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利用并购交易这一可观测的独特投资事件,以沪深上市公司成功完成的1 729笔并购交易为研究样本,采用均值回归模型、动态面板数据模型和系统GMM方法,研究了目标现金持有量的存在性以及现金持有量的动态调整。研究发现,公司的确存在目标现金持有量,且当实际现金持有量偏离目标现金持有量时,公司会利用并购交易这一机会,积极调整现金持有量,以缩小其与目标现金持有量之间的差距。这一结论支持了现金持有的动态权衡理论。
Using M & A transactions, an observable and unique investment event, a total of 1 729 M & A transactions successfully completed by listed companies in Shanghai and Shenzhen stock markets were used as research samples. The mean cash return model, dynamic panel data model and system GMM method were used to study the target cash holdings The existence of cash holdings and the dynamic adjustment. The study found that the company does have a target cash holdings, and when the actual cash holdings deviate from the target cash holdings, the company will take advantage of the opportunity of mergers and acquisitions and actively adjust the cash holdings to narrow its target cash holdings There is a gap between the amount. This conclusion supports the dynamic trade-off theory of cash holdings.