The Effects and Mechanism of the Impact of Macroeconomic Risk on Corporate Cash Holdings

Abstract

Abstract:

Macroeconomic risk has significant impacts on corporate investment and financing. We choose 2,291 listed corporations' unbalanced panel data from 2007 to 2015 as sample to analyze the mechanism of the impact of macroeconomic risk and make a probe into its effects. The empirical results show that the larger the macroeconomic risk is, the more corporate cash holdings are; and vice versa. What's more, compared with the state-owned enterprises, the corporate cash holdings of the non-SOEs are more sensitive to the macroeconomic risk. However, during the financial crisis, macroeconomic risk negatively influences the corporate cash holdings.

Key words: Corporate Cash Holdings, Macroeconomic Risk, Financing Constraints

摘要：

宏观经济风险对公司投融资行为有显著影响。本文以2007~2015年沪深两市2291家上市公司的非平衡面板数据为样本,分析宏观经济风险影响公司现金持有量的机制,并探究其影响效果。经验结果表明:宏观经济风险显著影响上市公司现金持有量行为,即宏观经济风险越大,则公司持有现金越多,反之亦然;与国有企业相比,非国有企业的现金持有行为对宏观经济风险更加敏感;金融危机期间,宏观经济风险对现金持有量产生负向影响。

关键词: 公司现金持有量, 宏观经济风险, 融资约束

CLC Number:

F276.6

WANG Yizhong, YUAN Jun. The Effects and Mechanism of the Impact of Macroeconomic Risk on Corporate Cash Holdings[J]. , 2017, 33(9): 56-64.

王义中, 袁珺. 宏观经济风险影响公司现金持有量的机制与效果[J]. 财经论丛, 2017, 33(9): 56-64.

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