房地产上市公司现金持有水平的实证研究

摘要

Choosing 120 listed real estate companies in Shanghai Stock Exchange and Shenzhen Stock Exchange as researching object, using 2009 -2011 year financial report's data, this paper analyzes the cash holdings status of listed real estate companies through the descriptive statistics and independenet-samples T test. Setting up regression models to analyze the influence factors and effect of decision-making of cash holdings. The re suit shows that: high cash holdings exist in the listed real estate companies; profitabily has significantly positive relation with cash holdings; debt level is negatively correlated with cash holdings; cash holdings have significant positive influence on performance.%选取沪深两市120家A股房地产上市公司作为样本，研究其20092011年的财务数据，运用描述性分析、双样本T检验分析房地产上市公司现金持有的现状，并构建回归模型探求房地产上市公司现金持有水平的影响因素及其决策效果。研究结果显示：目前房地产上市公司存在高额现金持有情况，盈利能力和现金持有水平呈显著正相关，负债水平和现金持有水平呈显著负相关，其现金持有水平对公司业绩有着显著的正向效应。