本文關(guān)鍵詞： 經(jīng)濟(jì)政策波動(dòng) 現(xiàn)金資源管理政策 現(xiàn)金資源管理效率　出處：《北京交通大學(xué)》2016年博士論文　論文類型：學(xué)位論文

【摘要】：作為公司金融領(lǐng)域“經(jīng)久不衰”的研究議題,企業(yè)現(xiàn)金資源管理始終受到國(guó)內(nèi)外學(xué)術(shù)界與實(shí)務(wù)界的廣泛關(guān)注。特別是自2008年全球金融危機(jī)爆發(fā)以來,宏觀經(jīng)濟(jì)發(fā)展持續(xù)走低、企業(yè)外部融資約束程度加劇、生產(chǎn)經(jīng)營(yíng)波動(dòng)性陡然提升等致使大量企業(yè)因資金鏈斷裂而相繼破產(chǎn),此時(shí)持有大量的現(xiàn)金資源成為企業(yè)緩沖金融危機(jī)不利沖擊、確保持久發(fā)展的“黃金法則”。然而,作為企業(yè)流動(dòng)性最強(qiáng)且最易遭受管理層侵占的資產(chǎn),過度持有現(xiàn)金資源亦會(huì)成為管理層實(shí)現(xiàn)“帝國(guó)構(gòu)建”的重要手段,繼而損害企業(yè)長(zhǎng)遠(yuǎn)價(jià)值。上述兩種學(xué)術(shù)觀點(diǎn)的“針鋒相對(duì)”使得現(xiàn)有企業(yè)現(xiàn)金資源決定因素及其經(jīng)濟(jì)后果的研究長(zhǎng)久以來尚未形成統(tǒng)一定論,原因是現(xiàn)有基于公司治理、行業(yè)特征以及企業(yè)自身特征等單一靜態(tài)視角對(duì)上述問題的探究無法有效捕捉企業(yè)現(xiàn)金資源管理的動(dòng)態(tài)變化過程,這也就無法清晰地回答企業(yè)持有現(xiàn)金資源的真實(shí)動(dòng)機(jī)與實(shí)際配置效果,因此不可謂之完善。近年來,隨著“宏觀經(jīng)濟(jì)政策與微觀企業(yè)行為”互動(dòng)關(guān)系的研究日益成為學(xué)術(shù)界的熱絡(luò)議題,有關(guān)宏觀經(jīng)濟(jì)政策對(duì)微觀企業(yè)現(xiàn)金資源管理行為影響的研究亦得到了一定程度的探索,而通過對(duì)相關(guān)文獻(xiàn)的梳理,本文發(fā)現(xiàn)相關(guān)研究大都僅針對(duì)宏觀經(jīng)濟(jì)周期、貨幣政策以及財(cái)政政策等宏觀因素“提高抑或降低企業(yè)現(xiàn)金資源持有水平及現(xiàn)金資源的市場(chǎng)價(jià)值等單一問題展開探討”,卻缺乏對(duì)宏觀經(jīng)濟(jì)環(huán)境及政策與企業(yè)現(xiàn)金資源管理動(dòng)態(tài)關(guān)系的更為細(xì)致、深入地探究,特別是在我國(guó)經(jīng)濟(jì)政策頻繁波動(dòng)、政府對(duì)市場(chǎng)具有較大影響的新興加轉(zhuǎn)軌的現(xiàn)實(shí)經(jīng)濟(jì)體制下,系統(tǒng)探究宏觀經(jīng)濟(jì)政策波動(dòng)對(duì)企業(yè)現(xiàn)金資源持有動(dòng)機(jī)及其配置路徑與效率的內(nèi)在影響機(jī)制有助于我們更為清晰深刻地理解企業(yè)持有現(xiàn)金資源的真實(shí)動(dòng)機(jī)與實(shí)際配置效果,進(jìn)而為宏觀經(jīng)濟(jì)政策制定者、微觀企業(yè)實(shí)體以及資本市場(chǎng)投資者提供有益參考與指導(dǎo)。慶幸的是,新近Baker et al.(2013)構(gòu)建的與我國(guó)宏觀經(jīng)濟(jì)緊密相關(guān)的經(jīng)濟(jì)政策波動(dòng)指數(shù)為本文系統(tǒng)探究經(jīng)濟(jì)政策波動(dòng)于微觀企業(yè)現(xiàn)金資源管理政策及效率的內(nèi)在傳導(dǎo)機(jī)制提供了難得的研究契機(jī)。本文正是基于此,以新近受到學(xué)術(shù)界與實(shí)務(wù)界廣泛關(guān)注的經(jīng)濟(jì)政策波動(dòng)為切入點(diǎn),遵循“上市公司現(xiàn)金資源持有動(dòng)機(jī)——上市公司現(xiàn)金資源配置路徑——上市公司現(xiàn)金資源配置效率”的研究主線,采用大樣本實(shí)證研究相結(jié)合的研究方法,系統(tǒng)考察不同經(jīng)濟(jì)政策波動(dòng)情形下,上市公司現(xiàn)金資源持有動(dòng)機(jī)及其配置路徑與效率的動(dòng)態(tài)差異變化,并從以下方面做出了補(bǔ)充性研究貢獻(xiàn)：(1)既豐富了新近與經(jīng)濟(jì)政策波動(dòng)相關(guān)研究議題的經(jīng)驗(yàn)證據(jù),又對(duì)現(xiàn)有宏觀經(jīng)濟(jì)政策與微觀企業(yè)財(cái)務(wù)行為相關(guān)議題做出了補(bǔ)充性研究貢獻(xiàn)；(2)系統(tǒng)探究了不同經(jīng)濟(jì)政策波動(dòng)情形下,上市公司現(xiàn)金資源持有動(dòng)機(jī)的動(dòng)態(tài)差異表現(xiàn),對(duì)現(xiàn)有有關(guān)現(xiàn)金資源持有動(dòng)機(jī)的研究做出了補(bǔ)充性貢獻(xiàn)；(3)基于經(jīng)濟(jì)政策波動(dòng)的靜態(tài)與動(dòng)態(tài)雙重視角,系統(tǒng)探究了上市公司在不同經(jīng)濟(jì)政策波動(dòng)情形下,現(xiàn)金資源對(duì)各類資本投向支持效用的動(dòng)態(tài)差異變化,豐富了“現(xiàn)金與投資”關(guān)系研究的經(jīng)驗(yàn)證據(jù)；(4)基于經(jīng)濟(jì)政策波動(dòng)的靜態(tài)與動(dòng)態(tài)雙重視角,系統(tǒng)探究了不同經(jīng)濟(jì)政策波動(dòng)情形下,上市公司現(xiàn)金資源配置效率的動(dòng)態(tài)差異變化,拓展了和深化了現(xiàn)有相關(guān)議題的研究范疇。本文的研究結(jié)論為政府制定更為合理的宏觀經(jīng)濟(jì)政策提供政策性建議、為投資者正確評(píng)估企業(yè)價(jià)值提供理論參考、為上市公司提高流動(dòng)性管理水平提供指導(dǎo)。
[Abstract]:Study on the issue of corporate finance as "enduring", the enterprise cash resources management has attracted widespread attention at home and abroad of the academic and practical circles. Especially since the 2008 global financial crisis, macro economic development continued to decline, enterprise external financing constraints degree intensifies, production volatility suddenly increase resulting in a large number of enterprises due to funding strand breaks and go bankrupt, then hold a lot of cash resources become the unfavorable impact of enterprise financial crisis to ensure the sustained development of the buffer, the "golden rule". However, as the enterprise liquidity the most strong and the most vulnerable to the occupation of the asset management, excessive cash holdings resources will become the important means to realize "empire building" the management, and then damage the enterprise value over the long term. The two academic point of view of the "tit for tat" makes the cash resources of existing enterprises and its determinants by Study on the long-term economic consequences has not yet formed a unified conclusion, the reason is based on the existing corporate governance, industry characteristics and enterprise's own characteristics such as single static perspective on these issues can not effectively capture corporate cash resources management change process, this is not true motives clear answer of corporate cash holdings and the actual resource allocation effect. It is not perfect. In recent years, with the interaction of macroeconomic policies and micro enterprises "has become the academic hot issue, research about the influence of macroeconomic policy on cash resources management behavior of micro enterprise has also been a certain degree of exploration, and based on the related literature, this paper found studies only according to the macro economic cycle, macroeconomic factors" monetary policy and fiscal policy to improve or reduce the enterprise now Discussion of "gold resources holdings and cash resources such as the market value of a single problem, but the lack of macro economic environment and policy and corporate cash resources management dynamic relationship is more detailed and in-depth research, especially in China's economic policy frequent fluctuations, the government has a great influence on the market of the emerging and transitional reality economic system, internal mechanism of a system on macroeconomic policy volatility holdings motivation and efficiency of enterprise and its configuration path of cash resources will help us more clearly understand the real resources of corporate cash holdings motivation and actual allocation effect, and macroeconomic policy makers, micro enterprise entity and capital market investors useful reference and guidance. Fortunately, the recent Baker et al. (2013) and the construction of economic policy fluctuation of China's macro economy is closely related to the number of The inherent conduction mechanism for this system on economic policy fluctuation on the cash resources management policy and the efficiency of the micro enterprise provides a research opportunity. This article is based on this, the recent fluctuations in economic policy by academic and practical circles attention as the starting point, the main line of cash holdings of listed companies follow the "resource motivation of listed companies cash allocation path -- corporate cash resources allocation efficiency", using the research methods of empirical study combining the systematic study of different economic policy fluctuation situation of listed companies cash holdings motivation and dynamic difference resource configuration path and efficiency change, and make a contribution from the following aspects: (1 complementary study) which not only enriches the empirical evidence and the recent fluctuations in economic policy related research issues, and the existing macroeconomic policies and micro enterprise finance Make a contribution of research topics related to behavior; (2) to explore the different economic policy fluctuation situation, dynamic difference of listed companies cash holdings motivation resource performance, make a supplementary contribution to the existing resources on cash holdings motivation research; (3) economic policy fluctuations in the static and dynamic double perspective. The inquiry system of Listed Companies in different economic policy fluctuation situation, cash resources to support the utility of the dynamic changes of different kinds of capital, enrich the empirical evidence research of the relationship between cash and investment; (4) economic policy fluctuations in the static and dynamic system based on dual perspective, explores the different economic policy fluctuation situation changes the difference of dynamic resource allocation efficiency of listed companies cash, expand the research category and deepen the existing related issues. The conclusion of this paper for the government to formulate more To provide policy recommendations for reasonable macroeconomic policy, provide a theoretical reference for investors to correctly assess corporate value, and provide guidance for listed companies to improve their liquidity management level.

【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2016
【分類號(hào)】：F275.1
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本文編號(hào)：1510865