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现金作为一项重要的非增值资产,其持有行为直接影响企业的获利与发展。本文通过构造现金持有理论模型,证明了同时满足多方利益最大化的最优现金持有行为是存在的,并利用截尾均值和门限回归的思想,构建了确定现金持有两维度临界值的分类方法,使用动态面板模型对最优现金持有行为的命题进行了检验。研究结果表明,在1%的显著性水平上,以现金持有平均值为临界变量,可将现金持有水平划分为激进持有、最优持有和保守持有,上临界值和下临界值分别为0.15和0.07;以现金持有标准差为临界变量,可将现金持有波动性划分为稳定持有和波动持有,临界值为0.07。稳定持有与最优持有相结合,是企业最优的现金持有行为。进一步研究表明,国有企业的现金持有行为基本一致,现金持有较为稳定,且持有水平比较合理,但绩效贡献相对非国有企业较低。非国有企业现金持有行为差别较大,现金持有波动性大,持有水平高。
As an important non-value-added asset, cash holdings directly affect the profitability and development of enterprises. By constructing a theoretical model of cash holdings, this paper proves that there exists an optimal cash holding behavior that maximizes multi-stakeholder interests at the same time. By using the idea of censored mean and threshold regression, we construct a two-dimensional critical value of cash holding Classification method, using the dynamic panel model of the optimal cash holding behavior of the proposition was tested. The results show that, at 1% significance level, the average cash holding average as a critical variable, the cash holdings can be divided into radical holdings, optimal holdings and conservative holdings, the upper and lower critical Respectively, 0.15 and 0.07 respectively; and the standard deviation of cash holdings as a critical variable, cash holdings volatility can be divided into stable holdings and volatile holdings, with a critical value of 0.07. The combination of stable holding and optimal holding is the optimal cash holding behavior of an enterprise. Further research shows that the cash holdings of state-owned enterprises are basically the same, the cash holdings are relatively stable, and the holding levels are more reasonable, but their contribution to performance is relatively lower than that of non-state-owned enterprises. The non-state-owned enterprises have quite different cash holding behavior, with large cash holdings and high holding levels.