中国上市公司现金持有量对融资时机偏好的影响

以1994～2003年连续6年以上有数据的沪深上市公司为研究样本，以公司前三年净利润平均增长率代表公司成长性；以公司股权市值与账面价值之比衡量股价偏离度；运用多元回归模型实证分析公司现金持有量是否能发挥其预防性动机的作用，选择较好的融资时机从而避免较高的融资成本？现金持有量的多少是否会影响公司融资时机选择偏好强弱？得出的结论是：现金持有过量的上市公司有强烈的融资时机偏好；无论成长性高低，现金持有过量公司的融资时机偏好都强于现金持有不足公司的时机偏好；在现金持有不足的样本中，低成长公司的融资时机偏好较强。

An Empirical Study on the Effect of Cash Holdings on the Preference of Market Timing in China Listed Firms

This paper studies the rations between listed firms' cash holdings and the preference of market timing in china.We select listed firms which continuously have data for more than 6-years during 1994-2003 in Shenzhen and Shanghai Stock Exchange as sample,and define the average growth ratio of former triennium net profits as corporate' growth,(market-to-book) ratio as the departure degree of share price.We find,corporate which have positive excess cash holdings prefer to select financing timing intensely,whether their growth is higher or lower.And in negative excess cash holdings' samples,lower growth samples have more interesting in timing than higher growth samples.