现金持有量与盈利能力关系的实证研究

摘要

Cash holdings and profitability of company management are two important aspects. Cash is an asset, and cash holdings will affect the management state and profitability of company. Studying on the relationship between cash holdings and profitability not only enriches the theory of cash holdings and corporate governance theory, but also helps the company to strengthen cash management, and helps investors make the best investment decisions. Selecting a sample of 1155 A-share companies listed from 2005 to 2010, through establishing of the linear regression model, this paper empirically examines the relationship between cash holdings and profitability, using the proportion of cash assets and monetary fund as the explained variables and return on total assets, return on net assets, net profit rate of the main business and net profit as the explanatory variables. The results shown that there is positive correlation between cash holdings and profitability, and cash holdings has a significant positive correlation with net profit. There is a significant positive correlation between the proportion of cash assets and t return on net assets, but it is a faint positive correlation with return on total assets, net profit rate of the main business.%　　现金持有量和盈利能力是公司管理的两个重要方面。现金作为一项资产，其持有量的多少会影响企业的经营状况和盈利能力。研究现金持有量与盈利能力关系不仅充实了现金持有量理论和公司治理理论，还有利于公司对现金进行有效管理，帮助投资者做出最佳的投资决策。以2005—2010年间1155家A股上市公司为样本，以现金资产占比与货币资金为被解释变量，以总资产报酬率、净资产报酬率、主营业务净利率和净利润为解释变量，建立线性回归模型，对现金持有量与盈利能力的关系进行了实证检验。结果表明，现金持有量与盈利能力呈正相关关系。其中，现金持有量与净利润呈显著的正相关关系；现金资产占比与净资产报酬率呈显著的正相关关系，与总资产报酬率、主营业务净利率也呈正相关关系，但线性关系不显著。