论文部分内容阅读
本文通过对2202家上市公司13691个样本数据的实证研究,检验了2003-2013年间宏观经济因素对公司现金持有行为的影响。本文的实证证据表明,相对于经济周期波动的扩张阶段,上市公司在经济周期波动的收缩阶段的现金持有水平更高。同时,相对于经济周期波动的扩张阶段,上市公司在经济周期波动的收缩阶段的现金持有调整速度较慢。本文的研究有助于政府部门提高宏观调控水平和决策指导能力,有利于企业把握宏观经济发展规律,科学制订并合理实行现金持有政策。
In this paper, an empirical study of 13691 sample data of 2202 listed companies was conducted to examine the impact of macroeconomic factors on the cash holdings behavior of the company during 2003-2013. The empirical evidence in this paper shows that listed companies have a higher level of cash holdings during the contraction phase of the economic cycle than the expansion of the economic cycle. At the same time, compared with the expansion of the economic cycle, the listed companies adjust the cash holdings more slowly during the contraction period of the economic cycle. The research in this paper will help government departments to improve their macroeconomic regulation and control ability and their ability to make decisions and guidance. It will help enterprises to grasp the law of macroeconomic development and formulate and rationally implement cash holding policies.