论文部分内容阅读
宏观经济及产业环境是影响微观企业财务决策行为及其经济后果的重要因素。基于我国特殊制度情境,本文探讨了经济周期波动、产业空间集聚与制造业上市公司现金持有策略的价值效应。研究发现:(1)总体而言,采取比竞争对手持有更多现金的策略能够产生显著正的价值效应,且这种效应在产业空间集聚度较低的企业中体现得更为明显;(2)当宏观经济发展处于下行通道之时,低集聚企业现金持有策略的价值效应会进一步显著提升;(3)低集聚企业现金持有策略的价值效应会随着竞争对手融资约束程度的加剧而显著增强,且这种效应在经济发展收缩期体现得更为明显;(4)考虑产权性质后发现,其他因素保持不变,与国有企业相比,低集聚民营企业现金持有策略的价值效应更强。
Macroeconomic and industrial environment are the important factors affecting the micro-enterprise financial decision-making behavior and its economic consequences. Based on the situation of our country’s special system, this paper explores the value effects of economic cycle fluctuations, industrial agglomeration and the cash holding strategy of manufacturing listed companies. The findings are as follows: (1) Generally speaking, adopting a strategy of holding more cash than competitors can produce significant positive value effect, and this effect is more obvious in enterprises with less concentrated industrial space; 2) When the macroeconomic development is in the downward channel, the value effect of the cash holding strategy of low-agglomeration enterprises will further increase significantly. (3) The value effect of the cash holding strategy of low-agglomeration enterprises will aggravate with the restriction of the financing constraints of competitors (4) After considering the nature of property, other factors remained unchanged. Compared with the state-owned enterprises, the value of the cash holding strategy of low-agglomeration private enterprises was significantly higher than that of the state-owned enterprises The effect is stronger.