融资约束、股权性质与上市公司现金持有价值

摘要

Taking A-share listed corporate from 2007 to 2013 as samples, the paper empirically studies the value of cash holdings of listed corporate , and studies the effects of financing constraints and ownership property on it .The re-gression results find that in general the value of cash holdings of listed corporate is positive ; financing constraints rein-forced the value of cash holdings , namely, the value of cash holdings in financing constraints corporate is significantly higher than the value of cash holdings in non -financing constraints corporate;the value of cash holdings of state -owned company is significantly less than non -state-owned company′s, financing constraints does strengthen the value of cash holdings of the non -state-owned corporate , but, has no significant impact on that of the state -owned corporate .%本文以我国沪深A股上市公司2007－2013年的财务数据为样本，实证考察公司现金持有的价值效应，并探究融资约束和股权性质对其的影响。研究发现我国上市公司现金持有表现为正向价值效应，融资约束强化了公司现金持有的价值效应，即融资约束公司现金持有价值显著高于非融资约束公司；国有股权公司的现金持有价值低于非国有公司，融资约束会强化非国有公司现金持有的价值，但对国有企业现金持有价值的影响并不显著。