本文選題：機(jī)械制造業(yè) + 上市公司　； 參考：《北方工業(yè)大學(xué)》2011年碩士論文

【摘要】：本文以我國機(jī)械制造業(yè)上市公司為研究對(duì)象,在國內(nèi)外現(xiàn)金持有水平的理論分析與實(shí)證研究的基礎(chǔ)上,選取了2007至2009年169家機(jī)械制造業(yè)上市公司作為研究樣本。 首先,本文結(jié)合我國機(jī)械制造業(yè)上市公司的特征,分析了現(xiàn)金持有水平的現(xiàn)狀,從樣本總體來看,我國機(jī)械制造業(yè)上市公司的現(xiàn)金持有水平略高于我國上市公司的現(xiàn)金持有水平和制造業(yè)上市公司的現(xiàn)金持有水平；現(xiàn)金的使用情況與大部分國外發(fā)達(dá)國家有一定差距；機(jī)械行業(yè)內(nèi)部的現(xiàn)金持有水平存在一定差異。 其次,本文構(gòu)建了公司現(xiàn)金持有水平影響因素模型,從財(cái)務(wù)管理整個(gè)流程的角度來考察了上市公司現(xiàn)金持有水平的影響因素,并引入公司規(guī)模、財(cái)務(wù)杠桿、成長性、投資、債務(wù)期限、現(xiàn)金股利支付六個(gè)解釋變量對(duì)現(xiàn)金持有水平進(jìn)行回歸分析,實(shí)證結(jié)果表明：公司規(guī)模、成長性與現(xiàn)金持有水平正相關(guān)；財(cái)務(wù)杠桿、投資、債務(wù)期限與現(xiàn)金持有水平負(fù)相關(guān)；而現(xiàn)金股利支付不具有統(tǒng)計(jì)上的相關(guān)性。 再次,本文構(gòu)建了現(xiàn)金持有水平對(duì)經(jīng)營業(yè)績的影響模型,證明了本文提出的“當(dāng)公司保持一定高的現(xiàn)金持有水平時(shí),公司的經(jīng)營業(yè)績就越好”的假設(shè),在此基礎(chǔ)上,本文運(yùn)用2次曲線估計(jì)方法,建立了影響經(jīng)營業(yè)績的回歸模型,實(shí)證結(jié)果表明我國機(jī)械制造業(yè)上市公司現(xiàn)金持有水平與公司經(jīng)營業(yè)績之間呈倒U型的二次曲線關(guān)系,二次曲線的拐點(diǎn)為13.87%。 最后,基于理論與實(shí)證研究結(jié)果,本文提出了優(yōu)化我國機(jī)械制造業(yè)上市公司現(xiàn)金持有決策的建議。從政府角度,應(yīng)完善我國資本市場的發(fā)展,加強(qiáng)國家的投融資體制建設(shè)；從行業(yè)角度,加強(qiáng)機(jī)械制造業(yè)上市公司自主創(chuàng)新能力,保持機(jī)械行業(yè)均衡發(fā)展；從公司角度,應(yīng)全方位優(yōu)化機(jī)械制造業(yè)上市公司的財(cái)務(wù)環(huán)境,加強(qiáng)現(xiàn)金管理。
[Abstract]:Based on the theoretical analysis and empirical study of cash holdings at home and abroad, this paper selects 169 listed mechanical manufacturing companies from 2007 to 2009 as the research samples. First of all, this paper analyzes the current situation of cash holding level in the light of the characteristics of listed companies in China's machinery manufacturing industry, and looks at the sample as a whole. The cash holding level of listed companies in China's machinery manufacturing industry is slightly higher than that of listed companies in China and the cash holdings of listed companies in manufacturing industries, and the use of cash is somewhat different from that of most developed countries. There are some differences in cash holding level within the machinery industry. Secondly, this paper constructs the model of influencing factors of cash holding level of the company, examines the influencing factors of cash holding level of listed companies from the point of view of the whole financial management process, and introduces company size, financial leverage, growth, investment, etc. The empirical results show that the firm size, growth and cash holding level are positively correlated with the debt maturity, cash dividend payment and six explanatory variables. Debt maturity is negatively correlated with cash holding level, while cash dividend payment is not statistically relevant. Thirdly, this paper constructs the model of the influence of cash holding level on business performance, which proves the hypothesis that "when the company maintains a certain high cash holding level, the operating performance of the company will be better", and on the basis of this, the paper puts forward the hypothesis that when the company maintains a certain level of cash holding, the operating performance of the company will be better. By using the method of quadratic curve estimation, this paper establishes a regression model that affects the operating performance. The empirical results show that the relationship between the cash holding level and the operating performance of the listed companies in the machinery manufacturing industry is inversely U-shaped. The inflection point of the conic is 13.87. Finally, based on the theoretical and empirical research results, this paper puts forward some suggestions to optimize the cash holding decision of listed companies in China's machinery manufacturing industry. From the angle of government, we should perfect the development of our country's capital market, strengthen the construction of national investment and financing system, strengthen the independent innovation ability of listed companies in machinery manufacturing industry from the angle of industry, and keep the balanced development of machinery industry. We should optimize the financial environment of listed companies in mechanical manufacturing industry and strengthen cash management.
【學(xué)位授予單位】：北方工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2011
【分類號(hào)】：F426.4;F406.72

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 汪東紅;王海剛;;現(xiàn)金持有量對(duì)上市公司價(jià)值影響的實(shí)證分析[J];財(cái)會(huì)月刊;2008年27期

2 胡國柳;劉寶勁;馬慶仁;;上市公司股權(quán)結(jié)構(gòu)與現(xiàn)金持有水平關(guān)系的實(shí)證分析[J];財(cái)經(jīng)理論與實(shí)踐;2006年04期

3 張人驥,劉春江;股權(quán)結(jié)構(gòu)、股東保護(hù)與上市公司現(xiàn)金持有量[J];財(cái)貿(mào)經(jīng)濟(jì);2005年02期

4 于東智;胡國柳;王化成;;企業(yè)的現(xiàn)金持有決策與公司治理分析[J];金融論壇;2006年10期

5 楊興全;孫杰;;企業(yè)現(xiàn)金持有量:文獻(xiàn)綜述與啟示[J];當(dāng)代財(cái)經(jīng);2006年09期

6 張鳳;黃登仕;;中國上市公司現(xiàn)金持有量對(duì)融資時(shí)機(jī)偏好的影響[J];系統(tǒng)工程;2005年12期

7 趙蒲,孫愛英;財(cái)務(wù)保守行為:基于中國上市公司的實(shí)證研究[J];管理世界;2004年11期

8 辛宇;徐莉萍;;公司治理機(jī)制與超額現(xiàn)金持有水平[J];管理世界;2006年05期

9 胡國柳;蔣永明;;現(xiàn)金持有決策的影響因素——來自B股公司的經(jīng)驗(yàn)證據(jù)[J];湖南大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2005年06期

10 陳雪峰,翁君奕;配股公司現(xiàn)金持有與經(jīng)營業(yè)績[J];決策借鑒;2002年04期

相關(guān)重要報(bào)紙文章 前1條

1 趙志紅;[N];機(jī)電商報(bào);2010年

相關(guān)碩士學(xué)位論文 前2條

1 黃力進(jìn);上市公司現(xiàn)金持有及其與業(yè)績的關(guān)系研究[D];重慶大學(xué);2007年

2 邱林華;上市公司治理結(jié)構(gòu)對(duì)現(xiàn)金持有量的影響研究[D];蘇州大學(xué);2009年

，

本文編號(hào)：2027317