本文關(guān)鍵詞：現(xiàn)金持有對(duì)企業(yè)經(jīng)營業(yè)績(jī)的影響—在中國經(jīng)濟(jì)增速下滑的背景下　出處：《東華大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

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【摘要】：對(duì)企業(yè)來說,現(xiàn)金是至關(guān)重要的資產(chǎn)�，F(xiàn)金不僅對(duì)企業(yè)的經(jīng)營、投資、籌資等各方面行為有重大影響,而且與企業(yè)的經(jīng)營業(yè)績(jī)密切相關(guān)。通過對(duì)現(xiàn)金持有的利弊進(jìn)行權(quán)衡來確定合理的現(xiàn)金持有量,是企業(yè)一項(xiàng)重要的財(cái)務(wù)行為。近年來,我國經(jīng)濟(jì)增速下滑:2004年-2007年我國GDP增長(zhǎng)率超過10%;2008年金融危機(jī)爆發(fā),受其影響,2008年-2011年間GDP下滑至9%左右;2012年-2015年GDP增長(zhǎng)率下滑至7%-8%,2015年跌破7%。我國步入經(jīng)濟(jì)新常態(tài)階段,“新常態(tài)”中的“�！�,意味著相對(duì)穩(wěn)定。也就是說我國的經(jīng)濟(jì)增速在短期內(nèi)不會(huì)有大幅度的高,結(jié)合這個(gè)背景,聯(lián)系我國上市公司在經(jīng)濟(jì)增速下滑背景下現(xiàn)金持有的行為,分析現(xiàn)金持有對(duì)企業(yè)經(jīng)營業(yè)績(jī)的影響具有重要意義。本文采用規(guī)范研究與實(shí)證研究相結(jié)合的辦法,研究現(xiàn)金持有對(duì)企業(yè)經(jīng)營業(yè)績(jī)的影響。首先對(duì)相關(guān)文獻(xiàn)和理論進(jìn)行回顧;之后,選取我國A股制造業(yè)上市公司2004年-2007年,2012年-2015年數(shù)據(jù)作為樣本(考慮到2008年-2011年受金融危機(jī)影響較大,故不作為樣本選取),分別對(duì)應(yīng)我國經(jīng)濟(jì)高速增長(zhǎng)與增速下滑兩個(gè)階段,對(duì)現(xiàn)金持有水平進(jìn)行述性統(tǒng)計(jì)分析。之后,本文結(jié)合2012年-2015年經(jīng)濟(jì)增速下滑與2004年-2007年經(jīng)濟(jì)高速增長(zhǎng)的兩個(gè)階段,從靜態(tài)現(xiàn)金持有與動(dòng)態(tài)現(xiàn)金持有兩個(gè)角度出了以下四個(gè)假設(shè)。靜態(tài)現(xiàn)金持有方面:假設(shè)一,在經(jīng)濟(jì)增速下滑背景下,現(xiàn)金持有與企業(yè)經(jīng)營業(yè)績(jī)呈正相關(guān)關(guān)系;假設(shè)二,在經(jīng)濟(jì)高速增長(zhǎng)的背景下,企業(yè)現(xiàn)金持有水平與經(jīng)營業(yè)績(jī)不相關(guān)。動(dòng)態(tài)現(xiàn)金持有方面:假設(shè)三,在經(jīng)濟(jì)增速下滑背景下,現(xiàn)金持有的變動(dòng)與企業(yè)經(jīng)營業(yè)績(jī)變動(dòng)呈正相關(guān)關(guān)系。假設(shè)四,在經(jīng)濟(jì)高速增長(zhǎng)的背景下,現(xiàn)金持有的變動(dòng)與企業(yè)經(jīng)營業(yè)績(jī)變動(dòng)不相關(guān)。針對(duì)假設(shè)一,本文實(shí)證檢驗(yàn)得出:在一定范圍內(nèi),在經(jīng)濟(jì)增速下滑背景下,企業(yè)的現(xiàn)金持有與經(jīng)營業(yè)績(jī)顯著正相關(guān),但是超出范圍的異常高額現(xiàn)金持有不能為企業(yè)帶來經(jīng)營業(yè)績(jī)的增加。針對(duì)假設(shè)二,本文通過實(shí)證檢驗(yàn)得出,在經(jīng)濟(jì)高速增長(zhǎng)時(shí)期,現(xiàn)金持有與企業(yè)經(jīng)營業(yè)績(jī)不相關(guān)。針對(duì)假設(shè)三,本文通過實(shí)證檢驗(yàn)得出:在經(jīng)濟(jì)增速下滑背景下,公司現(xiàn)金持有的增加與經(jīng)營業(yè)績(jī)?cè)鲩L(zhǎng)呈正相關(guān)關(guān)系。針對(duì)假設(shè)四,本文實(shí)證檢驗(yàn)得出,在經(jīng)濟(jì)高速增長(zhǎng)時(shí)期,現(xiàn)金持有變動(dòng)與企業(yè)經(jīng)營業(yè)績(jī)的變動(dòng)不相關(guān)。最后,根據(jù)本文的研究結(jié)論,出了相應(yīng)的政策建議,并指出本文的不足之處以及未來的研究展望。
[Abstract]:To the enterprise, cash is crucial not only for cash assets. The management of enterprises, investment, have a significant impact on all aspects of the financing behavior, but also closely related to the performance of an enterprise. To determine the reasonable balance of cash holdings through the pros and cons of cash holdings, is an important part of enterprise financial behavior in recent years. In our country, the decline in economic growth: 2004 -2007 China's GDP growth rate of more than 10%; in 2008 the outbreak of the financial crisis, affected by the 2008 -2011 year GDP decline to about 9%; 2012 -2015 annual GDP growth rate fell to 7%-8% in 2015, below 7%. in China entered the new economic norm, the "new normal" in "often, means relatively stable. That is to say China's economic growth in the short term will be greatly high, with this background, contact China's listed companies fell under the background of cash holding behavior in economic growth, Analysis of impact of cash holdings on business performance has important significance. This paper adopts normative research and empirical research methods, research on cash holdings impact on business performance. Firstly, the relevant literature and theory review; after the selection of China's A shares listed manufacturing companies in 2004 -2007, 2012 -2015 data as the sample (taking into account the 2008 -2011 by the greater impact of the financial crisis, it is not as sample selection), corresponding to China's rapid economic growth and growth in two stages of decline, the statistical analysis on the cash holding level. After that, combining with the 2012 -2015 year decline in economic growth and two stages of the 2004 -2007 years of rapid economic growth from the static, dynamic cash holdings and cash holdings of two point out the following four hypotheses. The static cash holdings: suppose a slowdown in economic growth under the background, Cash holdings and business performance are positively correlated; hypothesis two, in the background of rapid economic growth, corporate cash holdings and corporate performance is not related. Dynamic cash holdings: hypothesis three, decline in economic growth under the background of the change of cash holdings and business performance is positively related to changes in economy. Hypothesis four. The rapid growth of the background, not related to changes in business performance and changes in cash. According to the hypothesis, the empirical test shows that: in a certain range, the decline in economic growth under the background of corporate cash holdings significantly correlated with business performance, but the abnormal high cash holdings can not bring beyond the scope of business performance the increase of enterprises. According to the hypothesis two, through empirical test shows that, in the period of rapid economic growth, cash holdings and corporate performance is not related to this hypothesis. Three. This paper through empirical test show that the decline in economic growth under the background of the company's cash holdings and increase operating performance growth is positively correlated. According to hypothesis four, the empirical test shows that, in the period of rapid economic growth, not related to changes in cash holdings and business performance changes. Finally, according to the conclusion of this article, the corresponding the policy suggestions, and points out the deficiencies of this paper and the prospect of future research.

【學(xué)位授予單位】：東華大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F406.7;F425;F832.51

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