论文部分内容阅读
本文基于Acharya(2012)理论模型,结合中国发债主体特征的差异,从融资约束与营业外收入的角度扩展Acharya(2012)理论模型。同时,利用2008—2012年中国企业债券数据,选取外源性变量与工具变量进行回归,检验现金持有的内生性理论与预防性储蓄动机在现金持有与违约风险关系中的作用,结果表明,在中国发债企业中,现金持有具有内生性;在非上市与上市发债企业中,由于因素变化产生的间接效应与直接效应大小关系会发生改变,现金持有内生性机制存在差别。
Based on the Acharya (2012) theoretical model and the differences in the main characteristics of China’s debt issuance, this paper extends the theoretical model of Acharya (2012) from the perspective of financing constraints and non-operating income. At the same time, using the data of China’s corporate bonds from 2008 to 2012, we select the exogenous variables and the instrumental variables for regression to test the endogenous theory of cash holdings and the role of preventive saving motivation in the relationship between cash holdings and default risk. The results show . In China’s debt-issuing enterprises, cash holdings are endogenous. In the non-listed and listed bond-issuing enterprises, the indirect effect due to factor changes will change with the direct effect size, and there are differences in the endogenous mechanism of cash holding.