金融发展、现金持有水平及其市场价值

PDF(1130 KB)

中央财经大学学报 ›› 2018, Vol. 0 ›› Issue (9) : 34-45.

金融保险

金融发展、现金持有水平及其市场价值

胡亚峰, 冯科

作者信息 +

Financial Development, Cash Holdings and Market Value

HU Ya-feng, FENG Ke

Author information +

文章历史 +

摘要

金融发展作为宏观经济层面的一个重要因素,会对微观企业行为产生重要影响。笔者以1999—2015年中国A股非金融类上市公司的年度数据为样本,研究中国金融发展水平对中国上市公司现金持有行为的影响及其产生的经济后果。研究结果显示:(1)金融发展降低了公司现金持有量,增加了公司现金持有的边际市场价值;(2)按产权性质分组看,金融发展使得国有企业现金持有量降低的幅度要大于民营企业,现金市场价值增加的幅度要大于民营企业;(3)进一步进行稳健性和机制检验,发现结果稳健且金融发展降低了公司的现金-现金流敏感性、抑制了过度投资和减轻了代理问题。以上结果表明金融发展主要通过缓解公司外部融资约束和减轻代理问题来影响其现金持有行为。

Abstract

Financial development, as an important factor in the macroeconomic level, must have an important impact on the behavior of micro-enterprises. This paper uses the annual data of non-financial listed companies in China's A stock market from 1999 to 2015 as the research sample to study the impact of China's financial development level on the cash holdings of Chinese listed companies and its economic consequences. The results show that:(1) The financial development reduces the cash holdings of the company and increases the marginal market value of the cash held by the company;(2) In the aspect of cash holdings, the reduction of state-owned enterprises is larger than that of private enterprises. In terms of cash market value, the increase of state-owned enterprises is larger than that of private enterprises;(3) Further tests show that the results are robust and institutional tests show that financial development reduces the company's cash—cash flow sensitivity, inhibits excessive investment and reduces agency problems. The above results show that financial development mainly affects cash holding behavior by easing corporate external financing constraints and mitigating agency problems.

导出引用

胡亚峰, 冯科. 金融发展、现金持有水平及其市场价值[J]. 中央财经大学学报, 2018, 0(9): 34-45

HU Ya-feng, FENG Ke. Financial Development, Cash Holdings and Market Value[J]. Journal of Central University of Finance & Economics, 2018, 0(9): 34-45

中图分类号： F832

参考文献

[1] Michèle S M. Goldsmith (R.). Financial Structure and Development[J]. Revue Économique,1970(21): 491-492.
[2] Levine R. Financial Development and Economic Growth: Views and Agenda[J]. Journal of Economic Literature, 1997, 35(2): 688-726.
[3] 周立, 王子明. 中国各地区金融发展与经济增长实证分析:1978—2000[J]. 金融研究, 2002(10):1-13.
[4] Allen F, Qian J, Qian M. Law, Finance, and Economic Growth in China[J]. Journal of Financial Economics, 2005, 77(1): 57-116.
[5] Beck T, Lin C, Ma Y. Why do Firms Evade Taxes? The Role of Information Sharing and Financial Sectoroutreach[J]. The Journal of Finance, 2014, 69(2): 763-817.
[6] Rajan R G, Zingales L. Financial Dependence and Growth[R]. National Bureau of Economic Research, 1996.
[7] Demirgüç-Kunt A, Maksimovic V. Law, Finance, and Firm Growth[J]. The Journal of Finance, 1998, 53(6): 2107-2137.
[8] Love I. Financial Development and Financing Constraints: International Evidence from the Structural InvestmentModel[J]. Review of Financial Studies, 2003, 16(3):765-791.
[9] Khurana I K, Martin X, Pereira R. Financial Development and the Cash Flow Sensitivity of Cash[J]. Journal of Financial and Quantitative Analysis, 2006, 41(4): 787-808.
[10] Castro F,Kalatzis A E G, Martins-Filho C. Financing in an Emerging Economy: Does Financial Development or Financial Structure Matter?[J]. Emerging Markets Review, 2015(23): 96-123.
[11] 张军, 丁丹. 中国的金融改革是否缓解了企业的融资约束?[C]. 2008中国金融评论国际学术研讨会, 2012.
[12] 朱红军, 何贤杰, 陈信元. 金融发展、预算软约束与企业投资[J]. 会计研究, 2006(10):64-71.
[13] Jensen M C. Agency Costs of Free Cash Flow, Corporate Finance, Andtakeovers[J]. The American Economic Review, 1986, 76(2): 323-329.
[14] Myers S C,Rajan R G. The Paradox of Liquidity[J]. The Quarterly Journal of Economics, 1998, 113(3): 733-771.
[15] Opler T, Pinkowitz L, Stulz R, et al. The Determinants and Implications of Corporate Cash Holdings[J]. Social Science Electronic Publishing, 1999, 52(1):3-46.
[16] 罗琦, 秦国楼. 投资者保护与公司现金持有[J]. 金融研究, 2009(10):162-178.
[17] 陈德球, 李思飞, 王丛. 政府质量、终极产权与公司现金持有[J]. 管理世界, 2011(11):127-141.
[18] 杨兴全, 齐云飞, 吴昊旻. 行业成长性影响公司现金持有吗?[J]. 管理世界, 2016(1):153-169.
[19] Fama E F, French K R. Taxes, Financing Decisions, and Firm Value[J]. The Journal of Finance, 1998, 53(3): 819-843.
[20] Pinkowitz L, Williamson R. What is a Dollar Worth? The Market Value of Cash Holdings[M]. Social Science Electronic Publishing 2002.
[21] Pinkowitz L, Stulz R, Williamson R. Does the Contribution of Corporate Cash Holdings and Dividends to Firm Value Depend on Governance? A Cross-Country Analysis[J]. The Journal of Finance, 2006, 61(6): 2725-2751.
[22] Dittmar A, Mahrt-Smith J. Corporate Governance and the Value of Cash Holdings[J]. Journal of Financial Economics, 2007, 83(3): 599-634.
[23] 杨兴全, 张照南. 制度背景、股权性质与公司持有现金价值[J]. 经济研究, 2008(12):111-123.
[24] 樊纲, 王小鲁, 朱恒鹏. 中国市场化指数. 各省区市场化相对进程2011年度报告[M]. 北京:经济科学出版社, 2011.
[25] 王小鲁,樊纲,余静文. 中国分省份市场化指数报告(2016)[M]. 北京:社会科学文献出版社,2017.
[26] Brandt L, Li H. Bank Discrimination in Transition Economies: Ideology, Information, or Incentives?[J]. Journal of Comparative Economics, 2003, 31(3): 387-413.
[27] Fan J P H, Wong T J, Zhang T. Politically connected CEOs, Corporate Governance, and Post-IPO Performance of China's Newly Partially Privatized firms[J]. Journal of Financial Economics, 2007, 84(2): 330-357.
[28] 张杰, 刘东. 商业信贷、融资约束与我国中小企业融资行为——基于江苏省制造业企业的问卷观测和实证分析[J]. 金融论坛, 2006, 11(10):3-9.
[29] 林毅夫, 李永军. 中小金融机构发展与中小企业融资[J]. 经济研究, 2001(1):10-18.
[30] John T A. Accounting Measures of Corporate Liquidity, Leverage, and Costs of Financialdistress[J]. Financial Management, 1993, 22(3): 91-100.
[31] Ozkan A, Ozkan N. Corporate Cash Holdings: An Empirical Investigation of UK Companies[J]. Journal of Banking & Finance, 2004, 28(9): 2103-2134.
[32] Bai C E, Liu Q, Lu J, et al. Corporate Governance and Market Valuation in China[J]. Journal of Comparative Economics, 2004, 32(4):599-616.
[33] 王鹏. 投资者保护、代理成本与公司绩效[J]. 经济研究, 2008(2):68-82.
[34] Almeida H,Campello M, Weisbach M S. The Cash Flow Sensitivity of Cash[J]. The Journal of Finance, 2004, 59(4): 1777-1804.
[35] 赵立彬. 金融发展、信贷资源配置与过度投资[J]. 上海经济研究, 2012(8):13-21.
[36] Richardson S. Over-investment of Free Cashflow[J]. Review of Accounting Studies, 2006, 11(2-3): 159-189.
[37] 王彦超. 融资约束、现金持有与过度投资[J]. 金融研究, 2009(7):121-133.
[38] Jensen M C, Meckling W H. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure[J]. Journal of Financial Economics, 1976, 3(4): 305-360.
[39] Ang J S, Cole R A, Lin J W. Agency Costs and Ownership Structure[J]. Journal of Finance, 2000, 55(1):81-106.