经济政策不确定性、行业周期性与现金持有动态调整

发布时间：2018-02-23 05:56

本文关键词： 经济政策不确定性行业周期性现金持有动态调整行业竞争度　出处：《中央财经大学学报》2014年12期 　论文类型：期刊论文

【摘要】：宏观经济环境及产业特征是影响微观企业财务政策的重要因素。基于我国特殊制度情境,笔者探讨了经济政策不确定性、行业周期性对企业现金持有动态调整的影响机制。研究发现:经济政策不确定性越大,企业现金调整速度越快,且这种效应在不同产权性质、投资水平、经营现金流及偿债水平的企业中具有显著差异。进一步,与宏观经济波动紧密相关的周期性行业企业在经济政策不确定性较大时的现金调整速度明显快于非周期性行业企业;深入细分行业特征后发现,在行业周期性与行业竞争度组成的象限中,周期性且竞争激烈行业的企业在经济政策不确定性较大时表现出了最快的现金调整速度,其平均调整半周期为0.957年。
[Abstract]:The macroeconomic environment and industrial characteristics are the important factors that influence the financial policy of micro enterprises. Based on the special institutional situation of our country, the author discusses the uncertainty of economic policy. The study found that the greater the uncertainty of economic policy, the faster the speed of cash adjustment, and this effect is different in the nature of property rights and investment level. There are significant differences in operating cash flow and debt service level among enterprises. Further, the cash adjustment speed of cyclical industry enterprises closely related to macroeconomic fluctuations is faster than that of non-cyclical industry enterprises when the economic policy uncertainty is greater. In the quadrant of industry periodicity and industry competition degree, the enterprises in the periodic and competitive industries have shown the fastest speed of cash adjustment when the economic policy uncertainty is greater. The average adjustment half period is 0.957 years.
【作者单位】：北京交通大学经济管理学院;
【基金】：国家自然科学基金项目“内部控制缺陷披露的经济后果:盈余质量、权益价值与资本成本”(项目号71272055)、“新兴市场国家IFRS制订过程中的博弈及经济后果”(项目号71372011)
【分类号】：F124;F275.1

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