融资约束对公司现金持有政策的影响

以2003—2012年持续存在的314家制造业上市公司为研究样本,研究融资约束对企业现金持有政策的影响。研究结果显示:有融资约束企业的现金持有水平显著高于无融资约束企业;有融资约束企业的现金持有量的变化与公司经营现金流显著正相关,说明有融资约束的企业会为了把握未来的投资机会而从当前经营现金流中储备现金。无融资约束企业因其外部融资能力较强,其现金持有量的变化不受企业经营现金流的显著影响。

The Effect of Financial Constraints on the Corporate Cash Holdings Policy

This paper examines the effect of financial constraints on the corporate cash holdings policy,with the sample of 314 listed manufacturing firms over the period of 2003 -2012. The results show that the cash holdings of the financial constrained firms are significantly higher than those of the unconstrained firms. For the financial constrained firms,the change of cash holdings has a positive relation to operating cash flows,which implies that these firms will save cash out of operating cash flows to meet future investment needs. Because of unrestricted access to external capital,unconstrained firms＆#39; cash savings are not significantly related to operating cash flows.