期刊文献+

上市公司现金持有量对投资行为及动机的影响 预览 被引量:5

Empirical Analysis on the Effect of Cash Holdings of China's Listed Companies on Investment Behavior and Motives
在线阅读 下载PDF
分享 导出
摘要 公司现金持有决策是“最大化股东价值”的“预防性动机“交易性动机”与“最大化私人利益”的“自利性动机”相较量的结果;由此形成的现金持有量是否会影响到公司投资行为及其动机的表现呢?本文以1998~2003年连续4年以上有数据的沪深股市的上市公司为样本,对现金持有过量与不足公司的投资行为进行论证,发现:现金持有过量公司的超额现金量会引起固定资产投资、长期投资的增长,短期投资的下降。现金持有不足公司无影响;现金持有过量公司的长短期投资、固定资产投资效率以及超额现金的投资使用效率相对现金持有不足公司较低。这表明现金持有过量公司的投资行为以及过量现金的投资使用行为都存在过度投资现象,投资行为的自利动机表现强烈。 Corporate cash holdings are influenced by the tradeoff between the transaction cost motive, precautionary motive and the motive for maximizing self-interest. This paper compares the investment motives of the listed companies with positive cash holdings with those of the listed companies with negative cash holdings in terms of the relationship between performance and investment behavior. According to the data from the sample listed companies in Shenzhen and Shanghai Stock Exchange from 1998 to 2003, we find that the amount of excess cash of the listed companies with positive excess cash holdings will cause the increase of the investment in fixed and long-term assets, and the decrease of short-term investment; that the listed companies with negative excess cash holdings are not affected ; and that the efficiency of investment in fixed and long-term assets and the use efficiency of excess cash investment of the listed companies with positive excess cash holdings are lower than those of the listed companies with negative excess cash holdings. Results indicate that there is over- investment in the investment behavior of the former and the usage of excess cash investment and that self-interest motives of investment behavior are strong.
作者 张凤 黄登仕 ZHANG Feng ,HUANG Deng-shi (1. Department of Statistics, Chengdu University of Information Technology,Chengdu 610103,China; 2. School of Economics and Management,Southwest Jiaotong University ,Chengdu 610031 ,China)
出处 《系统工程》 CSCD 北大核心 2008年第6期 45-51,共7页 Systems Engineering
基金 国家自然科学基金资助项目(70572089)
关键词 现金持有过量 现金持有不足 投资行为 投资行为动机 公司业绩 Positive Excess Cash Holdings Negative Excess Cash Holdings Investment Investment Motives Corporate Performance
作者简介 张凤(1977-),女,四川绵阳人,成都信息工程学院统计系副教授,博士,研究方向:公司财务; 黄登仕(1963-),男,重庆忠县人,西南交通大学经济管理学院教授,研究方向;金融与公司财务。
  • 相关文献

参考文献20

  • 1Baumol W S. The transactions demand for cash: an inventory theoretic approach [J]. Quarterly Journal of Economics, 1952,66 : 545-556. 被引量:1
  • 2Tobin J. The interest elasticity of the transactions demand for money [J].Review of Economics and Statistics, 1956,38:241- 247. 被引量:1
  • 3Meltzer A H. The evidence from the time series[J]. Journa of Political Economics, 1963, 71 : 219-246. 被引量:1
  • 4Miller M H, et al. A model of the demand for money by firms[J]. Quarterly Journal of Economics, 1966, 80:413-435. 被引量:1
  • 5Opler T, et al. The determinants and implications of corporate cash holdings[J]. Journal of Financial Economics, 1999,52:3-46. 被引量:1
  • 6Guney Y, et al. Additional international evidence on corporate cash holdings[Z]. SSRN,2004. 被引量:1
  • 7Myers S C. Determinants of corporate borrowing[J]. Journal of Financial Economics, 1977,5:14 7- 17 5. 被引量:1
  • 8Myers S C, Majluf N. Corporate financing and investment decisions when finns have information that investors do not have[J]. Journal of Financial Economics, 1984,13:187- 221. 被引量:1
  • 9Jensen M C. Agency costs of free cash flow, corporate finance and takeovers[J]. American Economic Review, 1986,76 : 323- 329. 被引量:1
  • 10Harford J. Corporate cash reserves and acquisitions [J]. The Journal of Finance, 1999,54:1969- 1997. 被引量:1

二级参考文献43

  • 1何金耿,丁加华.上市公司投资决策行为的实证分析[J].证券市场导报,2001(9):44-47. 被引量:114
  • 2[1]Jensen,M.C., and Meckling,W.H.. Theory of the firm: Managerial behavior, agency costs and ownership structure[J]. Journal of Financial Economics,1976,(3): 305-360. 被引量:1
  • 3[2]Jensen,M.c. Agency costs of free cash flow, corporate finance and takeovers[J]. American Economic Review ,1986,(76): 323-329. 被引量:1
  • 4[3]Harford,J..Coporate cash reserves and acquisition[M]. Unpublished working paper. University of Oregon,1998. 被引量:1
  • 5[4]Myers,S.C..Determinants of corporate borrowing[J]. Journal of Financial Economics, 1977,(5):147-175. 被引量:1
  • 6[5]Mikkelson,Tim..Coporate cash holding--An empirical investigation of UK companies[M]. Unpublished working paper,1999. 被引量:1
  • 7[6]Opler, Pnkowitz,L., The determinants and implications of corporate cash holdings[J]. Journal of financial Economics, 1999,(52): 47-78. 被引量:1
  • 8Modigliani F, Miller M H. The Cost of Capital, Corporation Finance and the Theory of Investment[J]. American Economic Review, 1958,48:261-29?. 被引量:1
  • 9Lamont O. Cash Flow and Investment: Evidence from Internal Capital Market[J]. Journal of Finance, 1997, 52(1): 83- 109. 被引量:1
  • 10Kaapakkam P- R, et al. The Impact of Cash Flow and Finn Size on Investment: The International Evidence [ J ]. Journal of Banking & Finance, 1998, 22: 293-320. 被引量:1

共引文献292

同被引文献92

引证文献5

二级引证文献8

相关作者

内容加载中请稍等...

相关机构

内容加载中请稍等...

相关主题

内容加载中请稍等...

浏览历史

内容加载中请稍等...
;
使用帮助 返回顶部 意见反馈