融资环境、行业产品市场竞争与公司现金持有量研究述评
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外国经济与管理 2009 年 第 31 卷第 03 期, 页码：60 - 65
摘要
参考文献
摘要
行业产品市场竞争与融资环境等宏观动态变量可能对引起公司现金持有量变化的风险因素产生根本性影响,而且这种影响可能是互动的。在宏观动态背景中多变量交互作用下的公司现金持有行为可能具有不同的解释。受产业组织和资本结构理论,以及基于"公司(投资)—金融市场"动态权衡框架下的融资结构与现金流政策研究的启示,本文对行业产品市场竞争、风险管理、融资约束以及融资契约治理等创新视角为公司现金持有决策提供的"间接"证据进行了述评。
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[9]Baum,C F,Schafer,D,and Talavera,O.The effects of industry-level uncertainty on cash holdings:The case of Germany[R].IDEAS Working Papers,2007.
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[12]Guney,Y,Ozkan,A,and Ozkan,N.International evidence on the non-linear impact of leverage on corporate cash holdings[J].Journal of Multinational Financial Management,2007,17(1):45-60.
引用本文
吴昊旻, 杨兴全. 融资环境、行业产品市场竞争与公司现金持有量研究述评[J]. 外国经济与管理, 2009, 31(3): 60–65.
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