本文關(guān)鍵詞： 經(jīng)濟政策不確定性 行業(yè)周期性 現(xiàn)金持有動態(tài)調(diào)整 行業(yè)競爭度　出處：《中央財經(jīng)大學學報》2014年12期 　論文類型：期刊論文

【摘要】：宏觀經(jīng)濟環(huán)境及產(chǎn)業(yè)特征是影響微觀企業(yè)財務政策的重要因素�；谖覈厥庵贫惹榫�,筆者探討了經(jīng)濟政策不確定性、行業(yè)周期性對企業(yè)現(xiàn)金持有動態(tài)調(diào)整的影響機制。研究發(fā)現(xiàn):經(jīng)濟政策不確定性越大,企業(yè)現(xiàn)金調(diào)整速度越快,且這種效應在不同產(chǎn)權(quán)性質(zhì)、投資水平、經(jīng)營現(xiàn)金流及償債水平的企業(yè)中具有顯著差異。進一步,與宏觀經(jīng)濟波動緊密相關(guān)的周期性行業(yè)企業(yè)在經(jīng)濟政策不確定性較大時的現(xiàn)金調(diào)整速度明顯快于非周期性行業(yè)企業(yè);深入細分行業(yè)特征后發(fā)現(xiàn),在行業(yè)周期性與行業(yè)競爭度組成的象限中,周期性且競爭激烈行業(yè)的企業(yè)在經(jīng)濟政策不確定性較大時表現(xiàn)出了最快的現(xiàn)金調(diào)整速度,其平均調(diào)整半周期為0.957年。
[Abstract]:The macroeconomic environment and industrial characteristics are the important factors that influence the financial policy of micro enterprises. Based on the special institutional situation of our country, the author discusses the uncertainty of economic policy. The study found that the greater the uncertainty of economic policy, the faster the speed of cash adjustment, and this effect is different in the nature of property rights and investment level. There are significant differences in operating cash flow and debt service level among enterprises. Further, the cash adjustment speed of cyclical industry enterprises closely related to macroeconomic fluctuations is faster than that of non-cyclical industry enterprises when the economic policy uncertainty is greater. In the quadrant of industry periodicity and industry competition degree, the enterprises in the periodic and competitive industries have shown the fastest speed of cash adjustment when the economic policy uncertainty is greater. The average adjustment half period is 0.957 years.
【作者單位】： 北京交通大學經(jīng)濟管理學院;
【基金】：國家自然科學基金項目“內(nèi)部控制缺陷披露的經(jīng)濟后果:盈余質(zhì)量、權(quán)益價值與資本成本”(項目號71272055)、“新興市場國家IFRS制訂過程中的博弈及經(jīng)濟后果”(項目號71372011)
【分類號】：F124;F275.1

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相關(guān)期刊論文 前8條

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本文編號：1526288