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本文基于中国沪深A股非金融类上市公司2004~2011年间的相关数据,实证研究银企关联对上市公司现金—现金流敏感性与现金价值效应的影响,同时验证了在不同市场发育程度条件下银企关联对二者影响的差异性。研究表明:高市场发育水平有助于降低现金—现金流敏感性;而当市场发育水平较低时,银企关联这一非正式的制度安排会显著降低现金—现金流敏感性,说明银企关联可作为面对外部融资约束时的一个替代选择。进一步研究表明,当企业处于低市场发育程度地区且无银企关联关系或高市场发育程度且拥有银企关联的情形时,企业持有现金带来的现金价值效应更高。
Based on the data from 2004 to 2011 of non-financial listed companies in China’s Shanghai and Shenzhen stock exchanges, this paper empirically studies the influence of bank-enterprise correlation on the cash-cash flow sensitivity and cash value effect of listed companies, and at the same time, The Influence of the Relationship between Bank and Enterprise on the Differences between the Two. The research shows that the high market development level helps to reduce the cash-cash flow sensitivity. When the market development level is low, the informal institutional arrangement of bank-enterprise association will significantly reduce the cash-cash flow sensitivity, indicating that bank-enterprise Association can be used as an alternative to external financing constraints. Further research shows that when the enterprise is in a low-market development area and there is no bank-enterprise relationship or high market development and the relationship between bank and enterprise, the cash value brought by the cash held by the enterprise is more effective.