中国上市公司现金持有的影响因素与价值效应研究
|
摘要
本文以中国上市公司为对象，研究了公司现金持有的影响因素与公司现金持有的价值效应。在研究上遵循从现金持有的决策影响因素的研究到决策的绩效评价、从宏观影响因素到微观影响因素、从古典企业模式下到两权分离的现代公司模式下的逻辑路线。
首先，本文系统分析了中国上市公司的现金持有的现状。通过从公司现金持有水平和公司现金持有的横截面分布离差特征二个纬度的分析，发现：中国上市公司现金资产比率均值和中位数水平分别为15.76％、12.62％，远高于国际水平，也高于世界低股东权利保护国家的平均水平；公司现金持有的横截面分布离差特征具有明显的行业差异性；其中信息技术产业公司的现金持有行为同质性最低；房地产产业公司的现金持有行为同质性最高。
其次，通过单期现金缓冲储备模型和简单跨期权衡模型研究了宏观经济不确定性对非金融公司现金持有行为的影响。实证结果同时支持了上述两个模型的结论：当期公司现金持有行为的收敛抑或发散不仅受当期宏观经济不确定性的影响还受未来宏观经济不确定性的影响。此外，通过权衡理论、管理者代理成本以及融资层级理论三个视角考察了公司现金持有与商业周期变化的关系，实证结果显示商业周期对中国上市公司现金持有水平的作用方向总体并不明确。
在分析完宏观经济因素后本文进一步考察了股东财富最大化假设下影响公司现金持有的微观经济因素。通过一个统一的三时点投融资模型，获得以下命题与推论：融资约束的公司其现金持有的现金流敏感性始终大于零；并且应用对冲工具进行现金流对冲操作的融资约束公司比未进行对冲操作的公司具有较低的现金持有的现金流敏感性。与融资约束公司不同，融资未约束的公司不具有系统性储备现金的倾向，即其现金持有的现金流敏感性不确定。上述命题的实证结果显示：融资约束的公司的确具有显著的现金持有的现金流敏感性，但与模型结论不同的是，融资未约束的公司也具有系统性现金储备倾向，尽管现金持有的敏感性程度要远远低于融资约束型公司。笔者认为这种现象归因于融资未约束公司存在较为严重的代理问题。由于公司对冲能力测度非常困难，笔者尝试进行了实证检验，研究结果提供了较弱的支持对冲能力对公司现金持有具有影响的证据。
接着，进一步考虑了两权分离环境下代理问题对公司现金持有的影响。笔者认为，不同制度背景下高代理冲突、低治理效力的公司其经理人现金持有偏好存在差异，并进一步分析了偏好差异的动机基础。通过对公司的治理机制、股东权利保护与公司现金持有关系的研究，发现：高代理冲突的中国上市公司的经理人偏好于高现金持有，笔者认为这种现金持有偏好的动机不是出于规避外部治理机制对经理人的惩罚，而更多的是归因于管理者偏好保守财务政策的使然。笔者的实证方法的一个特点是建立了公司治理结构分值指标体系和股权结构分值指标体系来分别测度我国上市公司的治理效力和股东权利保护程度。
最后，笔者检验了中国上市公司现金持有的价值效应。研究结果发现中国上市公司现金持有具有负的业绩效应。并且中国上市公司单位现金持有的边际股东价值在0.3451元到0.6726元区间，就其均值而言，大概等于0.5089元，远低于发达国家公司现金持有价值的估价水平。
This dissertation focuses on the determinants and value effect of the corporate cash holdings in China, with listed corperates as its subjects. We follow the logic roads from the determinants of decisions to the performance of decisions, from the macroeconomic factors to the microeconomic factors, and from the classical enterprise pattern to the modern corporate pattern.
First we make a cross-study on the actuality of Chinese listed coproates cash holdings.Through two latitudes of cash holdings level and the cross-sectional variance of coporate cash holdings ,we know: In China,the mean and the median of the listed corporates' cash-to-asset ratio are 15.76% and 12.62% respectively, which is higher than the level of the world ,even higher than the level of the countries where shareholders rights are not well protected; there is apparent difference in the cross-variance of corporate cash holdings for different industries, thereinto, the behaviors of corporates cash holdings in the information technology industry are most diverse,and the opposition the real estate industry is.
Second, Using an one-period cash-buffer model and a simple model that create a trade-off between current and future investments, we analyse the impact of macroeconomic uncertainty on cash holdings for Non-Financial Firms. Then,we test the empirical implications of two model ,and the result sustain both conclusions .Additionally,we research on the relationship between the business cycle and the corporate cash holdings according to three models:the trade-off model,the agency costs of managerial discretion theory, and the pecking order theory,the empirical examination shows that the relation is not so explicit.
After the analysis on macroeconomic level ,we take an ulterior step to explore the microdeterminants of corporate cash holdings under the assumption that managers act at shareholders' benefits.Using a three-period investment-and-financing model, we reach the conlusions: the cash flow sensitivity of cash holdings is always positive for financial constraint corporates , and for constraint corporates applying hedge instruments, their cash flow sensitivity of cash holdings is lower than those who do not. The financial unconstraint corporates have no clear relationship between cash holdings and cash flow. The empirical examination shows: The financial constraint corporates do have a positive sensitivity, and the unconstraint corporates also follow suite, although the sensitivity coefficient is higher for the financial constraint corporates.We suppose that the results above are due to serious agency problem for the financial unconstraint corporates.We attempt to measure the hedging ability, and find: some weak evidences support that high hedging ability firms have a low cash flow sensitivity.
In sucession, we put forward to analyse the impact of agency problem on the cash holdings for non-financial firms.We argue that corporates with high managerial agency conflict and low governance efficience differ in preferences for cash holdings under the heterogeneous environments, in addition, we analyse the corporate motive base of the different preference for cash holdings .through testing the relationship between the corporate governance mechanism,the protection of shareholders rights and the corporate cash holdings, we find: In China , corporates with high agency problem show preference for high cash holdings , therefore we consider that the main reason is: managers are inclined to conservative financial polices, not to evade discipline from outside governance mechanisms. A contribution to existing literatures is that we set up two score-index systems to measure the corporate governance efficience and the protection degree of shareholders rights.
In the end, we investigate the value effect of cash holdings for Chinese listed corporates.The evidence proves there are negative achievement effects on the corporates to have cash holdings, and the value of 1 yuan RMB cash holdings lies between 0.3451 yuan RMB and 0.6726yuan RMB, for the mean value, it is around 0.5089 yuan RMB , much lower than the value of cash holdings of corporates in developed countries .
首先，本文系统分析了中国上市公司的现金持有的现状。通过从公司现金持有水平和公司现金持有的横截面分布离差特征二个纬度的分析，发现：中国上市公司现金资产比率均值和中位数水平分别为15.76％、12.62％，远高于国际水平，也高于世界低股东权利保护国家的平均水平；公司现金持有的横截面分布离差特征具有明显的行业差异性；其中信息技术产业公司的现金持有行为同质性最低；房地产产业公司的现金持有行为同质性最高。
其次，通过单期现金缓冲储备模型和简单跨期权衡模型研究了宏观经济不确定性对非金融公司现金持有行为的影响。实证结果同时支持了上述两个模型的结论：当期公司现金持有行为的收敛抑或发散不仅受当期宏观经济不确定性的影响还受未来宏观经济不确定性的影响。此外，通过权衡理论、管理者代理成本以及融资层级理论三个视角考察了公司现金持有与商业周期变化的关系，实证结果显示商业周期对中国上市公司现金持有水平的作用方向总体并不明确。
在分析完宏观经济因素后本文进一步考察了股东财富最大化假设下影响公司现金持有的微观经济因素。通过一个统一的三时点投融资模型，获得以下命题与推论：融资约束的公司其现金持有的现金流敏感性始终大于零；并且应用对冲工具进行现金流对冲操作的融资约束公司比未进行对冲操作的公司具有较低的现金持有的现金流敏感性。与融资约束公司不同，融资未约束的公司不具有系统性储备现金的倾向，即其现金持有的现金流敏感性不确定。上述命题的实证结果显示：融资约束的公司的确具有显著的现金持有的现金流敏感性，但与模型结论不同的是，融资未约束的公司也具有系统性现金储备倾向，尽管现金持有的敏感性程度要远远低于融资约束型公司。笔者认为这种现象归因于融资未约束公司存在较为严重的代理问题。由于公司对冲能力测度非常困难，笔者尝试进行了实证检验，研究结果提供了较弱的支持对冲能力对公司现金持有具有影响的证据。
接着，进一步考虑了两权分离环境下代理问题对公司现金持有的影响。笔者认为，不同制度背景下高代理冲突、低治理效力的公司其经理人现金持有偏好存在差异，并进一步分析了偏好差异的动机基础。通过对公司的治理机制、股东权利保护与公司现金持有关系的研究，发现：高代理冲突的中国上市公司的经理人偏好于高现金持有，笔者认为这种现金持有偏好的动机不是出于规避外部治理机制对经理人的惩罚，而更多的是归因于管理者偏好保守财务政策的使然。笔者的实证方法的一个特点是建立了公司治理结构分值指标体系和股权结构分值指标体系来分别测度我国上市公司的治理效力和股东权利保护程度。
最后，笔者检验了中国上市公司现金持有的价值效应。研究结果发现中国上市公司现金持有具有负的业绩效应。并且中国上市公司单位现金持有的边际股东价值在0.3451元到0.6726元区间，就其均值而言，大概等于0.5089元，远低于发达国家公司现金持有价值的估价水平。
This dissertation focuses on the determinants and value effect of the corporate cash holdings in China, with listed corperates as its subjects. We follow the logic roads from the determinants of decisions to the performance of decisions, from the macroeconomic factors to the microeconomic factors, and from the classical enterprise pattern to the modern corporate pattern.
First we make a cross-study on the actuality of Chinese listed coproates cash holdings.Through two latitudes of cash holdings level and the cross-sectional variance of coporate cash holdings ,we know: In China,the mean and the median of the listed corporates' cash-to-asset ratio are 15.76% and 12.62% respectively, which is higher than the level of the world ,even higher than the level of the countries where shareholders rights are not well protected; there is apparent difference in the cross-variance of corporate cash holdings for different industries, thereinto, the behaviors of corporates cash holdings in the information technology industry are most diverse,and the opposition the real estate industry is.
Second, Using an one-period cash-buffer model and a simple model that create a trade-off between current and future investments, we analyse the impact of macroeconomic uncertainty on cash holdings for Non-Financial Firms. Then,we test the empirical implications of two model ,and the result sustain both conclusions .Additionally,we research on the relationship between the business cycle and the corporate cash holdings according to three models:the trade-off model,the agency costs of managerial discretion theory, and the pecking order theory,the empirical examination shows that the relation is not so explicit.
After the analysis on macroeconomic level ,we take an ulterior step to explore the microdeterminants of corporate cash holdings under the assumption that managers act at shareholders' benefits.Using a three-period investment-and-financing model, we reach the conlusions: the cash flow sensitivity of cash holdings is always positive for financial constraint corporates , and for constraint corporates applying hedge instruments, their cash flow sensitivity of cash holdings is lower than those who do not. The financial unconstraint corporates have no clear relationship between cash holdings and cash flow. The empirical examination shows: The financial constraint corporates do have a positive sensitivity, and the unconstraint corporates also follow suite, although the sensitivity coefficient is higher for the financial constraint corporates.We suppose that the results above are due to serious agency problem for the financial unconstraint corporates.We attempt to measure the hedging ability, and find: some weak evidences support that high hedging ability firms have a low cash flow sensitivity.
In sucession, we put forward to analyse the impact of agency problem on the cash holdings for non-financial firms.We argue that corporates with high managerial agency conflict and low governance efficience differ in preferences for cash holdings under the heterogeneous environments, in addition, we analyse the corporate motive base of the different preference for cash holdings .through testing the relationship between the corporate governance mechanism,the protection of shareholders rights and the corporate cash holdings, we find: In China , corporates with high agency problem show preference for high cash holdings , therefore we consider that the main reason is: managers are inclined to conservative financial polices, not to evade discipline from outside governance mechanisms. A contribution to existing literatures is that we set up two score-index systems to measure the corporate governance efficience and the protection degree of shareholders rights.
In the end, we investigate the value effect of cash holdings for Chinese listed corporates.The evidence proves there are negative achievement effects on the corporates to have cash holdings, and the value of 1 yuan RMB cash holdings lies between 0.3451 yuan RMB and 0.6726yuan RMB, for the mean value, it is around 0.5089 yuan RMB , much lower than the value of cash holdings of corporates in developed countries .
引文
① 见Harris&Raviv (1988); Stulz (1988)。
① 以Bhattacharya (1979), Miler&Rock (1985)以及John&Williams (1985), Ambarish, John&Williams(1987), Kuman (1988)为代表。
② 见Grossman&Hart (1982) 以及Jensen (1986)。
[1] Alfonsina Iona, Leone Leonida & Aydin Ozkan. Determinants of F inancial Conservatism: Evidence from Low-Leverage and Cash-Rich UK Firms[EB/OL]. http://ideas.repec.Org/p/yor/yorken/04-01.htm 1, 2004.01
[2] Allard Bruinshoofd & Clemens Kool. The Determinants of Corpora te Liquidity in the Netherlands[EB / OL]. http://ideas.repec.org /p/dgr/umamet/2002014. html, 2002. 01
[3] Amy Dittmar & Jan Mahrt-Smith. Corporate Governance and the Va lue of Cash Holdings[EB / OL]. Working Paper from University of Michigan and University of Toronto, 2005
[4] Amy Dittmar , Jan Mahrt-Smith&Henri Servaes .Corporate Liquidit y[EB / OL]. http://papers, ssrn. com/sol3/papers. cfm?abstract_id=3 19445, 2002. 5
[5] Antonio S. Mello and John E. Parsons .Hedging and liquidity[J]. The Review of Financial Studies Spring, 2000, 13(1):127-153
[6] Arun Khanna. Corporate Investments, Liqudity and Bank Financing: Empirical Evidence from an Emerging Market[EB / 0L]. http://webu ser. bus. umich. edu/adittmar/Governance_and_Value_of_Cash. pdf, 200 5.11
[7] Baumol. William J. The Transactions Demand for Cash:An Inventory Theoretic Aproach[J]. Quarterly Journal of Economics, 1952,66(4): 545-556
[8] Bengt Holmstrom&Jean Tirole. LAPM:A Liquidity-Based Asset Prici ng Model[EB / OL]. http://www. nber. org/papers/W6673, 1998.
[9] Bengt Holmstrom&JeanTirole. Private and Public Supply of Liquid ity[J]. Journal of Political Economy, 1998, 106(1):1-40
[10]Bengt Holmstrom&Jean Tirole. Liquidity and Risk Management [J]. J ournal of Money, Credit and Banking , 2000, 32(3):295-319.
[11]Bemhard Schwetzler & Carsten Reimund. Valuation Effects of Cor porate Cash Holdings: Evidence from Germany[EB / 0L]. http://pap ers. ssrn. com/sol3/papers. cfm?abstract_id=490262, 2004
[12]Bolton, P. &D. Scharfstein .A Theory of Predation Based On Agen cy Problems in Financial Contracting[J], American Economic Revie w, 1990,80:93-106
[13]Calvin Schnure.Who Holds Cash? And Why [EB/0L]. http://www. feder alreserve.gov/pubs/feds/1998/199813/199813pap.pdf, 1998. 1
[14]Carol Lancaster& Jerry L.Stevens. Corporate Liquidity and the S ignificance of Earnings Versus Cash Flow: An Examination of Ind ustry Effects[EB/OL]. The Journal of Applied Business Research, 1999, 15(3):37-p46
[15]Case M. Sprenkle. The Uselessness of Transactions Demand models [J]Journal of Finance, 1969, 24(5):835-848
[16]Casey B.Mulligan. The demand for Money by Firms: Some Additiona 1 Empirical Results[EB / OL]. http://ideas.repec.Org/p/fip/fedme m/125. html, 1997
[17]Charles J. Hadlock. Owership, Liquidity, and Investment[J]. Rand Jo unal of Economics, 1998, 29(3):487-508
[18]Charles P. Himmelberg, Inessa Love&Virginia Sarria-Allende. Ca sh Holding at the Firm Level :Can Transaction Costs Explain it All? [EB / OL]. http://www. utdt. edu/congresos/pdf-sri/eco-563. pd f, 2003
[19]Chang-Soo Kim, Mauer, David C. ; Sherman, Ann E. The determinants of corporate liquidity: Theory and evidence[J] Journal of Fina ncial & Quantitative Analysis, 1998, 33 (3) : 335-360
[20]Chen, Andrew H. Y. , Jen, Frank C. & Zionts, Stanley. The Joint D etermination of Portfolio and Transaction Demand for Money[J]. J ournal of Finance, 1974,29(1):175-187
[21]Chi-Wen Jevons Lee&Xing Xiao. Cash Dividends and Large Shareho lder Expropriation in China[EB / 0L]. http://test.ccfr. org.cn/cic f2004/papers/3-2-3. pdf, 2004
[22]Christopher F. Baum Mustafa Caglayan & Neslihan Ozkan. The Impa ct of Macroeconomic Uncertainty on Bank Lending Behavior[EB /OL]. http://ideas. repec. org/p/boc/bocoec/521. html, 2002.1
[23]Christopher F. Baum, Mustafa Caglayan &Neslihan Ozkan. The Im pact of Macroeconomic Uncertainty on Trade Credit for Non-Fina ncial Firms[EB / 0L], http://ideas, repec. org/p/boc/bocoec/566. htm 1, 2003.6
[24]Christopher F. Baum, Mustafa Caglayan, Neslihan Ozkan & Oleksa ndr Talavera. The Impact of Macroeconomic Uncertainty on Cash H oldings for Non-Financial Firms[EB / OL]. http://fmwww. bc. edu/EC- P/WP552. pdf, 2003&2005
[25]Claudia Custodio , Clara Raposo&Miguel A. Ferreira. Cash Holdi ngs and Business Conditions[EB / 0L]. http://papers.ssrn.com/sol 3/papers. cfm?abstract_id=608664, 2004
[26]Clinton A. Greene. Trigger-target rules and the dynamics of agg regate money holdings[J]. Journal of Economic Dynamics and Contr ol,2001, 25 (2001): 1193-1219
[27]Daniel Orr. A Note on the Uselessness of Transaction Demand Mod els[J] Journal of Finance, 1974, 29(5):1565-1573
[28]David G. Barr & Keith Cuthbertson. Company Sector Liquid Asset Holdings:A Systems Approach[J]. Journal of Money, Credit & Banki ng.1992 ,24(1): 83-98
[29]Enid Dennis & V.Kerry Smith. A Neoclassical Analysis of the De mand for Real Cash Balances by Firms[J]. Journal of Political Ec onomy, 1978,86(5): 793-814
[30]E.Saltari & G. Travaglini. Financial Constraints and Investment Decisions[J].Scottish Journal of Political Economy, 2001, 48(3): 330-344
[31]Elion Jani .martin Hoesli&Andre Bender. Corporate Cash Holding s and Agency Conflicts[EB / 0L]. http://ssrn. com/abstract=563863, 2004
[32]Erkki Kytonen. cash management behavior of firms and its structu ral change in an emerging money market[EB / OL]. 2004
[33]Evgeny Lyandres. The Effects of Financial Constraints on Invest ment Timing[EB / 0L]. EFA 2004 Maastricht Meetings Paper No. 1090. http://ssrn. com/abstract=567047, 2003
[34]Falls, Gregory A. & Natke, Paul A .The Demand for Liquid Asset s: A Firm Level Analysis[J]. Southern Economic Journal, 1998, 54 (3):630-643
[35]Fazzari, Steven M. &Hubbard, R. Glenn&Petersen, Bruce C. Finan cing Constraints and Corporate Investment[J]. Brookings Papers o n Economic Activity, 1998, 1988(1):141-207
[36]Fazzari, Steven M. , Hubbard, R. Glenn&Petersen, Bruce C . Inves tment-Cash Flow Sensitivities Are Useful:A Comment On Kaplan an d Zingales. Quarterly Journal of Economics, 2000,115(2):695-706
[37]Francesca Lotti & Juri Marcucci. Corporate Liquidity Demand in the US:Evidence from Panel Data[EB/OL]. http://www. enteluigie inaudi. it/pdf/Pubblicazioni/Temi/T_30. pdf, 2003
[38]Frazer, William J. Financial Structure of Manufacturing Corporat ions and the Demand for Money:Some Empirical Findings[J]. Journa 1 of olitical Economy, 1964, 72(2):176-183.
[39]Froot, K. ,D & J.Stein. Risk Management: Coordinating Cororate In vestment and Financing Policies[J]. Journal of Finance, 1993, 48:1 629-1658.
[40]Froot, K. ,D & J. Stein. A Framework for Risk Management[J]. Harvar d Business Review, 1994, 11-12:91-102
[41]Maddala, G. S. &Vogel, Robert C. 'The Demand for Money :A Cross-S ection Study of Business Firms' .'Comment. [J]. Quarterly Journal o f Economics, 1965, 79(1):153-160
[42]Gayane Hovakimian & Sheridan Titman. Corporate Investment With Financial Constraints:Sensitivity of Investment to Funds From Voluntary Asset Sales[EB / OL]. http://down.cenet.org.cn/view.as p?id=26875, 2003
[43]Gilchrist, S. & C. Himmelberg. Evidence on the Role of Cash Flow for Investment[J]. Journal of Monetary Economics, 1996,36: 541-57 2
[44]Glenn Boyle & Graeme Guthrie. Investment, Uncertainty, and Liqu idity[EB / 0L]. http://papers, ssrn. com/sol3/papers. cfm?abstract_i d=296461, 2001
[45]Gordon Hanka. Simple Limits on Liquidity Hedging With Futures[E B/OL]. http://www2.owen.vanderbilt.edu/fmrc/pdf/wp2002-15.pdf, 2002
[46] Gregory Connor & Hayne Leland.Cash Management for Index Tracking[J].Financial Analysts Journal, 1995, 51(6):75-81
[47] Gur Huberman.External Financing and Liquidty[J].Ihe Journal of Finance, 1984, ⅩⅩⅩⅨ(3):895-910
[48] Harry DeAngelo, Linda DeAngelo & Karen H. Wruck. Asset liquidity, Debt Covenants, and Managerial Discretion in Financial Distress:the Collapse of L.A. Gear[J].Journal of Financial Economics, 2002, 64:3-34
[49] Heitor Almeida, Murillo Campello & Michael S. Weisbach.Corporate Demand For Liquidity[EB/OL].NBER Working Paper, No. 9253.,2002
[50] Heitor Almeida, Murillo Campello&Michael S. Weisbach. The Cash Flow Sensitivity of Cash [J]The Journal of Finance,2004, LⅨ(4): 1777-1804
[51] Heitor Almeida, Murillo Campello. Financial Constraints and Investment-Cash Flow Sensitivities: New Research Directions[EB/OL]. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=298027,2001
[52] Helen Manning Hunter.Corporate Demand For Case:The Influence of Corporate Population Growth and Structure[J].Review of Economics & Statistics, 1978, 60(3):467-472
[53] Hager, H.C. Cash management and the cash cycle.[J].Management Accounting, 1976,57:19-21.
[54] Hsiao, Cheng, Tahmiscioglu & A. Kamil. A Panel Analysis of Liquidity Constraints and Firm Investment[J]. Journal of the American Statistical Association,1997, 92(438): 455-466
[55] Hsiu-Ling Lin. 现金持有与公司绩效[EB/OL].http://www.ethesys.lib.cyut.edu.tw/ETD-db/ETD-search/getfile?URN=etd-0626104-005759&filename=etd-0626104-005759.pdf,2004
[56] I.M. Premachandra.A diffusion approximation model for managing cash in firms:An Alternative Approach to the Miller-Orr Model [J].European Journal of Operational Research, 2004,157:218-226.
[57] Inder Khurana, Xiumin Martin, Raynolde Pereira. Financial Development and the Cash Flow Sensitivity of Cash" [EB/OL].http://www.fma.org/Chicago/Papers/cashflow_sensitivity.pdf, 2003
[58] Ivalina Kalcheva &Karl V. Lins.International Evidence on Cash Holdings and Expected Managerial Agency Problems" [EB/OL]. http://ssrn.com/abstract=477241,2004
[59] Jonathan Baskin. Corporate Liquidity in Games of Monopoly Power [J]. The Review of Economics and Statistics, 1987,69(2): 312-320
[60] Jarrad Harford.Corporate Cash Reserves and Acquiditions[J].The Journal of Finance, 1999, 54(6):1969-1997
[61] Jarrad Harford, Sattar A. Mansi & WilliamF. Maxwell. Corporate Governance and Firm Cash Holdings[EB/OL]. http://us.badm.washington.edu/harford/papers/hmm_current.pdf, 2004
[62] Jarrad Haford,Wayne Mikkelson & M. Megan Partch. The effect of cash reserves on corporate investment and performance in industry downturns[EB/OL].http://price.ou.edu/finance/fin_body/pdf/Mikkelson.pdf, 2004
[63] Jason G. Gummins&Ingmar Nyman. Optimal Investment with Fixed Financing costs. [EB/OL]. http://www.federalreserve.gov/pubs/feds/2001/200140/200140pap.pdf,2004
[64] Jean-Charles Rochet&Stphane Villeneuve. Liquidity Risk and Corporate Demand for Hedging and Insurance[EB/OL]. http://papers.ssrn.com/sol3/papers.cfm?abstrac_id=663403,2004
[65] Jean Tirole.Lecture Notes on Corporate Finance[M].wuhan University, 2002
[66] Jess Beltz&Murray Frank. Risk and Corporate Holdings of Highly Liquid Assets[EB/OL]. http://pacific.commerce.ubc.ca/frank/corpca.pdf, 1996
[67] Jensen, Michael C. The Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers[J].American Economic Review,1986,76:323-329
[68] Jensen, Michael C. & Meckling, W. Theory of Firm:Managerial Behavior:Agency Costs and Capital Stucture[J].Journal of Financial Economica, 1976, 3:305-360
[69] Jin-Tan Liu Meng-Wen Tsou & Ping Wang. Differential Cash Constraints, Financial Leverage and the Demand for Money by Firms In a Developing Country[EB/OL].http://www.vanderbilt.edu/econ/faculty/Wang/working_papers.htm, 2003
[70] John E. Core, Wayne R. Guay & Rodrigo S. Verdi. Agency Problems of Excess Endowment Holdings in Not-for-Profit Firms[EB/OL]. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=565241,2004
[71] K. Hinderer, &K.H. Waldmann..Cash Management in a Randomly Varying Environment [J].European Journal of Operational Research, 2001,130:468-485
[72] Karni. E. The Transactions Demand for Cash: Incorporation of the Value of Time into the Inventory Approach[J].Journal of Politic al Economy, 1973, 81(5):1216-1226
[73] Kiyohiko G. Nishimura&Hiroyuki Ozaki. Liquidity Motives of Holding Money Under Investment Risk:A Dynamic Analysis[EB/OL]. http://www.e.u-tokyo.ac.jp/cirje/research/dp/2003/2003cf232.pdf,2003
[74] La Porta, R., F. Loez-de-silanes,&A. Shleifer. Corporate Ownershiparound the World[J].Journal of Finance, 1999,54:471-517
[75] La Porta, R.,F. Loez-de-silanes, A. Shleifer&R. Vishny. Law and Fina nce" [J].Journal of Political Economy, 1998,106:1113-1155
[76] La Porta, R., F. Loez-de-silanes, A. Shleifer&R. Vishny. Investor protection and Corporate Governance[J].Journal of Financial Economics, 2000,58:3-27
[77] La Porta, R., F. Loez-de-silanes, A. Shleifer&R. Vishny. Investor Protection and Corporate Valuation[J].Journal of Finance, 2002,57: 1147-1170.
[78] Laumas, Prem&Matin Williams. An Analysis of the Demand for Cash Balances by the Manufactring Firms in a Developing Economy[J]. Journal of Development Econmics, 1983,12:169-182.
[79] Lee Pinkowitz&Preliminary. The Market for Corporate Control and Corporate Cash Holdings[EB/OL].http://papers.ssrn.corm/sol3/papers.cfm?abstract_id=215191,1998
[80] Lee Pinkowitz&Rohan Williamson. Bank Power and Cash Holdings:Evedence from Japan[EB/OL].http://papers.ssm.com/sol3/papers.cfm?abstract_id=146431,1998
[81] Lee Pinkowitz&Rohan Williamson. What is a Dollar Worth?The Market Value of Cash Holdings[EB/OL]. http://faculty.msb.edu/williarg/MVofCash-All.pdf, 2002&2005
[82] Lee Pinkowitz Rene M. Stulz & Rohan Williamson. Do Firms in Countries With Poor Protection of Investor Rights Hold More Cash? [EB/OL]. http://ideas.repec.org/p/nbr/nberwo/10188.html, 2003
[83] Lie, E..Excess Funds and Agency Problem:An Empirical Study of Incremental Cash Disbursements[J].Review of Financial Studies, 2000,13:219-247.
[84] Louis De Alesst.The Demand for Money: A Cross-Section Study of British Business Firms[J]. Economica, 1966,33 (131):288-303
[85] Marc Deloof.Intragroup Relations and the Determinants of Corporate Liquidi Reserves: Belgian Evidence[EB/OL]. http://cfec.vub.ac.be/m&f/wp9803.pdf,1999
[86] Meltzer, Allan H..The Demand For Money: A Cross-Section Studyof Business firms[J]. Quarterly Journal of Economics, 1963, 77(3): 405-423
[87] Michael Faulkender & Rong Wang. Corporate Financial Policy and the Value of Cash[EB/OL].http://www.olin.wustl.edu/workingpapers/pdf/2005-02-005.pdf. 2005.2
[88] Michael Faulkender. Cash Holdings Among Small-Businesses[EB/OL]. http://www.olin.wustl.edu/faculty/faulkender/cash％20paper.pdf.2000
[89] Miguel A. Ferreira & Antonio Vilela. Why Do Firms Hold Cash?Evidence from EMU Countries[EB/OL]. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=614002,2000
[90] Miller, M.& D. Orr. A Model of the Demand for Money by Firms[EB/OL].Quarterly Journal of Economics, 1966,80:413-435
[91] Minton, B. & C. Schrand. The Impact of cash FlowVolatility on Di scretionary Investment and The Costs of Debt and equity financi ng[J]. Journal of Financial Economics, 1999, 54:423-460.
[92]Morris Budin & Robert J. Van Handel. A Rule-Of-Thumb Theory of C ash Holdings By Firms" [J]. Journal of Financial and Quantitative Analysis, 1975:85-108.
[93]Mulligan,C. B. Scale Economies, the Value of time, and the Demand for Money: Longitudinal Evidence form Firms[J]. Jounal of Polit ical economy ,1997, 105(5):1061-1079
[94]M. I.Nadiri. The Determinants of Real Cash Balances in The U.S.To tal Manufacturing Sector[J]. The Quarterly Journal of Economics, 1969, LXXXIII(2):173-196.
[95]Mcdonald, Robert & Siegel, Daniel.The Value of Waiting to Inve st[J]. Quarterly Journal of Economics, 1986, 101(4):707-728
[96]Myers, S. & R. Rajan. The Paradox of Liquidity[J]. Quarterly Journ al of Economics, 1998, 113:733-771
[97]Nicolas Couderc. Corporate Cash Holdings:Fiancial Determinants a nd Corporate Governance[EB / 0L]. http://www.efmaefm.org/efmsymp o2005/accepted_papers/09-Nicolas_Couderc_paper. pdf. 2004
[98]Nina Budina,Harry Garretsen & Eelke De Jong. Liquidity Constrai nts and Investment in Transition Economies: The Case of Bulgari a[EB / 0L]. http://econ. worldbank. org/docs/1032. pdf, 1999
[99]Noriyuki Yanagawa .Liquidity Demand of Corporate Sector and Sof t Budget Constraint[EB / 0L]. http://www. e. u-tokyo. ac. jp/itme/dp /dp 13. pdf, 1999
[100]Olivier J. Blanchard , Florencio Lopez-de-Silanes & Andrei Shl eifer. What Do Firms Do With Cash Windfalls[EB /OL]. http://www. nber. org/papers/w4258 ,1993
[101]Olubunmi Faleye .Cash and Corporate Control[J]. The Journal of Finance, 2004, 59(5) :2041-2060
[102]Olympia Bober & Nadine Watson. Are There Economies of Scale in the Demand for Money by Firms? Some Panel Data Estimates[EB/OL]. http://www.bde.es/informes/be/docs/dt0008e.pdf, 2000
[103]Owen Lamont. Cash Flow and Investment: Evidence from Internal Capital Markets [J]. The Journal of Finance, 1997, LU (1) :83-109
[104]Ozkan Aydin & Neslihan Ozkan. Corporate cash Holdings: an Empi rical investigation of UK Companies[EB /OL]. http://papers.ssrn. com/abstract=302313, 2002
[105]Paul Beaudry,Mustafa Cagalayan & Fabio Schiantarelli. Monetary instability, the predictability of prices, and the allocation of investment:An empirical investigation using U.K. panel data[J]. The American Economic Review, 2001, 91(3):648-662
[106]Paul Povel & Michael Raith. Financial Constraints and Product Market Competition:Ex ante vs. ex Post Incentives[J]. Internation al Journal of Industrial Organization, 2004 22:917-949
[107]Paul Povel& Michael Raith. Optimal Investment Under Financial Constraints: the Roles of Internal Funds and Asymmetric Informa tion [EB/OL]. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=269497,2002
[108]R.Glenn Hubbard .capital-market imperfections and investment [J]. Journal of Economic Literature, 1998, 36(1):193-240
[109]Robert cross Bogel.The Demand for cash and Liquid Assets by Ma nufacturing corporations:Estimates and Implications[J]. Journal of Finance, 1968, 23(4):691-693
[110]Robin Greenwood.Aggregate corporate liquidity and stock return s[EB / OL]. http://papers, ssrn. com/sol3/papers. cfm?abstract_id=64 2325, 2004
[111]Rongrong Zhang.The Effects of Firm- and Country-level Governan ce Mechanisms on Dividend Policy, Cash Holdings, and Firm Value: a Cross-country Study [EB/OL]. http://papers.ssrn.com/sol3/pap ers. cfm?abstract_id=652090, 2005
[112]Ryo Kato. Liquidity, Infinite Horizons and Macroeconomic Fluct uations[EB /OL]. http://ideas. repec. org/p/ecm/feam04/622. html, 2 003
[113]Pratap, Sangeeta . Do adjustment costs explain investment-cash flow insensitivity?[J]. Journal of Economic Dynamics & Control, Sep2003, 27(11/12):1993-2007
[114]Sangeeta Pratap & Silvio Rendon. Firm Investment in Imperfect Capital Markets:A Structural Estimation[J]. Review of Economic Dynamics, 203, 6 (3):513-546
[115]Sanjay Kudrimoti. Corporate Governance and Cash-flow Sensitivi ty of Cash[EB/0L]. Summer paper, 2004
[116]Saving, Thomas R .Transactions Costs and the Firm's Demand for Money[J]. Journal of Money, Credit & Banking, 1972, 4(2):245-260
[117]Sean Cleary. International Corporate Investment and the Role of Financial Constraints [EB /OL]. http://papere.ssm.cotn/sol3/papere.cfotfabstra ct_id=313964, 2002
[118]Sean Cleary. The Relationship between Firm Investment and Finan cial Status[J]. The Journal of Finance , 1999, LIV(2):673-692
[119]Sean Cleary, Paul Povel & Michael Raith. The U-shaped Investment Curve: Theory and Evidence[EB /OL]. Paper provided by C. E. P. R. Discussion Papers in its series CEPR Discussion Papers with number 4206,2004
[120]Seungjin Han & Jiaping Qiu. The Impact of Cash Flow Volatility and Financial constraints on Corporate Cash Holdings [EB/OL]. http://info. wlu. ca/~wwwsbe/faculty/jqiu/paper/Han_Qiu. pdf, 2004
[121]Stephen Bond .Dynamic Investment Model and The Firm' s Financial Policy[J], Review of Economic Studies, 1994, 61:197-222
[122]Steven N.Kaplan & Luigi Zingales . Invetment-Cash Flow Sensititivities are Not Valid Measures of Financing Constraints[EB/O L1.NBER Working Paper No. 7659, 2004
[123]Steven N.Kaplan & Luigi Zingales. Do Financing Constraints Exp lain Why Investment Is Correlated With Cash Flow[EB / OL]. NBER W orking Paper NO. 5143,1995
[124]Steven C.Myers & Raghuram G. Rajan. The Paradox of Liquidity[J]. Quarterly Journal of Economics, 1998, 113(3):733-772
[125]Stewart C. Myers. Corporate Financing and Investment Decision Wh en Firms Have Information the Investors Do not Have[J]. Journal of Financial Economies, 1984,13:197-221
[126]Sudipto Dasgupta & Kunal Sengupta .Financial Constraints, Hurd le Rates, and Economic Activity:Implications from a Multi-Period Model[EB / OL]. http://www. bm. ust. hk/~fina/symposium/Papers_Dec 15/Sudipto.pdf, 2001&2003
[127]Saving, T. R .The Value of Time and Economies of Scale in the D emand For Cash Balances[J]. Journal of Money, Credit & Banking, 1 974, 6(1): 122-125
[128]Takeo Hoshi.Anil Kashyap & David Scharfstein. Corporate Struct ure, Liquidity, and Investment:Evedence from Japanese Industrial Groups[J]. Quarterly Journal of Economics, 1991, 106(1):33—61
[129]Tarun Sabarwal.The Non-Neutrality of Debt in Investment Timing: A New Npv Rule[EB/OL]. Economics Working Paper Archive at WUSTL in its series Finance with number 0410004, 2003
[130]Telser L. G. Cutthroat Competition and the Long Purse[J]. Journ al of Law and Economics, 1966, 9:259-277
[131]Todd Pulvino & Vefa Tarhan. Joint Estimation of Investment, Financing, and Distribution Cash Flow Sensitivities[EB / OL]. Worki ng Paper from Loyola University, Chicago, March 2002.
[132]Viral V. Acharya .Heitor Almeida & Murillo Campello .Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies[EB /OL]. http://faculty. london. edu/vacharya/pdf/acharya-almeida-campello. pdf, 2002and 2004
[133]W. A. Bruinshoofd. Corporate Investment and Financing constraints: Connections With Cash Management[EB /OL]. http://www. dnb. nl/dnb/bin/doc/srll0_tcml3-39339. pdf, 2003
[134]W. Brian Barrett, Ricardo J. Rodriguez, & Thomas B.Sanders .Compensating Balances, Synchronicity, and Firm Size[EB /OL]. http://207. 36.165.114/NewOrleans/Papers/2101396. pdf, 2002
[135]Wayne H .Mikkelson & M.Megan Partch. Do Persistent Large Cash Reserves Hinder Performance[J]. Journal of Financial and Quantitative Analysis ,1999, 38(2):275-294
[136]Whalen, Edward L. cross-Section Study of Business Demand for cash" [J]. Journal of Finance, Sep65, 20(3):423-444.
[137]Whalen, Edward L.A Rationalization of The Precautionary demand for Cash[J]. Quarterly Journal of Economics, 1966, 80(2): 314-32 5
[138] Whited, Toni. Debt, Liquidity Constraints and Corporate Investment: evidence from panel data[J].Journal of Finance, 1992,47(4):1425-1461
[139] William E. Schworm. Financial Constraints and Capital Accumulation[J].International Econmic Review, 1980,21(3):643-660
[140] William T. Charlton, & Carol Lancaster. lndustry and Liquidity Effects in corporate Investment and cash Relationship[J].The Journal of Applied Business Research 18(1)
[141] Xiaojin Dong & Davis Onyango Owuor. The analysis of academic paper on cash management[EB/OL].http://www.pafis.shh.fi/～adon02/2157rmd/cash_management.html, 2003
[142] Yilmaz Guney,Aydin Ozkan & Neslihan Ozkan. Additional International Evidence on Corporate Cash Holdings[EB/OL].http://papers.ssrn.com/sol3/papers.cfm?abstract_id=406721, 2003
[143] Yuanto Kusnadi. Corporate cash Holdings and Corporate Governance Mechanisms. [EB/OL]. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=479401,2003
[144] 陈刚．基于信息非对称下企业融资决策研究[D]．博士．重庆大学．2004．6
[145] 陈宁．集团造系行为特征的理论分析与实证研究[D]．硕士．清华大学．2004．6
[146] 陈信元．陈冬华 朱红军．净资产、剩余收益与市场定价：会计信息的价值相关性[J]．金融研究2002．4：59-70
[147] 陈雪峰．翁君奕配股公司现金持有与经营业绩[J]．决策借鉴．2002．8：37-41
[148] 高峰．上市公司盈余管理研究：中美比较的视角[D]．博士．中国社会科学院研究生院．2002．6
[149] 贾捷．产品市场竞争和公司资本结构[D]，博士．浙江大学．2003
[150] 金雪军．王利刚．公司现金持有与治理机制：中国上市公司的实证研究[A]．第一届中国金融学年会论文集．厦门大学．2004．10．(浙江大学学报哲社版录用)金雪军．王利刚．基于事件研究法下的独立董事制度的有效性检验[J]．浙江统计，2005．10：23-26金雪军．王利刚．信息不对称下公司流动性偏好的理论与经验[J]．山西财经大学学报，2005．6，62-65金雪军．王利刚．国家助学贷款低效运行的症结及制度安排”，《中国社会科学文摘》，2006．6，39(3)，162-163金雪军 王利刚．关系型融资的生命力研究：基于信息折旧模型的分析[J]．东南大学学报(哲学社会科学版)，7(2)，2005．3，23-27
[151] 李涛．徐昕．企业因素、金融结构与财务约束：基于中国企业规模与财权结构的实证分析[J]．金融研究．2005．5．80-92
[152] 郎咸平．公司治理[A]．北京：社会科学文献出版社．2004．2：3-505
[153] 卢俊．资本结构理论研究译文集[M]．上海：上海人民出版社，2003：1-200
[154] 逯艳丽．我国上市公司盈余管理问题研究[D]．硕士．东北林业大学．2003．5
[155] 路易斯．普特曼兰德尔．科洛茨纳．企业的经济性质[C]．上海：上海财经大学出版社．2002．3：403-432
[156] 刘娥平．中国上市公司可转换债券发行公告财富效应的实证研究[J]．金融研究 2005．7：45-56
[157] 刘洋．公司治理结构与中国上市公司治理问题研究[D]．博士．复旦大学．2003．10
[158] 马芸．会计报表粉饰的市场传导效应研究[D]．硕士．重庆大学．2002．4
[159] 宁向东．公司治理理论[M]．北京：中国发展出版社，2005．1：1-93；157-192
[160] O．哈特．企业、合同与财务结构[M]．上海：上海人民出版社，1998：17-256
[161] 唐纳德．H．邱．公司财务和治理机制：美国、日本和欧洲的比较[C]．北京：中国人民大学出版社，2005：10-679
[162] 沈艺峰．沈洪涛．公司财务理论主流[M]．大连：东北财经大学出版社，2004．8：1-338
[163] 王四国．李怀祖．中国A股市场超额收益影响因素实证分析[J]．财贸经济．2002．12：50-52
[164] 王文昊．现金流量在企业业绩评价中的应用研究[D]．硕士．合肥工业大学．2005．5
[165] 魏锋．融资约束，不确定性与公司投资行为研究[D]．博士．重庆大学．2004．4
[166] 吴晓求．中国上市公司：资本结构与公司治理[C]．北京：中国人民大学出版社，2003：25-411
[167] 于东智．胡国柳．王化成．企业的现金持有决策于公司治理：理论和经验分析[A]．中国与东亚国家公司治理国际研讨会应征征文．2004
[168] 张建祥．郭岚．大股东控制下的股权再融资与盈余操作研究[J]．数量经济技术经济研究．2005．3：119-126
[169] 张人骥 刘春江．股权结构，股东保护与上市公司现金持有量[J]．财贸经济．2005．2：3-9
[170] 张献华．姜秀珍．田亮．影响企业现金持有量的经济学诠释[J]．经济问题探索2004 3：66-67
[171] 张新．中国公司金融学[C]．上海：上海三联书店，2005．12：1-643
[172] 郑江淮．何旭强．王华．上市公司的投资的融资约束：从股权结构的实证分析[J]．金融研究．2001．11：92-99
① 以Bhattacharya (1979), Miler&Rock (1985)以及John&Williams (1985), Ambarish, John&Williams(1987), Kuman (1988)为代表。
② 见Grossman&Hart (1982) 以及Jensen (1986)。
[1] Alfonsina Iona, Leone Leonida & Aydin Ozkan. Determinants of F inancial Conservatism: Evidence from Low-Leverage and Cash-Rich UK Firms[EB/OL]. http://ideas.repec.Org/p/yor/yorken/04-01.htm 1, 2004.01
[2] Allard Bruinshoofd & Clemens Kool. The Determinants of Corpora te Liquidity in the Netherlands[EB / OL]. http://ideas.repec.org /p/dgr/umamet/2002014. html, 2002. 01
[3] Amy Dittmar & Jan Mahrt-Smith. Corporate Governance and the Va lue of Cash Holdings[EB / OL]. Working Paper from University of Michigan and University of Toronto, 2005
[4] Amy Dittmar , Jan Mahrt-Smith&Henri Servaes .Corporate Liquidit y[EB / OL]. http://papers, ssrn. com/sol3/papers. cfm?abstract_id=3 19445, 2002. 5
[5] Antonio S. Mello and John E. Parsons .Hedging and liquidity[J]. The Review of Financial Studies Spring, 2000, 13(1):127-153
[6] Arun Khanna. Corporate Investments, Liqudity and Bank Financing: Empirical Evidence from an Emerging Market[EB / 0L]. http://webu ser. bus. umich. edu/adittmar/Governance_and_Value_of_Cash. pdf, 200 5.11
[7] Baumol. William J. The Transactions Demand for Cash:An Inventory Theoretic Aproach[J]. Quarterly Journal of Economics, 1952,66(4): 545-556
[8] Bengt Holmstrom&Jean Tirole. LAPM:A Liquidity-Based Asset Prici ng Model[EB / OL]. http://www. nber. org/papers/W6673, 1998.
[9] Bengt Holmstrom&JeanTirole. Private and Public Supply of Liquid ity[J]. Journal of Political Economy, 1998, 106(1):1-40
[10]Bengt Holmstrom&Jean Tirole. Liquidity and Risk Management [J]. J ournal of Money, Credit and Banking , 2000, 32(3):295-319.
[11]Bemhard Schwetzler & Carsten Reimund. Valuation Effects of Cor porate Cash Holdings: Evidence from Germany[EB / 0L]. http://pap ers. ssrn. com/sol3/papers. cfm?abstract_id=490262, 2004
[12]Bolton, P. &D. Scharfstein .A Theory of Predation Based On Agen cy Problems in Financial Contracting[J], American Economic Revie w, 1990,80:93-106
[13]Calvin Schnure.Who Holds Cash? And Why [EB/0L]. http://www. feder alreserve.gov/pubs/feds/1998/199813/199813pap.pdf, 1998. 1
[14]Carol Lancaster& Jerry L.Stevens. Corporate Liquidity and the S ignificance of Earnings Versus Cash Flow: An Examination of Ind ustry Effects[EB/OL]. The Journal of Applied Business Research, 1999, 15(3):37-p46
[15]Case M. Sprenkle. The Uselessness of Transactions Demand models [J]Journal of Finance, 1969, 24(5):835-848
[16]Casey B.Mulligan. The demand for Money by Firms: Some Additiona 1 Empirical Results[EB / OL]. http://ideas.repec.Org/p/fip/fedme m/125. html, 1997
[17]Charles J. Hadlock. Owership, Liquidity, and Investment[J]. Rand Jo unal of Economics, 1998, 29(3):487-508
[18]Charles P. Himmelberg, Inessa Love&Virginia Sarria-Allende. Ca sh Holding at the Firm Level :Can Transaction Costs Explain it All? [EB / OL]. http://www. utdt. edu/congresos/pdf-sri/eco-563. pd f, 2003
[19]Chang-Soo Kim, Mauer, David C. ; Sherman, Ann E. The determinants of corporate liquidity: Theory and evidence[J] Journal of Fina ncial & Quantitative Analysis, 1998, 33 (3) : 335-360
[20]Chen, Andrew H. Y. , Jen, Frank C. & Zionts, Stanley. The Joint D etermination of Portfolio and Transaction Demand for Money[J]. J ournal of Finance, 1974,29(1):175-187
[21]Chi-Wen Jevons Lee&Xing Xiao. Cash Dividends and Large Shareho lder Expropriation in China[EB / 0L]. http://test.ccfr. org.cn/cic f2004/papers/3-2-3. pdf, 2004
[22]Christopher F. Baum Mustafa Caglayan & Neslihan Ozkan. The Impa ct of Macroeconomic Uncertainty on Bank Lending Behavior[EB /OL]. http://ideas. repec. org/p/boc/bocoec/521. html, 2002.1
[23]Christopher F. Baum, Mustafa Caglayan &Neslihan Ozkan. The Im pact of Macroeconomic Uncertainty on Trade Credit for Non-Fina ncial Firms[EB / 0L], http://ideas, repec. org/p/boc/bocoec/566. htm 1, 2003.6
[24]Christopher F. Baum, Mustafa Caglayan, Neslihan Ozkan & Oleksa ndr Talavera. The Impact of Macroeconomic Uncertainty on Cash H oldings for Non-Financial Firms[EB / OL]. http://fmwww. bc. edu/EC- P/WP552. pdf, 2003&2005
[25]Claudia Custodio , Clara Raposo&Miguel A. Ferreira. Cash Holdi ngs and Business Conditions[EB / 0L]. http://papers.ssrn.com/sol 3/papers. cfm?abstract_id=608664, 2004
[26]Clinton A. Greene. Trigger-target rules and the dynamics of agg regate money holdings[J]. Journal of Economic Dynamics and Contr ol,2001, 25 (2001): 1193-1219
[27]Daniel Orr. A Note on the Uselessness of Transaction Demand Mod els[J] Journal of Finance, 1974, 29(5):1565-1573
[28]David G. Barr & Keith Cuthbertson. Company Sector Liquid Asset Holdings:A Systems Approach[J]. Journal of Money, Credit & Banki ng.1992 ,24(1): 83-98
[29]Enid Dennis & V.Kerry Smith. A Neoclassical Analysis of the De mand for Real Cash Balances by Firms[J]. Journal of Political Ec onomy, 1978,86(5): 793-814
[30]E.Saltari & G. Travaglini. Financial Constraints and Investment Decisions[J].Scottish Journal of Political Economy, 2001, 48(3): 330-344
[31]Elion Jani .martin Hoesli&Andre Bender. Corporate Cash Holding s and Agency Conflicts[EB / 0L]. http://ssrn. com/abstract=563863, 2004
[32]Erkki Kytonen. cash management behavior of firms and its structu ral change in an emerging money market[EB / OL]. 2004
[33]Evgeny Lyandres. The Effects of Financial Constraints on Invest ment Timing[EB / 0L]. EFA 2004 Maastricht Meetings Paper No. 1090. http://ssrn. com/abstract=567047, 2003
[34]Falls, Gregory A. & Natke, Paul A .The Demand for Liquid Asset s: A Firm Level Analysis[J]. Southern Economic Journal, 1998, 54 (3):630-643
[35]Fazzari, Steven M. &Hubbard, R. Glenn&Petersen, Bruce C. Finan cing Constraints and Corporate Investment[J]. Brookings Papers o n Economic Activity, 1998, 1988(1):141-207
[36]Fazzari, Steven M. , Hubbard, R. Glenn&Petersen, Bruce C . Inves tment-Cash Flow Sensitivities Are Useful:A Comment On Kaplan an d Zingales. Quarterly Journal of Economics, 2000,115(2):695-706
[37]Francesca Lotti & Juri Marcucci. Corporate Liquidity Demand in the US:Evidence from Panel Data[EB/OL]. http://www. enteluigie inaudi. it/pdf/Pubblicazioni/Temi/T_30. pdf, 2003
[38]Frazer, William J. Financial Structure of Manufacturing Corporat ions and the Demand for Money:Some Empirical Findings[J]. Journa 1 of olitical Economy, 1964, 72(2):176-183.
[39]Froot, K. ,D & J.Stein. Risk Management: Coordinating Cororate In vestment and Financing Policies[J]. Journal of Finance, 1993, 48:1 629-1658.
[40]Froot, K. ,D & J. Stein. A Framework for Risk Management[J]. Harvar d Business Review, 1994, 11-12:91-102
[41]Maddala, G. S. &Vogel, Robert C. 'The Demand for Money :A Cross-S ection Study of Business Firms' .'Comment. [J]. Quarterly Journal o f Economics, 1965, 79(1):153-160
[42]Gayane Hovakimian & Sheridan Titman. Corporate Investment With Financial Constraints:Sensitivity of Investment to Funds From Voluntary Asset Sales[EB / OL]. http://down.cenet.org.cn/view.as p?id=26875, 2003
[43]Gilchrist, S. & C. Himmelberg. Evidence on the Role of Cash Flow for Investment[J]. Journal of Monetary Economics, 1996,36: 541-57 2
[44]Glenn Boyle & Graeme Guthrie. Investment, Uncertainty, and Liqu idity[EB / 0L]. http://papers, ssrn. com/sol3/papers. cfm?abstract_i d=296461, 2001
[45]Gordon Hanka. Simple Limits on Liquidity Hedging With Futures[E B/OL]. http://www2.owen.vanderbilt.edu/fmrc/pdf/wp2002-15.pdf, 2002
[46] Gregory Connor & Hayne Leland.Cash Management for Index Tracking[J].Financial Analysts Journal, 1995, 51(6):75-81
[47] Gur Huberman.External Financing and Liquidty[J].Ihe Journal of Finance, 1984, ⅩⅩⅩⅨ(3):895-910
[48] Harry DeAngelo, Linda DeAngelo & Karen H. Wruck. Asset liquidity, Debt Covenants, and Managerial Discretion in Financial Distress:the Collapse of L.A. Gear[J].Journal of Financial Economics, 2002, 64:3-34
[49] Heitor Almeida, Murillo Campello & Michael S. Weisbach.Corporate Demand For Liquidity[EB/OL].NBER Working Paper, No. 9253.,2002
[50] Heitor Almeida, Murillo Campello&Michael S. Weisbach. The Cash Flow Sensitivity of Cash [J]The Journal of Finance,2004, LⅨ(4): 1777-1804
[51] Heitor Almeida, Murillo Campello. Financial Constraints and Investment-Cash Flow Sensitivities: New Research Directions[EB/OL]. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=298027,2001
[52] Helen Manning Hunter.Corporate Demand For Case:The Influence of Corporate Population Growth and Structure[J].Review of Economics & Statistics, 1978, 60(3):467-472
[53] Hager, H.C. Cash management and the cash cycle.[J].Management Accounting, 1976,57:19-21.
[54] Hsiao, Cheng, Tahmiscioglu & A. Kamil. A Panel Analysis of Liquidity Constraints and Firm Investment[J]. Journal of the American Statistical Association,1997, 92(438): 455-466
[55] Hsiu-Ling Lin. 现金持有与公司绩效[EB/OL].http://www.ethesys.lib.cyut.edu.tw/ETD-db/ETD-search/getfile?URN=etd-0626104-005759&filename=etd-0626104-005759.pdf,2004
[56] I.M. Premachandra.A diffusion approximation model for managing cash in firms:An Alternative Approach to the Miller-Orr Model [J].European Journal of Operational Research, 2004,157:218-226.
[57] Inder Khurana, Xiumin Martin, Raynolde Pereira. Financial Development and the Cash Flow Sensitivity of Cash" [EB/OL].http://www.fma.org/Chicago/Papers/cashflow_sensitivity.pdf, 2003
[58] Ivalina Kalcheva &Karl V. Lins.International Evidence on Cash Holdings and Expected Managerial Agency Problems" [EB/OL]. http://ssrn.com/abstract=477241,2004
[59] Jonathan Baskin. Corporate Liquidity in Games of Monopoly Power [J]. The Review of Economics and Statistics, 1987,69(2): 312-320
[60] Jarrad Harford.Corporate Cash Reserves and Acquiditions[J].The Journal of Finance, 1999, 54(6):1969-1997
[61] Jarrad Harford, Sattar A. Mansi & WilliamF. Maxwell. Corporate Governance and Firm Cash Holdings[EB/OL]. http://us.badm.washington.edu/harford/papers/hmm_current.pdf, 2004
[62] Jarrad Haford,Wayne Mikkelson & M. Megan Partch. The effect of cash reserves on corporate investment and performance in industry downturns[EB/OL].http://price.ou.edu/finance/fin_body/pdf/Mikkelson.pdf, 2004
[63] Jason G. Gummins&Ingmar Nyman. Optimal Investment with Fixed Financing costs. [EB/OL]. http://www.federalreserve.gov/pubs/feds/2001/200140/200140pap.pdf,2004
[64] Jean-Charles Rochet&Stphane Villeneuve. Liquidity Risk and Corporate Demand for Hedging and Insurance[EB/OL]. http://papers.ssrn.com/sol3/papers.cfm?abstrac_id=663403,2004
[65] Jean Tirole.Lecture Notes on Corporate Finance[M].wuhan University, 2002
[66] Jess Beltz&Murray Frank. Risk and Corporate Holdings of Highly Liquid Assets[EB/OL]. http://pacific.commerce.ubc.ca/frank/corpca.pdf, 1996
[67] Jensen, Michael C. The Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers[J].American Economic Review,1986,76:323-329
[68] Jensen, Michael C. & Meckling, W. Theory of Firm:Managerial Behavior:Agency Costs and Capital Stucture[J].Journal of Financial Economica, 1976, 3:305-360
[69] Jin-Tan Liu Meng-Wen Tsou & Ping Wang. Differential Cash Constraints, Financial Leverage and the Demand for Money by Firms In a Developing Country[EB/OL].http://www.vanderbilt.edu/econ/faculty/Wang/working_papers.htm, 2003
[70] John E. Core, Wayne R. Guay & Rodrigo S. Verdi. Agency Problems of Excess Endowment Holdings in Not-for-Profit Firms[EB/OL]. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=565241,2004
[71] K. Hinderer, &K.H. Waldmann..Cash Management in a Randomly Varying Environment [J].European Journal of Operational Research, 2001,130:468-485
[72] Karni. E. The Transactions Demand for Cash: Incorporation of the Value of Time into the Inventory Approach[J].Journal of Politic al Economy, 1973, 81(5):1216-1226
[73] Kiyohiko G. Nishimura&Hiroyuki Ozaki. Liquidity Motives of Holding Money Under Investment Risk:A Dynamic Analysis[EB/OL]. http://www.e.u-tokyo.ac.jp/cirje/research/dp/2003/2003cf232.pdf,2003
[74] La Porta, R., F. Loez-de-silanes,&A. Shleifer. Corporate Ownershiparound the World[J].Journal of Finance, 1999,54:471-517
[75] La Porta, R.,F. Loez-de-silanes, A. Shleifer&R. Vishny. Law and Fina nce" [J].Journal of Political Economy, 1998,106:1113-1155
[76] La Porta, R., F. Loez-de-silanes, A. Shleifer&R. Vishny. Investor protection and Corporate Governance[J].Journal of Financial Economics, 2000,58:3-27
[77] La Porta, R., F. Loez-de-silanes, A. Shleifer&R. Vishny. Investor Protection and Corporate Valuation[J].Journal of Finance, 2002,57: 1147-1170.
[78] Laumas, Prem&Matin Williams. An Analysis of the Demand for Cash Balances by the Manufactring Firms in a Developing Economy[J]. Journal of Development Econmics, 1983,12:169-182.
[79] Lee Pinkowitz&Preliminary. The Market for Corporate Control and Corporate Cash Holdings[EB/OL].http://papers.ssrn.corm/sol3/papers.cfm?abstract_id=215191,1998
[80] Lee Pinkowitz&Rohan Williamson. Bank Power and Cash Holdings:Evedence from Japan[EB/OL].http://papers.ssm.com/sol3/papers.cfm?abstract_id=146431,1998
[81] Lee Pinkowitz&Rohan Williamson. What is a Dollar Worth?The Market Value of Cash Holdings[EB/OL]. http://faculty.msb.edu/williarg/MVofCash-All.pdf, 2002&2005
[82] Lee Pinkowitz Rene M. Stulz & Rohan Williamson. Do Firms in Countries With Poor Protection of Investor Rights Hold More Cash? [EB/OL]. http://ideas.repec.org/p/nbr/nberwo/10188.html, 2003
[83] Lie, E..Excess Funds and Agency Problem:An Empirical Study of Incremental Cash Disbursements[J].Review of Financial Studies, 2000,13:219-247.
[84] Louis De Alesst.The Demand for Money: A Cross-Section Study of British Business Firms[J]. Economica, 1966,33 (131):288-303
[85] Marc Deloof.Intragroup Relations and the Determinants of Corporate Liquidi Reserves: Belgian Evidence[EB/OL]. http://cfec.vub.ac.be/m&f/wp9803.pdf,1999
[86] Meltzer, Allan H..The Demand For Money: A Cross-Section Studyof Business firms[J]. Quarterly Journal of Economics, 1963, 77(3): 405-423
[87] Michael Faulkender & Rong Wang. Corporate Financial Policy and the Value of Cash[EB/OL].http://www.olin.wustl.edu/workingpapers/pdf/2005-02-005.pdf. 2005.2
[88] Michael Faulkender. Cash Holdings Among Small-Businesses[EB/OL]. http://www.olin.wustl.edu/faculty/faulkender/cash％20paper.pdf.2000
[89] Miguel A. Ferreira & Antonio Vilela. Why Do Firms Hold Cash?Evidence from EMU Countries[EB/OL]. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=614002,2000
[90] Miller, M.& D. Orr. A Model of the Demand for Money by Firms[EB/OL].Quarterly Journal of Economics, 1966,80:413-435
[91] Minton, B. & C. Schrand. The Impact of cash FlowVolatility on Di scretionary Investment and The Costs of Debt and equity financi ng[J]. Journal of Financial Economics, 1999, 54:423-460.
[92]Morris Budin & Robert J. Van Handel. A Rule-Of-Thumb Theory of C ash Holdings By Firms" [J]. Journal of Financial and Quantitative Analysis, 1975:85-108.
[93]Mulligan,C. B. Scale Economies, the Value of time, and the Demand for Money: Longitudinal Evidence form Firms[J]. Jounal of Polit ical economy ,1997, 105(5):1061-1079
[94]M. I.Nadiri. The Determinants of Real Cash Balances in The U.S.To tal Manufacturing Sector[J]. The Quarterly Journal of Economics, 1969, LXXXIII(2):173-196.
[95]Mcdonald, Robert & Siegel, Daniel.The Value of Waiting to Inve st[J]. Quarterly Journal of Economics, 1986, 101(4):707-728
[96]Myers, S. & R. Rajan. The Paradox of Liquidity[J]. Quarterly Journ al of Economics, 1998, 113:733-771
[97]Nicolas Couderc. Corporate Cash Holdings:Fiancial Determinants a nd Corporate Governance[EB / 0L]. http://www.efmaefm.org/efmsymp o2005/accepted_papers/09-Nicolas_Couderc_paper. pdf. 2004
[98]Nina Budina,Harry Garretsen & Eelke De Jong. Liquidity Constrai nts and Investment in Transition Economies: The Case of Bulgari a[EB / 0L]. http://econ. worldbank. org/docs/1032. pdf, 1999
[99]Noriyuki Yanagawa .Liquidity Demand of Corporate Sector and Sof t Budget Constraint[EB / 0L]. http://www. e. u-tokyo. ac. jp/itme/dp /dp 13. pdf, 1999
[100]Olivier J. Blanchard , Florencio Lopez-de-Silanes & Andrei Shl eifer. What Do Firms Do With Cash Windfalls[EB /OL]. http://www. nber. org/papers/w4258 ,1993
[101]Olubunmi Faleye .Cash and Corporate Control[J]. The Journal of Finance, 2004, 59(5) :2041-2060
[102]Olympia Bober & Nadine Watson. Are There Economies of Scale in the Demand for Money by Firms? Some Panel Data Estimates[EB/OL]. http://www.bde.es/informes/be/docs/dt0008e.pdf, 2000
[103]Owen Lamont. Cash Flow and Investment: Evidence from Internal Capital Markets [J]. The Journal of Finance, 1997, LU (1) :83-109
[104]Ozkan Aydin & Neslihan Ozkan. Corporate cash Holdings: an Empi rical investigation of UK Companies[EB /OL]. http://papers.ssrn. com/abstract=302313, 2002
[105]Paul Beaudry,Mustafa Cagalayan & Fabio Schiantarelli. Monetary instability, the predictability of prices, and the allocation of investment:An empirical investigation using U.K. panel data[J]. The American Economic Review, 2001, 91(3):648-662
[106]Paul Povel & Michael Raith. Financial Constraints and Product Market Competition:Ex ante vs. ex Post Incentives[J]. Internation al Journal of Industrial Organization, 2004 22:917-949
[107]Paul Povel& Michael Raith. Optimal Investment Under Financial Constraints: the Roles of Internal Funds and Asymmetric Informa tion [EB/OL]. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=269497,2002
[108]R.Glenn Hubbard .capital-market imperfections and investment [J]. Journal of Economic Literature, 1998, 36(1):193-240
[109]Robert cross Bogel.The Demand for cash and Liquid Assets by Ma nufacturing corporations:Estimates and Implications[J]. Journal of Finance, 1968, 23(4):691-693
[110]Robin Greenwood.Aggregate corporate liquidity and stock return s[EB / OL]. http://papers, ssrn. com/sol3/papers. cfm?abstract_id=64 2325, 2004
[111]Rongrong Zhang.The Effects of Firm- and Country-level Governan ce Mechanisms on Dividend Policy, Cash Holdings, and Firm Value: a Cross-country Study [EB/OL]. http://papers.ssrn.com/sol3/pap ers. cfm?abstract_id=652090, 2005
[112]Ryo Kato. Liquidity, Infinite Horizons and Macroeconomic Fluct uations[EB /OL]. http://ideas. repec. org/p/ecm/feam04/622. html, 2 003
[113]Pratap, Sangeeta . Do adjustment costs explain investment-cash flow insensitivity?[J]. Journal of Economic Dynamics & Control, Sep2003, 27(11/12):1993-2007
[114]Sangeeta Pratap & Silvio Rendon. Firm Investment in Imperfect Capital Markets:A Structural Estimation[J]. Review of Economic Dynamics, 203, 6 (3):513-546
[115]Sanjay Kudrimoti. Corporate Governance and Cash-flow Sensitivi ty of Cash[EB/0L]. Summer paper, 2004
[116]Saving, Thomas R .Transactions Costs and the Firm's Demand for Money[J]. Journal of Money, Credit & Banking, 1972, 4(2):245-260
[117]Sean Cleary. International Corporate Investment and the Role of Financial Constraints [EB /OL]. http://papere.ssm.cotn/sol3/papere.cfotfabstra ct_id=313964, 2002
[118]Sean Cleary. The Relationship between Firm Investment and Finan cial Status[J]. The Journal of Finance , 1999, LIV(2):673-692
[119]Sean Cleary, Paul Povel & Michael Raith. The U-shaped Investment Curve: Theory and Evidence[EB /OL]. Paper provided by C. E. P. R. Discussion Papers in its series CEPR Discussion Papers with number 4206,2004
[120]Seungjin Han & Jiaping Qiu. The Impact of Cash Flow Volatility and Financial constraints on Corporate Cash Holdings [EB/OL]. http://info. wlu. ca/~wwwsbe/faculty/jqiu/paper/Han_Qiu. pdf, 2004
[121]Stephen Bond .Dynamic Investment Model and The Firm' s Financial Policy[J], Review of Economic Studies, 1994, 61:197-222
[122]Steven N.Kaplan & Luigi Zingales . Invetment-Cash Flow Sensititivities are Not Valid Measures of Financing Constraints[EB/O L1.NBER Working Paper No. 7659, 2004
[123]Steven N.Kaplan & Luigi Zingales. Do Financing Constraints Exp lain Why Investment Is Correlated With Cash Flow[EB / OL]. NBER W orking Paper NO. 5143,1995
[124]Steven C.Myers & Raghuram G. Rajan. The Paradox of Liquidity[J]. Quarterly Journal of Economics, 1998, 113(3):733-772
[125]Stewart C. Myers. Corporate Financing and Investment Decision Wh en Firms Have Information the Investors Do not Have[J]. Journal of Financial Economies, 1984,13:197-221
[126]Sudipto Dasgupta & Kunal Sengupta .Financial Constraints, Hurd le Rates, and Economic Activity:Implications from a Multi-Period Model[EB / OL]. http://www. bm. ust. hk/~fina/symposium/Papers_Dec 15/Sudipto.pdf, 2001&2003
[127]Saving, T. R .The Value of Time and Economies of Scale in the D emand For Cash Balances[J]. Journal of Money, Credit & Banking, 1 974, 6(1): 122-125
[128]Takeo Hoshi.Anil Kashyap & David Scharfstein. Corporate Struct ure, Liquidity, and Investment:Evedence from Japanese Industrial Groups[J]. Quarterly Journal of Economics, 1991, 106(1):33—61
[129]Tarun Sabarwal.The Non-Neutrality of Debt in Investment Timing: A New Npv Rule[EB/OL]. Economics Working Paper Archive at WUSTL in its series Finance with number 0410004, 2003
[130]Telser L. G. Cutthroat Competition and the Long Purse[J]. Journ al of Law and Economics, 1966, 9:259-277
[131]Todd Pulvino & Vefa Tarhan. Joint Estimation of Investment, Financing, and Distribution Cash Flow Sensitivities[EB / OL]. Worki ng Paper from Loyola University, Chicago, March 2002.
[132]Viral V. Acharya .Heitor Almeida & Murillo Campello .Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies[EB /OL]. http://faculty. london. edu/vacharya/pdf/acharya-almeida-campello. pdf, 2002and 2004
[133]W. A. Bruinshoofd. Corporate Investment and Financing constraints: Connections With Cash Management[EB /OL]. http://www. dnb. nl/dnb/bin/doc/srll0_tcml3-39339. pdf, 2003
[134]W. Brian Barrett, Ricardo J. Rodriguez, & Thomas B.Sanders .Compensating Balances, Synchronicity, and Firm Size[EB /OL]. http://207. 36.165.114/NewOrleans/Papers/2101396. pdf, 2002
[135]Wayne H .Mikkelson & M.Megan Partch. Do Persistent Large Cash Reserves Hinder Performance[J]. Journal of Financial and Quantitative Analysis ,1999, 38(2):275-294
[136]Whalen, Edward L. cross-Section Study of Business Demand for cash" [J]. Journal of Finance, Sep65, 20(3):423-444.
[137]Whalen, Edward L.A Rationalization of The Precautionary demand for Cash[J]. Quarterly Journal of Economics, 1966, 80(2): 314-32 5
[138] Whited, Toni. Debt, Liquidity Constraints and Corporate Investment: evidence from panel data[J].Journal of Finance, 1992,47(4):1425-1461
[139] William E. Schworm. Financial Constraints and Capital Accumulation[J].International Econmic Review, 1980,21(3):643-660
[140] William T. Charlton, & Carol Lancaster. lndustry and Liquidity Effects in corporate Investment and cash Relationship[J].The Journal of Applied Business Research 18(1)
[141] Xiaojin Dong & Davis Onyango Owuor. The analysis of academic paper on cash management[EB/OL].http://www.pafis.shh.fi/～adon02/2157rmd/cash_management.html, 2003
[142] Yilmaz Guney,Aydin Ozkan & Neslihan Ozkan. Additional International Evidence on Corporate Cash Holdings[EB/OL].http://papers.ssrn.com/sol3/papers.cfm?abstract_id=406721, 2003
[143] Yuanto Kusnadi. Corporate cash Holdings and Corporate Governance Mechanisms. [EB/OL]. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=479401,2003
[144] 陈刚．基于信息非对称下企业融资决策研究[D]．博士．重庆大学．2004．6
[145] 陈宁．集团造系行为特征的理论分析与实证研究[D]．硕士．清华大学．2004．6
[146] 陈信元．陈冬华 朱红军．净资产、剩余收益与市场定价：会计信息的价值相关性[J]．金融研究2002．4：59-70
[147] 陈雪峰．翁君奕配股公司现金持有与经营业绩[J]．决策借鉴．2002．8：37-41
[148] 高峰．上市公司盈余管理研究：中美比较的视角[D]．博士．中国社会科学院研究生院．2002．6
[149] 贾捷．产品市场竞争和公司资本结构[D]，博士．浙江大学．2003
[150] 金雪军．王利刚．公司现金持有与治理机制：中国上市公司的实证研究[A]．第一届中国金融学年会论文集．厦门大学．2004．10．(浙江大学学报哲社版录用)金雪军．王利刚．基于事件研究法下的独立董事制度的有效性检验[J]．浙江统计，2005．10：23-26金雪军．王利刚．信息不对称下公司流动性偏好的理论与经验[J]．山西财经大学学报，2005．6，62-65金雪军．王利刚．国家助学贷款低效运行的症结及制度安排”，《中国社会科学文摘》，2006．6，39(3)，162-163金雪军 王利刚．关系型融资的生命力研究：基于信息折旧模型的分析[J]．东南大学学报(哲学社会科学版)，7(2)，2005．3，23-27
[151] 李涛．徐昕．企业因素、金融结构与财务约束：基于中国企业规模与财权结构的实证分析[J]．金融研究．2005．5．80-92
[152] 郎咸平．公司治理[A]．北京：社会科学文献出版社．2004．2：3-505
[153] 卢俊．资本结构理论研究译文集[M]．上海：上海人民出版社，2003：1-200
[154] 逯艳丽．我国上市公司盈余管理问题研究[D]．硕士．东北林业大学．2003．5
[155] 路易斯．普特曼兰德尔．科洛茨纳．企业的经济性质[C]．上海：上海财经大学出版社．2002．3：403-432
[156] 刘娥平．中国上市公司可转换债券发行公告财富效应的实证研究[J]．金融研究 2005．7：45-56
[157] 刘洋．公司治理结构与中国上市公司治理问题研究[D]．博士．复旦大学．2003．10
[158] 马芸．会计报表粉饰的市场传导效应研究[D]．硕士．重庆大学．2002．4
[159] 宁向东．公司治理理论[M]．北京：中国发展出版社，2005．1：1-93；157-192
[160] O．哈特．企业、合同与财务结构[M]．上海：上海人民出版社，1998：17-256
[161] 唐纳德．H．邱．公司财务和治理机制：美国、日本和欧洲的比较[C]．北京：中国人民大学出版社，2005：10-679
[162] 沈艺峰．沈洪涛．公司财务理论主流[M]．大连：东北财经大学出版社，2004．8：1-338
[163] 王四国．李怀祖．中国A股市场超额收益影响因素实证分析[J]．财贸经济．2002．12：50-52
[164] 王文昊．现金流量在企业业绩评价中的应用研究[D]．硕士．合肥工业大学．2005．5
[165] 魏锋．融资约束，不确定性与公司投资行为研究[D]．博士．重庆大学．2004．4
[166] 吴晓求．中国上市公司：资本结构与公司治理[C]．北京：中国人民大学出版社，2003：25-411
[167] 于东智．胡国柳．王化成．企业的现金持有决策于公司治理：理论和经验分析[A]．中国与东亚国家公司治理国际研讨会应征征文．2004
[168] 张建祥．郭岚．大股东控制下的股权再融资与盈余操作研究[J]．数量经济技术经济研究．2005．3：119-126
[169] 张人骥 刘春江．股权结构，股东保护与上市公司现金持有量[J]．财贸经济．2005．2：3-9
[170] 张献华．姜秀珍．田亮．影响企业现金持有量的经济学诠释[J]．经济问题探索2004 3：66-67
[171] 张新．中国公司金融学[C]．上海：上海三联书店，2005．12：1-643
[172] 郑江淮．何旭强．王华．上市公司的投资的融资约束：从股权结构的实证分析[J]．金融研究．2001．11：92-99