货币政策、信贷歧视与公司现金持有竞争效应
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财经研究 2014 年 第 40 卷第 02 期, 页码：133 - 144
摘要
参考文献
摘要
宏观经济政策与行业竞争显著影响公司现金持有的经济后果,文章利用2008-2011年中国上市公司季度数据,结合货币政策和信贷歧视考察了公司现金持有的竞争效应。研究发现:(1)公司现金持有具有竞争效应,而且随着竞争对手融资约束和行业竞争的加剧,公司现金持有的竞争效应更加显著;(2)与宽松货币政策相比,公司现金持有的竞争效应在紧缩货币政策下更加明显;(3)与政府控制的公司相比,民营公司现金持有的竞争效应更强,而且在紧缩货币政策下两者差异更加显著;(4)为研发活动提供持续稳定的资金是公司现金持有实现竞争效应的主要渠道。
[1]方军雄.所有制、制度环境与信贷资金配置[J].经济研究,2007,(12):82-92.
[2]刘金全.货币政策作用的有效性和非对称性研究[J].管理世界,2002,(3):43-51.
[3]陆正飞,祝继高,樊铮.银根紧缩、信贷歧视与民营上市公司投资者利益损失[J].金融研究,2009,(8):124-136.
[4]索彦峰,范从来.货币政策能够影响贷款供给吗?——来自银行资产组合行为的经验证据[J].经济科学,2007,(6):57-65.
[5]吴昊旻,杨兴全,魏卉.产品市场竞争与公司股票特质性风险——基于中国上市公司的经验证据[J].经济研究,2012,(6):101-115.
[6]叶康涛,祝继高.银根紧缩与信贷资源配置[J].管理世界,2009,(1):22-28.
[7]Acharya V V,Almeida H,Campello M.Is cash negative debt?A hedging perspective on corporate financial policies[J].Journal of Financial Intermediation,2007,16(4):515-554.
[8]Almeida H,Campello M,Weisbach M S.The cash flow sensitivity of cash[J].Journal of Finance,2004,59(4):1777-1804.
[9]Bernanke B S,Gertler M.Inside the black box:The credit channel of monetary policy transmission[J].Journal of Economic Perspectives,1995,9(4):27-48.
[10]Brandt L,Li H.Bank discrimination in transition economies:Ideology,information,or incentives?[J].Journal of Comparative Economics,2003,31(3):387-413.
[11]Campello M.Capital structure and product markets interactions:Evidence from business cycles[J].Journal of Financial Economics,2003,68(3):353-378.
[12]Denis D J,Sibilkov V.Financial constraints,investment,and the value of cash holdings[J].Review of Financial Studies,2010,23(1):247-269.
[13]Faulkender M,Petersen M A.Does the source of capital affect capital structure?[J].Review of Financial Studies,2006,19(1):45-79.
[14]Faulkender M,Wang R.Corporate financial policy and the value of cash[J].Journal of Finance,2006,61(4):1957-1990.
[15]Fresard L.Financial strength and product market behavior:The real effects of corporate cash holdings[J].Journal of Finance,2010,65(3):1097-1122.
[16]Harford J.Corporate cash reserves and acquisitions[J].Journal of Finance,1999,54(6):1969-1997.
[17]Harford J,Mansi S A,Maxwell W F.Corporate governance and firm cash holdings in the US[J].Journal of Financial Economics,2008,87(3):535-555.
[18]Jensen M C.Agency costs of free cash flow,corporate finance,and takeovers[J].American Economic Review,1986,76(2):323-329.
[19]Johnson H G.Monetary theory and policy[J].American Economic Review,1962,52(3):335-384.
[20]Kaplan S N,Zingales L.Do investment-cash flow sensitivities provide useful measures of financing constraints?[J].Quarterly Journal of Economics,1997,112(1):169-215.
[21]Mikkelson W H,Partch M M.Do persistent large cash reserves hinder performance?[J].Journal of Financial and Quantitative Analysis,2003,38(2):275-294.
[22]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].Journal of Finance,2006,61(6):2725-2751.
①我们得到如下方程:KZ=0.2220356+0.3833606×资产负债率+(-1.650459×利息保障倍数)+(-0.0831973×现金持有水平/资产)+(-0.495588×经营现金流/资产)。
②尽管Brandt和Li(2003)、方军雄(2007)等已经证实在我国存在信贷歧视现象,货币政策紧缩时期尤甚(陆正飞等,2009),但是为了稳妥起见,我们结合货币政策检验了政府控制公司与民营公司的资产负债率均值和中值差异、债务增长率均值和中值差异,并控制企业规模、成长性、盈利能力和资产期限结构等因素进行了回归分析。结果都证实在紧缩货币政策下,民营企业获得的债务资金更少,信贷歧视问题确实存在。
③根据匿名审稿人的建议,我们借鉴Faulkender和Wang(2006)的研究,检验了公司现金持有竞争效应对公司价值的影响。结果表明,竞争对手融资约束越严重、行业竞争越激烈以及在紧缩货币政策下,公司持有高额现金不仅在产品市场中越具竞争优势,而且这种竞争效应还会带来公司现金边际价值的提升。受篇幅限制,检验结果未在正文中报告。
[2]刘金全.货币政策作用的有效性和非对称性研究[J].管理世界,2002,(3):43-51.
[3]陆正飞,祝继高,樊铮.银根紧缩、信贷歧视与民营上市公司投资者利益损失[J].金融研究,2009,(8):124-136.
[4]索彦峰,范从来.货币政策能够影响贷款供给吗?——来自银行资产组合行为的经验证据[J].经济科学,2007,(6):57-65.
[5]吴昊旻,杨兴全,魏卉.产品市场竞争与公司股票特质性风险——基于中国上市公司的经验证据[J].经济研究,2012,(6):101-115.
[6]叶康涛,祝继高.银根紧缩与信贷资源配置[J].管理世界,2009,(1):22-28.
[7]Acharya V V,Almeida H,Campello M.Is cash negative debt?A hedging perspective on corporate financial policies[J].Journal of Financial Intermediation,2007,16(4):515-554.
[8]Almeida H,Campello M,Weisbach M S.The cash flow sensitivity of cash[J].Journal of Finance,2004,59(4):1777-1804.
[9]Bernanke B S,Gertler M.Inside the black box:The credit channel of monetary policy transmission[J].Journal of Economic Perspectives,1995,9(4):27-48.
[10]Brandt L,Li H.Bank discrimination in transition economies:Ideology,information,or incentives?[J].Journal of Comparative Economics,2003,31(3):387-413.
[11]Campello M.Capital structure and product markets interactions:Evidence from business cycles[J].Journal of Financial Economics,2003,68(3):353-378.
[12]Denis D J,Sibilkov V.Financial constraints,investment,and the value of cash holdings[J].Review of Financial Studies,2010,23(1):247-269.
[13]Faulkender M,Petersen M A.Does the source of capital affect capital structure?[J].Review of Financial Studies,2006,19(1):45-79.
[14]Faulkender M,Wang R.Corporate financial policy and the value of cash[J].Journal of Finance,2006,61(4):1957-1990.
[15]Fresard L.Financial strength and product market behavior:The real effects of corporate cash holdings[J].Journal of Finance,2010,65(3):1097-1122.
[16]Harford J.Corporate cash reserves and acquisitions[J].Journal of Finance,1999,54(6):1969-1997.
[17]Harford J,Mansi S A,Maxwell W F.Corporate governance and firm cash holdings in the US[J].Journal of Financial Economics,2008,87(3):535-555.
[18]Jensen M C.Agency costs of free cash flow,corporate finance,and takeovers[J].American Economic Review,1986,76(2):323-329.
[19]Johnson H G.Monetary theory and policy[J].American Economic Review,1962,52(3):335-384.
[20]Kaplan S N,Zingales L.Do investment-cash flow sensitivities provide useful measures of financing constraints?[J].Quarterly Journal of Economics,1997,112(1):169-215.
[21]Mikkelson W H,Partch M M.Do persistent large cash reserves hinder performance?[J].Journal of Financial and Quantitative Analysis,2003,38(2):275-294.
[22]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].Journal of Finance,2006,61(6):2725-2751.
①我们得到如下方程:KZ=0.2220356+0.3833606×资产负债率+(-1.650459×利息保障倍数)+(-0.0831973×现金持有水平/资产)+(-0.495588×经营现金流/资产)。
②尽管Brandt和Li(2003)、方军雄(2007)等已经证实在我国存在信贷歧视现象,货币政策紧缩时期尤甚(陆正飞等,2009),但是为了稳妥起见,我们结合货币政策检验了政府控制公司与民营公司的资产负债率均值和中值差异、债务增长率均值和中值差异,并控制企业规模、成长性、盈利能力和资产期限结构等因素进行了回归分析。结果都证实在紧缩货币政策下,民营企业获得的债务资金更少,信贷歧视问题确实存在。
③根据匿名审稿人的建议,我们借鉴Faulkender和Wang(2006)的研究,检验了公司现金持有竞争效应对公司价值的影响。结果表明,竞争对手融资约束越严重、行业竞争越激烈以及在紧缩货币政策下,公司持有高额现金不仅在产品市场中越具竞争优势,而且这种竞争效应还会带来公司现金边际价值的提升。受篇幅限制,检验结果未在正文中报告。
引用本文
杨兴全, 曾义, 吴昊旻. 货币政策、信贷歧视与公司现金持有竞争效应[J]. 财经研究, 2014, 40(2): 133–144.
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