市场化改革与现金持有动态调整--一个理论研究框架

摘要

企业特征、宏观经济环境对现金持有动态调整的重要影响已基本形成共识，但近年来，越来越多的研究表明，市场化改革是研究企业现金持有行为必须重视的一项重要制度背景，那么，更为关键的一个问题是：市场化改革是如何影响企业现金持有动态调整的呢？对现金持有动态调整相关文献研究述评并构建系统的理论研究框架，从驱动力量和约束条件两个层面剖析市场化改革对现金持有动态调整的影响机理与经济后果，结果显示：市场化改革能够改善企业现金持有动态调整行为。政府应进一步放松行政干预与管制，加快市场化改革进程。%The conclusion that firm characteristics and macroeconomic environment have important impact on dynamic cash holdings adjustment has become a common brief. But recently, more and more researches indicate that market-oriented reforms are important institutional background which we must consider when researching the behavior of cash holdings. But the more important issue is how market-oriented reforms affect the adjustment of cash holdings. In this paper, we build a theoretical framework and firstly investigate the behavior of dynamic cash holdings adjustment. Then, from the view of driving force and constraint system, this article gives the thorough analysis of the formation mechanism of dynamic cash holdings adjustment under market-oriented reforms and the economic outcomes. At last we conclude the results and some policy suggests from the view of market-oriented reforms.