【摘要】：為揭示企業(yè)現(xiàn)金持有調(diào)整呈現(xiàn)不完全性的原因,文章考察了企業(yè)現(xiàn)金持有的變化規(guī)律,發(fā)現(xiàn)企業(yè)現(xiàn)金持有水平的分組變化呈現(xiàn)"馬鞍"型分布:在大幅調(diào)增(或調(diào)減)時(shí),伴隨著大規(guī)模的外部融資(或投資)行為;在大幅調(diào)減之前,現(xiàn)金持有變化呈現(xiàn)逐步積累的過程;在大幅調(diào)增之后,現(xiàn)金持有變化呈現(xiàn)逐步消耗的過程。由此認(rèn)為,企業(yè)現(xiàn)金持有調(diào)整呈現(xiàn)不完全性,不是由于調(diào)整成本的存在,導(dǎo)致企業(yè)現(xiàn)金持有調(diào)整不到位;而是企業(yè)現(xiàn)金持有調(diào)整存在間歇性和集中性,在大幅調(diào)整之前(或之后)存在幾期小幅調(diào)整,現(xiàn)有文獻(xiàn)在估算調(diào)整速度時(shí),沒有將企業(yè)主動(dòng)優(yōu)化現(xiàn)金持有行為與現(xiàn)金積累(或消耗)行為區(qū)分開來。
[Abstract]:In order to reveal the reasons why the adjustment of corporate cash holdings is incomplete, this paper investigates the changing law of corporate cash holdings, and finds that the group changes of corporate cash holdings are "saddle" distribution: when the cash holdings increase (or decrease) significantly, Accompanied by large-scale external financing (or investment) behavior; before a significant reduction, cash holdings change gradually accumulated process; after a large increase, cash holdings change gradually consumption process. It is concluded that the adjustment of corporate cash holdings is incomplete, not because of the existence of adjustment costs, but because the adjustment of corporate cash holdings is intermittent and centralized. There are several minor adjustments before (or after) large adjustments, and the existing literature does not distinguish the active cash holding behavior from the cash accumulation (or consumption) behavior when estimating the adjustment speed.
【作者單位】： 東華大學(xué)旭日工商管理學(xué)院;南開大學(xué)商學(xué)院;
【基金】：國家自然科學(xué)基金項(xiàng)目(714720 96) 上海市軟科學(xué)研究計(jì)劃項(xiàng)目(15692106400)資助
【分類號(hào)】：F275
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本文編號(hào)：2256396