公司持有现金的对冲作用

本文探讨融资约束下公司现金策略与投资策略的内生联动性并引入对冲需求的思想，对公司现金持有量促进投资支出的对冲作用进行考察。研究结果表明，公司面临融资约束时通过变动现金策略以避免投资计划的改变,这种联动性导致公司现金策略变化而投资策略不常变动，公司因此具有较高的现金-现金流敏感度且现金-现金流敏感度比投资-现金流敏感度更能够有效反映公司融资约束。我们还发现，现金持有量促进投资的对冲作用受到市场的认同，投资者赋予公司现金策略和投资策略更高的价值评估。

The Hedging Effect of Corporate Cash Holdings: Evidence from China

This paper investigates the interdependence of corporate cash holdings and investment policies in the framework of financing constraints and hedging needs,and further examines the effects of cash holdings on investment spending.The results show that corporations make cash holding and investment decisions jointly subject to the constraints and hedging needs.We conclude that corporations maintain investment through changing cash holdings which leads to the higher cash flow sensitivity of cash as an indicator of financial constraints.We also find that holding cash as a hedging strategy is predicted by the market,and both cash and investment decisions are highly valued by investors.