,上市公司持有的现金储备能够对内部现金流起到补充作用,从而缓解投资对现金流的敏感性,及时满足企业投资项目的所需资金;与此同时,持有较多的现金资产虽然能够降低企业潜在的流动性风险,但也会因此导致企业产生过度投资行为。在此基础之上,本文进一步考虑上市公司的股权性质,研究结果表明,非国有控股上市公司具有相对较高的现金持有水平,其通过流动性管理应对投资需求的行为更加明显,而国有控股上市公司由于外部融资受限程度较轻,其现金持有水平较低,通过现金补充现金流的行为相对不明显;此外,无论是国有还是非国有控股上市公司,持有大量现金资产都会对过度投资行为产生显著的正向影响,并且这种影响在国有控股上市公司中表现的更为强烈。在对现金持有与企业投资之间的关系进行了较为全面的考察之后,本文试图从商业银行受制约程度的角度来反映企业所面临信贷政策的紧缩程度,考察不同信贷约束下,不同股权性质的上市公司其现金持有政策对投资行为的影响,研究结果表明,在信贷规模较小的情况之下,企业所面临的外部信贷政策相对紧缩,上市公司通过流动性管理应对投资需求的行为会有所加强,并且这种加强作用对非国有控股上市公司的影响更为明显,而国有控股上市公司对外部信贷政策相对不敏感;此外,紧缩的宏观信贷政策能够减弱现金持有对过度投资的正向影响,并且这种这一现象同样在非国有控股上市公司中表现的更为显著。
[Abstract]:Cash is an important financial resource for the enterprise, which has an important influence on the business, investment and financing. Under the assumption of perfect capital market, enterprises do not need to hold cash assets, but in the actual situation, the friction of capital market and the defects of corporate governance make the cash hold policy. According to the theory of information asymmetry and the theory of optimal order of financing, the defects of the real capital market lead to the difference between the internal and external financing costs and the holding of more liquidity assets for the enterprise out of preventive motivation or speculative motivation, which will help enterprises to reduce the cost of financing. In summary, in short, cash assets are the important object of the liquidity management of the enterprise. The enterprise holding cash can play a complementary role in the internal cash flow. It is a cheap and direct way of financing. Therefore, the holding of cash will help to alleviate the shortage of investment caused by the financing constraints; on the other hand, the enterprise will make the cash flow management. Although the industry has more cash assets to avoid potential liquidity risks, it is the weakening of the future capital constraints that may be the use of current cash to invest more actively, resulting in excessive investment behavior. In the past, scholars usually use internal cash flow representation in the study of investment in the past. In recent years, more and more scholars have begun to pay attention to the impact of the initial cash holdings on enterprise investment. China's economy is in the transition period, the capital market is not mature, information asymmetry and principal-agent and other problems are more serious, the listed companies generally exist financing constraints, therefore, in-depth analysis of the current listed companies in China. The relationship between gold holding and investment behavior is of great theoretical and practical significance. In addition, the main external financing channels are bank loans, such as bank loans. Even for listed companies, bank loans are still the fastest and most convenient external financing methods, while commercial banks in China are providing credit funds. Under the restriction of various regulatory indicators, under different credit policies, the degree of restriction of commercial banks is different, the supply of external credit facing enterprises is different, and the external credit constraints are different. Then there will be some difference between the cash holding policy and the behavior of dealing with the investment demand through cash management. At present, scholars at home and abroad often ignore the influence of external factors in the process of research on investment and financing behavior of enterprises. Most of the research does not incorporate the external effect of credit policy into the framework of analysis. Therefore, this paper uses empirical analysis method to take the A stock listed companies of the Shanghai and Shenzhen two main boards in 2008-2013 years as the listed companies. This paper makes an in-depth analysis of the relationship between macro credit policy, cash holding and enterprise investment. This paper first discusses the relationship between cash holdings, cash flow and enterprise investment. The empirical results show that, under the overall level, the cash reserves held by the listed companies can play a complementary role to the internal cash flow. At the same time, while holding more cash assets can reduce the potential liquidity risk of enterprises, it will also lead to excessive investment behavior. On this basis, this paper further considers the nature of listed companies' equity. The results show that the non state holding listed companies have relatively high level of cash holdings, and their behavior to deal with investment demand through liquidity management is more obvious, and the state-owned holding listed companies have a relatively low level of cash holding because of the low degree of external financing constraints, and the behavior of cash flow through cash is relatively not obvious; besides, Both state-owned and non-state-owned listed companies, holding a large amount of cash assets have a significant positive impact on excessive investment behavior, and this effect is more intense in state-owned holding listed companies. After a more comprehensive investigation of the relationship between cash holding and enterprise investment, this paper tries to make a thorough study. The restrictive degree of commercial banks reflects the degree of credit tightening faced by the enterprises and the impact of their cash holding policies on the investment behavior of listed companies with different equity properties under the constraints of different credit constraints. The results show that the external credit policies facing enterprises are relatively tight under the condition of small credit scale. The behavior of the listed companies to deal with the investment demand through liquidity management will be strengthened, and the effect of this strengthening on non state holding listed companies is more obvious, while the foreign credit policy of the state-owned holding listed companies is relatively insensitive. In addition, the tight macro credit policy can weaken the positive effect of cash holdings to overinvestment. This phenomenon is also more significant in non state controlled listed companies.

【学位授予单位】：重庆大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F275;F832.4

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