| 上市公司现金持有量对投资行为及动机的影响 |
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| 引用本文： | 张凤,HUANG Deng-shi.上市公司现金持有量对投资行为及动机的影响[J].系统工程,2008,26(6). |
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| 作者姓名： | 张凤 HUANG Deng-shi |
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| 作者单位： | 成都信息工程学院,统计系,四川,成都,61010 |
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| 基金项目： | 国家自然科学基金资助项目 |
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| 摘 要： | 公司现金持有决策是 "最大化股东价值"的"预防性动机""交易性动机"与"最大化私人利益"的"自利性动机"相较量的结果;由此形成的现金持有量是否会影响到公司投资行为及其动机的表现呢 ?本文以1998～2003年连续4年以上有数据的沪深股市的上市公司为样本,对现金持有过量与不足公司的投资行为进行论证,发现:现金持有过量公司的超额现金量会引起固定资产投资、长期投资的增长,短期投资的下降.现金持有不足公司无影响;现金持有过量公司的长短期投资、固定资产投资效率以及超额现金的投资使用效率相对现金持有不足公司较低.这表明现金持有过量公司的投资行为以及过量现金的投资使用行为都存在过度投资现象,投资行为的自利动机表现强烈.
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| 关 键 词： | 现金持有过量 现金持有不足 投资行为 投资行为动机 公司业绩 |
Empirical Analysis on the Effect of Cash Holdings of China's Listed Companies on Investment Behavior and Motives |
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| ZHANG Feng,HUANG Deng-shi.Empirical Analysis on the Effect of Cash Holdings of China's Listed Companies on Investment Behavior and Motives[J].Systems Engineering,2008,26(6). |
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| Authors: | ZHANG Feng HUANG Deng-shi |
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| Institution: | 1.Department of Statistics;Chengdu University of Information Technology;Chengdu 610103;China;2.School of Economics and Management;Southwest Jiaotong University;Chengdu 610031;China |
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| Abstract: | Corporate cash holdings are influenced by the tradeoff between the transaction cost motive,precautionary motive and the motive for maximizing self-interest.This paper compares the investment motives of the listed companies with positive cash holdings with those of the listed companies with negative cash holdings in terms of the relationship between performance and investment behavior.According to the data from the sample listed companies in Shenzhen and Shanghai Stock Exchange from 1998 to 2003,we find that... |
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| Keywords: | Positive Excess Cash Holdings Negative Excess Cash Holdings Investment Investment Motives Corporate Performance |
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