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实证检验了现金持有在企业投资支出中的平滑作用,并从投资资金风险诱因的视角,通过分组回归,比较分析了企业融资受限程度、现金流风险和对冲需求对其现金持有投资平滑作用的影响。结果表明,在控制了投资凸性调整成本后,企业现金持有增量对投资支出有显著的反向作用,说明企业通过降低现金持有水平、释放流动性的方式来平滑其投资,且这种平滑作用在高融资受限、高现金流风险和高对冲需求的企业中表现得更明显。
Empirical test verifies the smooth function of cash holdings in the enterprise investment expenditures. From the perspective of investment fund risk inducement, through the group regression, this paper comparatively analyzes the restriction of corporate financing, cash flow risk and hedging demand on the smooth investment in cash holdings Effect of the effect. The results show that after controlling for the convex adjustment cost of investment, the incremental cash holdings of enterprises have a significant reverse effect on investment expenditure, indicating that the enterprises smooth their investment by lowering the cash holding level and releasing liquidity The type of smoothing is more pronounced among firms with high financing constraints, high cash flow risks and high hedging needs.