一金融危机、调整成本与企业现金持有调整速度的不对称性

摘要

This paper examines the asymmetric adjustment toward target cash holdings.We find that the downward adjustment speed of firms with excess cash is more quickly than the upward adjustment speed of those that have a deficit, that give a supportive evidence for the view of that the adjustment cost to deplete cash is lower than to build cash.After the financial crisis, the downward adjustment speed becomes slower while the upward adjustment speed has no change significantly.This result illustrates that the higher value of cash holdings during the financial crisis may be the main reason for the slower downward adjustment speed and the higher financing costs may impede the upward adjustment.The precautionary motive of cash holdings can explain the adjustment behaviors well.%基于中国上市公司2002—2012年的面板数据，检验企业向目标现金持有调整速度的不对称性。研究发现超额现金持有企业向下调整速度显著快于现金持有不足企业向上调整速度，实证结果支持消耗现金的调整成本低于构建现金的调整成本这一观点。金融危机发生后，超额现金持有企业向下调整的速度减缓，现金持有不足企业向上调整的速度没有显著变化。金融危机下持有现金的边际价值增加可能是超额现金持有企业向下调整速度减缓的主要原因，而金融危机引发的高额融资成本成为现金持有不足企业向上调整现金的主要障碍，金融危机期企业持有现金的预防性动机增强。