作　　者： ; ; ;

机构地区： 暨南大学经济学院金融学系

出　　处： 《产经评论》 2013年第5期140-151,共12页

摘　　要： 宏观经济政策如何影响公司微观行为是最近几年比较新的领域。本文运用中国上市公司2001—2011年的年度数据，探讨了货币紧缩政策对公司现金持有的影响以及产权性质对这种影响的作用。本文发现，货币紧缩政策对公司的现金持有具有负向影响，即处于货币政策紧缩阶段，公司的现金持有会显著减少。相比于国有企业，货币紧缩政策对民营企业的现金持有影响更大，民营企业的现金持有在货币紧缩阶段减少得更多。本文进一步分析发现，在货币紧缩阶段，公司当期投资并未出现下降。这说明在货币紧缩阶段，为确保当期投资顺利进行，公司会使用自有现金来补充由于银行信贷减少引起的资金不足。 How macroeconomic policies affect corporate microscopic behavior is a relatively new field in recent years. In this paper, we use the annual data of China~ listed companiesfrom 2001 to 2011 to investigate the impact of tightening monetary policy on corporate cash holdings. We find that tightening monetary policy has a negative impact on corporate cash holdings, namely in the stage of tightening monetary policy, corporate cash holdings will be significantly reduced. Compared to state -owned enterprises, tightening monetary policy affects the cash holdings of private enterprises more, namely cash holdings of private enterprises in the stage of monetary tightening will be reduced more. Further analysis find that at the monetary tightening stage, the current corporate investment did not fall. This shows company will use its cash to supplement insufficient funds that induced by the reduced bank credit in the stage of monetary tightening to ensure the smooth process of the current investment.

关 键 词： 货币紧缩政策 公司现金持有 公司投资

领　　域： [经济管理]