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以动态面板数据方法构建的公司现金持有动态调整模型比静态模型更能够捕捉到企业现金持有的动态调整速度和调整形态,利用该模型对我国市场进行实证检验,结果表明,我国上市公司存在最优现金持有水平,但由于调整成本的存在,使得公司在偏离最优水平的情况下只能进行部分调整且调整速度较慢,并由此导致了持续性单方向调整的特殊形态。此外,企业规模、投资机会及财务杠杆等其他一些因素对现金持有动态调整过程也有显著影响。
The dynamic adjustment model of cash holding companies constructed by dynamic panel data method can capture the dynamic adjustment speed and adjustment pattern of cash holdings more than the static model. The model is used to test the Chinese market. The results show that the existence of listed companies in our country However, due to the adjustment cost, the company can only make partial adjustment and slow adjustment when it deviates from the optimal level, which leads to the special form of continuous one-way adjustment. In addition, other factors such as firm size, investment opportunities and financial leverage also have a significant impact on the dynamics of cash holdings.