现金持有量对企业价值的影响研究
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摘要
现金作为企业中重要的一项资产,不仅关系着企业日常的生产经营活动,而且关系着企业其他一系列的交易行为,例如企业的投资行为、融资行为、并购行为等等。因此,企业现金持有的问题一直是国内外学术研究的热点。
论文首先归纳了现金持有的动机理论、权衡理论、优序融资理论、代理理论、战略价值说,综述了国内外对于现金持有的研究。从利益相关者的角度进行理论分析,分析了企业现金持有与企业价值的关系,并分析了投资者价值认同与企业价值的关系。
论文研究发现,我国上市公司的现金持有量占企业总资产的平均值为16.025%,明显高于欧美等西方国家的公司；从变化趋势来看,从2008年最低的14.534%到2009年上升到16.768%,从2009年到2011年的现金持有水平保持平稳,均保持在16%以上。
论文以我国沪市上市公司2008年-2011年的数据为样本,研究现金持有量对企业价值的影响。回归结果表明,现金持有量与企业价值正相关,企业拥有比较充足的现金,即可以抵御财务风险,又可以把握市场中转瞬即逝的机会,从而提升企业价值。
既然企业倾向于持有高额的现金,那么企业持有高额现金的行为会被投资者认同吗,这种投资者对于现金持有的认同会对企业的价值有所影响吗?在上述研究的基础上,论文从投资者价值认同的角度,考察企业现金持有、投资者价值认同与企业价值的关系。论文将投资者价值认同的定义为,投资者对企业某种行为或态度的认可和肯定,并由此产生的投资该企业的兴趣和信心。因此使用投资者信心指数衡量投资者价值认同。通过实证研究发现：企业现金持有量能够提高企业投资者的价值认同,说明企业现金的持有量是投资者进行投资决策时所考虑的因素,凸显出企业现金持有的重要性。企业的现金持有量越高,投资者价值认同越强,企业价值就越大。投资者是连接公司与资本市场的桥梁,投资者对于企业财务行为的看法将直接反应到资本市场之中。高额的现金持有量可以增强投资者对企业的价值认同,从而增强投资信心,反映在资本市场上便能提高企业的价值。
与多数直接探讨现金持有量与企业价值关系的文献不同,论文从投资者价值认同的角度出发,通过分析投资者价值认同对企业现金持有和企业价值之间相关关系的影响,为企业现金持有量与企业价值之间的关系提供不同角度的经验证据,清晰说明了企业现金持有对企业价值起作用的一种机制。同时,论文根据我国的特定环境,利用现金持有量对于投资者价值认同的影响,为管理层和证券市场监管层提供了新的思考角度和合理建议,有助于增强投资者价值认同,促进企业价值的提升和资本市场的繁荣。
As an important asset in the enterprise, Cash not only relates to the daily production and business activities of the enterprise, and the other trading behavior of the enterprise, such as corporate investment behavior, financing activities, mergers and acquisitions behavior and so on. Therefore, the problem of corporate cash holdings has been a hotspot of academic research at home and abroad.
This article first summarizes the domestic and foreign research on cash holdings, including the theory of the cash holdings motivation, trade-off theory, the pecking order theory, agency theory, strategic value theory and theory of environmental regime. It analyzes the relationship between the corporate cash holdings and corporate value from the perspective of stakeholders, and the relationship between investor value recognition and corporate value.
This study found that cash holdings held by listed companies in China accounted for16.025%of the average total assets of enterprises, far higher than the listed companies in the United States and Britain and other European and American countries; From the trend of change, the ratio from14.534%, the lowest rise, in2008to16.768%in2009. And since then the level of cash holdings remain relatively stable until2011, all maintained at more than16%.
This paper studied the impact of corporate cash holdings on corporate value based on the2008-2011data from China's listed companies of shanghai market. The regression results show that corporate cash holdings are positively correlated with the enterprise value. The enterprise has sufficient cash, which not only can withstand the financial risks, but also can grasp fleeting opportunities in the market, so as to enhance the corporate value.
Since companies tend to hold a high level of cash, will the acts of high cash holdings be agreed by investors, will such investor value recognition affect the value of corporate? On the basis of above study, from the perspective of investor value recognition, study the relationship of corporate cash holdings, investor value recognition, corporate value. In this paper, investor value recognition is the recognition and affirmation of certain behavior or attitude to corporate by investors, resulting in investment interests and confidence of the corporate. Therefore, this article uses Investor Confidence Index measure investor value recognition. By empirical research:corporate cash holdings can improve corporate investor value recognition, corporate cash holdings is considered by investors in the investment decision-making factors, highlighting the importance of corporate cash holdings. If the company has more cash holdings, the investor value recognition is stronger, and the corporate value is greater. The investors is a bridge to connect the corporate with the capital market, investors'views of corporate financial behavior will have a direct reaction to the capital markets. High cash holdings can enhance investor value recognition, thereby enhancing investors'confidence, reflected in the capital markets will be able to improve the value of the corporate.
Unlike other articles that directly investigate corporate cash holdings and corporate value, in this article, from the perspective of investors value recognition, analysis the impact of corporate cash holdings and corporate value relationship, provides empirical evidence of the relationship between cash holdings and corporate value fromdifferent angles, clearly illustrates a mechanism between cash holdings and corporate value. Meanwhile, according to the specific environment of our country, use the impact of cash holdings on investor value recognition, and provides a new angle and reasonable proposals for the management and securities market regulators, help enhance investor value recognition, promote the enhancement of corporate value and the prosperity of the capital market.
论文首先归纳了现金持有的动机理论、权衡理论、优序融资理论、代理理论、战略价值说,综述了国内外对于现金持有的研究。从利益相关者的角度进行理论分析,分析了企业现金持有与企业价值的关系,并分析了投资者价值认同与企业价值的关系。
论文研究发现,我国上市公司的现金持有量占企业总资产的平均值为16.025%,明显高于欧美等西方国家的公司；从变化趋势来看,从2008年最低的14.534%到2009年上升到16.768%,从2009年到2011年的现金持有水平保持平稳,均保持在16%以上。
论文以我国沪市上市公司2008年-2011年的数据为样本,研究现金持有量对企业价值的影响。回归结果表明,现金持有量与企业价值正相关,企业拥有比较充足的现金,即可以抵御财务风险,又可以把握市场中转瞬即逝的机会,从而提升企业价值。
既然企业倾向于持有高额的现金,那么企业持有高额现金的行为会被投资者认同吗,这种投资者对于现金持有的认同会对企业的价值有所影响吗?在上述研究的基础上,论文从投资者价值认同的角度,考察企业现金持有、投资者价值认同与企业价值的关系。论文将投资者价值认同的定义为,投资者对企业某种行为或态度的认可和肯定,并由此产生的投资该企业的兴趣和信心。因此使用投资者信心指数衡量投资者价值认同。通过实证研究发现：企业现金持有量能够提高企业投资者的价值认同,说明企业现金的持有量是投资者进行投资决策时所考虑的因素,凸显出企业现金持有的重要性。企业的现金持有量越高,投资者价值认同越强,企业价值就越大。投资者是连接公司与资本市场的桥梁,投资者对于企业财务行为的看法将直接反应到资本市场之中。高额的现金持有量可以增强投资者对企业的价值认同,从而增强投资信心,反映在资本市场上便能提高企业的价值。
与多数直接探讨现金持有量与企业价值关系的文献不同,论文从投资者价值认同的角度出发,通过分析投资者价值认同对企业现金持有和企业价值之间相关关系的影响,为企业现金持有量与企业价值之间的关系提供不同角度的经验证据,清晰说明了企业现金持有对企业价值起作用的一种机制。同时,论文根据我国的特定环境,利用现金持有量对于投资者价值认同的影响,为管理层和证券市场监管层提供了新的思考角度和合理建议,有助于增强投资者价值认同,促进企业价值的提升和资本市场的繁荣。
As an important asset in the enterprise, Cash not only relates to the daily production and business activities of the enterprise, and the other trading behavior of the enterprise, such as corporate investment behavior, financing activities, mergers and acquisitions behavior and so on. Therefore, the problem of corporate cash holdings has been a hotspot of academic research at home and abroad.
This article first summarizes the domestic and foreign research on cash holdings, including the theory of the cash holdings motivation, trade-off theory, the pecking order theory, agency theory, strategic value theory and theory of environmental regime. It analyzes the relationship between the corporate cash holdings and corporate value from the perspective of stakeholders, and the relationship between investor value recognition and corporate value.
This study found that cash holdings held by listed companies in China accounted for16.025%of the average total assets of enterprises, far higher than the listed companies in the United States and Britain and other European and American countries; From the trend of change, the ratio from14.534%, the lowest rise, in2008to16.768%in2009. And since then the level of cash holdings remain relatively stable until2011, all maintained at more than16%.
This paper studied the impact of corporate cash holdings on corporate value based on the2008-2011data from China's listed companies of shanghai market. The regression results show that corporate cash holdings are positively correlated with the enterprise value. The enterprise has sufficient cash, which not only can withstand the financial risks, but also can grasp fleeting opportunities in the market, so as to enhance the corporate value.
Since companies tend to hold a high level of cash, will the acts of high cash holdings be agreed by investors, will such investor value recognition affect the value of corporate? On the basis of above study, from the perspective of investor value recognition, study the relationship of corporate cash holdings, investor value recognition, corporate value. In this paper, investor value recognition is the recognition and affirmation of certain behavior or attitude to corporate by investors, resulting in investment interests and confidence of the corporate. Therefore, this article uses Investor Confidence Index measure investor value recognition. By empirical research:corporate cash holdings can improve corporate investor value recognition, corporate cash holdings is considered by investors in the investment decision-making factors, highlighting the importance of corporate cash holdings. If the company has more cash holdings, the investor value recognition is stronger, and the corporate value is greater. The investors is a bridge to connect the corporate with the capital market, investors'views of corporate financial behavior will have a direct reaction to the capital markets. High cash holdings can enhance investor value recognition, thereby enhancing investors'confidence, reflected in the capital markets will be able to improve the value of the corporate.
Unlike other articles that directly investigate corporate cash holdings and corporate value, in this article, from the perspective of investors value recognition, analysis the impact of corporate cash holdings and corporate value relationship, provides empirical evidence of the relationship between cash holdings and corporate value fromdifferent angles, clearly illustrates a mechanism between cash holdings and corporate value. Meanwhile, according to the specific environment of our country, use the impact of cash holdings on investor value recognition, and provides a new angle and reasonable proposals for the management and securities market regulators, help enhance investor value recognition, promote the enhancement of corporate value and the prosperity of the capital market.
引文
1Keynes.J.M.The General Theory of Employment.In:Interest and Money.Harcourt Brace,London,1936.
2Mikkelson和Partch通过实证支持现金持有的价值正效应。
3掠夺理论：由于持有足够的现金可使企业实施更有利的产品市场竞争战略,或可对竞争对手产生可信的威慑作用,所以现金充裕的企业能够掠夺现金匮乏的竞争对手的市场份额,并进而提升自身的产品市场业绩。
4雷光勇.公司治理质量、投资者信心与股票收益[J].会计研究,2012,2：79-86.
5雷光勇.盈余质量、投资者信心与投资增长[J].中国软科学,2011,9：144-155.
6袁国良,郑江淮,胡志乾.我国上市公司融资偏好和融资能力实证研究[J].管理世界,1999,3：150-157.
7雷光勇.公司治理质量、投资者信心与股票收益[J].会计研究,2012,2：79-86.
8韩立岩,伍燕然.投资者情绪与IPOs之谜——抑价或者溢价.管理世界,2007,3：51-61.
9刘莉亚,丁剑平,陈振瑜,相恒宁.投资者情绪对资本市场稳定性的实证研究——来自截面效应的分析.财经研究,2010,3：133-143.
10 Dittmar A.Mahrt-Smith J,Servaes H.International Corporate Governance and Corporate Cash Holding [J]. Journal of Financial and Quantitative Analysis.2003,38(1):111-134.
11所有的相关性系数中,只有投资者信心与企业价值的Spearman相关系数为0.607,其余的相关系数均小于0.5。
12肖成斌.上市公司现金持有量影响因素分析.兰州大学.2010.
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2Mikkelson和Partch通过实证支持现金持有的价值正效应。
3掠夺理论：由于持有足够的现金可使企业实施更有利的产品市场竞争战略,或可对竞争对手产生可信的威慑作用,所以现金充裕的企业能够掠夺现金匮乏的竞争对手的市场份额,并进而提升自身的产品市场业绩。
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11所有的相关性系数中,只有投资者信心与企业价值的Spearman相关系数为0.607,其余的相关系数均小于0.5。
12肖成斌.上市公司现金持有量影响因素分析.兰州大学.2010.
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