机械制造业上市公司的现金持有水平研究

发布时间：2018-06-16 16:20

本文选题：机械制造业 + 上市公司　；参考：《北方工业大学》2011年硕士论文

【摘要】：本文以我国机械制造业上市公司为研究对象,在国内外现金持有水平的理论分析与实证研究的基础上,选取了2007至2009年169家机械制造业上市公司作为研究样本。首先,本文结合我国机械制造业上市公司的特征,分析了现金持有水平的现状,从样本总体来看,我国机械制造业上市公司的现金持有水平略高于我国上市公司的现金持有水平和制造业上市公司的现金持有水平；现金的使用情况与大部分国外发达国家有一定差距；机械行业内部的现金持有水平存在一定差异。其次,本文构建了公司现金持有水平影响因素模型,从财务管理整个流程的角度来考察了上市公司现金持有水平的影响因素,并引入公司规模、财务杠杆、成长性、投资、债务期限、现金股利支付六个解释变量对现金持有水平进行回归分析,实证结果表明：公司规模、成长性与现金持有水平正相关；财务杠杆、投资、债务期限与现金持有水平负相关；而现金股利支付不具有统计上的相关性。再次,本文构建了现金持有水平对经营业绩的影响模型,证明了本文提出的“当公司保持一定高的现金持有水平时,公司的经营业绩就越好”的假设,在此基础上,本文运用2次曲线估计方法,建立了影响经营业绩的回归模型,实证结果表明我国机械制造业上市公司现金持有水平与公司经营业绩之间呈倒U型的二次曲线关系,二次曲线的拐点为13.87%。最后,基于理论与实证研究结果,本文提出了优化我国机械制造业上市公司现金持有决策的建议。从政府角度,应完善我国资本市场的发展,加强国家的投融资体制建设；从行业角度,加强机械制造业上市公司自主创新能力,保持机械行业均衡发展；从公司角度,应全方位优化机械制造业上市公司的财务环境,加强现金管理。
[Abstract]:Based on the theoretical analysis and empirical study of cash holdings at home and abroad, this paper selects 169 listed mechanical manufacturing companies from 2007 to 2009 as the research samples. First of all, this paper analyzes the current situation of cash holding level in the light of the characteristics of listed companies in China's machinery manufacturing industry, and looks at the sample as a whole. The cash holding level of listed companies in China's machinery manufacturing industry is slightly higher than that of listed companies in China and the cash holdings of listed companies in manufacturing industries, and the use of cash is somewhat different from that of most developed countries. There are some differences in cash holding level within the machinery industry. Secondly, this paper constructs the model of influencing factors of cash holding level of the company, examines the influencing factors of cash holding level of listed companies from the point of view of the whole financial management process, and introduces company size, financial leverage, growth, investment, etc. The empirical results show that the firm size, growth and cash holding level are positively correlated with the debt maturity, cash dividend payment and six explanatory variables. Debt maturity is negatively correlated with cash holding level, while cash dividend payment is not statistically relevant. Thirdly, this paper constructs the model of the influence of cash holding level on business performance, which proves the hypothesis that "when the company maintains a certain high cash holding level, the operating performance of the company will be better", and on the basis of this, the paper puts forward the hypothesis that when the company maintains a certain level of cash holding, the operating performance of the company will be better. By using the method of quadratic curve estimation, this paper establishes a regression model that affects the operating performance. The empirical results show that the relationship between the cash holding level and the operating performance of the listed companies in the machinery manufacturing industry is inversely U-shaped. The inflection point of the conic is 13.87. Finally, based on the theoretical and empirical research results, this paper puts forward some suggestions to optimize the cash holding decision of listed companies in China's machinery manufacturing industry. From the angle of government, we should perfect the development of our country's capital market, strengthen the construction of national investment and financing system, strengthen the independent innovation ability of listed companies in machinery manufacturing industry from the angle of industry, and keep the balanced development of machinery industry. We should optimize the financial environment of listed companies in mechanical manufacturing industry and strengthen cash management.
【学位授予单位】：北方工业大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：F426.4;F406.72

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