本文選題：房地產(chǎn)開發(fā)企業(yè) + 現(xiàn)金持有　； 參考：《清華大學(xué)學(xué)報(自然科學(xué)版)》2013年09期

【摘要】：為研究房地產(chǎn)開發(fā)企業(yè)現(xiàn)金持有行為特征,運用實物期權(quán)理論框架分析了預(yù)防性動機與投機性動機下最優(yōu)現(xiàn)金持有水平及其影響因素,并通過實證研究判斷了A股上市房地產(chǎn)開發(fā)企業(yè)現(xiàn)金持有量是否最優(yōu)以及偏離最優(yōu)水平的影響因素。研究表明:受競爭環(huán)境、經(jīng)營模式、發(fā)展階段以及戰(zhàn)略需求的影響,企業(yè)最優(yōu)現(xiàn)金持有水平存在較大差異;中國A股上市房地產(chǎn)開發(fā)企業(yè)總體上存在現(xiàn)金持有水平偏低的問題,而且理論上要求現(xiàn)金持有量較高的企業(yè)更傾向于向下偏離最優(yōu)水平,行業(yè)總體呈現(xiàn)出現(xiàn)金持有水平趨同的趨勢。
[Abstract]:The characteristics of cash holding behavior of real estate development enterprises, using the theory of real options framework and analyzes the factors of precautionary and speculative motives under the optimal level of cash holdings and its influence, and determine the influence factors of A shares listed real estate development enterprise cash holdings is optimal and the optimal level by empirical research. The study shows that competition the environment, business model, influence the development stage and the strategic needs of enterprises, there is a big difference between the optimal level of cash holdings; Chinese A shares listed real estate development enterprises in general are the low level of cash holdings, and the theoretical requirements of cash holdings high companies tend to deviate from the optimal level of industry overall downward, showing gold holding the trend of convergence.

【作者單位】： 清華大學(xué)建設(shè)管理系;
【基金】：國家自然科學(xué)基金資助項目(71003060)
【分類號】：F293.33

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本文編號：1739461