市场化进程、融资约束与现金持有价值

选取我国沪深A股上市企业2013—2021年财务数据为样本，运用固定效应模型检验市场化进程对企业现金持有价值的影响及其渠道机制。研究得出：市场化进程对现金持有价值具有显著负向效应，并且融资约束起中介效应；异质性分析中发现在投资者保护度较低、信息不对称程度较高以及企业成长性较高时该效应更明显。进一步研究得出，现金持有水平还有利于缓解企业的经营风险，促进经营业绩。渠道机制表明持有高额的现金能够发挥预防性功能，在市场化进程较低时可以提高现金持有价值；企业要制定较有弹性的现金持有政策以应对不断变化的外部市场环境；对于持有现金政策的制定不可忽略融资约束这一重要中介变量。

Marketization Process, Financing Constraints and Cash Holding Value

Taking the financial data of A share enterprises listed on Shanghai and Shenzhen Stock Exchanges from 2013 to 2021 as samples, the fixed effect model was used to influence of marketization process on cash holding value of enterprises through financing constraints and its channel mechanism. The results show that the marketization process has a significant negative effect on cash holding value, and financing constraints play an intermediary role between the two. Heterogeneity analysis shows that the effect is more obvious when investor protection is low, information asymmetry is high and enterprise growth is high. Further research shows that the level of cash holding is also conducive to alleviating business risks and promoting business performance. The channel mechanism shows that, holding a large amount of cash can play a preventive function, and can improve the cash holding value when the marketization process is low; enterprises should formulate more flexible cash holding policies to cope with the changing external market environment; financing constraint, an important intermediary variable, cannot be ignored in the formulation of cash holding policy.