[1]张玉华,*,于白雨,等.基于债务期限结构的现金持有模型分析[J].山东建筑大学学报,2018,(02):46-52.[doi:10.12077/sdjz.2018.33.02.008]
 Zhang Yuhua,*,Yu Baiyu,et al.Analysis of the cash holding model based on debt maturity structure[J].Journal of Shandong jianzhu university,2018,(02):46-52.[doi:10.12077/sdjz.2018.33.02.008]
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基于债务期限结构的现金持有模型分析()
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《山东建筑大学学报》[ISSN:1673-7644/CN:37-1449/TU]

卷:
期数:
2018年02期
页码:
46-52
栏目:
研究论文
出版日期:
2018-04-15

文章信息/Info

Title:
Analysis of the cash holding model based on debt maturity structure
文章编号:
1673-7644(2018)02-0046-07
作者:
张玉华1*于白雨1桑志奇2
(1.山东建筑大学 商学院,山东 济南 250101;2.山东建筑大学 建筑城规学院,山东 济南 250101)
Author(s):
Zhang Yuhua1*Yu Baiyu1Sang Zhiqi2
(1.School of Business, Shandong Jianzhu University, Jinan 250101,China;2.School of Architecture and Urban Planning,Shandong Jianzhu University,Jinan 250101,China)
关键词:
债务期限结构公司现金持有模型
Keywords:
debt maturity structure corporate cash holding model
分类号:
F275.1
DOI:
10.12077/sdjz.2018.33.02.008
文献标志码:
A
摘要:
债务期限结构对公司的现金持有决策具有重大影响,构建基于债务期限结构的现金持有模型并进行实证分析,可明晰债务期限结构对现金持有水平的作用及其累积路径。文章基于权衡理论和融资优序理论在现金持有决策中的应用,围绕债务期限结构和现金持有水平之间的关系,选用2008~2016年沪深A股上市公司为样本,构建了现金持有及变动的多元回归模型并进行实证分析。结果表明:债务期限结构与公司现金持有水平的相关系数在1%水平上显著为正,即较短的债务结构促使公司采取较保守的现金持有策略,现金持有水平较高;现金累积渠道方面,债务期限结构和经营活动净现金流的交互项与公司现金持有变动间的相关系数在1%的水平上显著为正,说明公司面临较高的再融资风险时,偏好于从经营活动产生的净现金流渠道积累现金。
Abstract:
The debt maturity structure has a significant impact on the company’s cash holding decision. The analysis of the cash holding model based on debt maturity structure can clear the debt maturity structure to the cash holding level and the cash accumulation channels. Based on the tradeoff theory and peaking order theory application in the field of corporate cash holding, around the relationship of debt maturity structure and corporate cash holding, We used the A-shares market data from 2008 to 2016, established the multivariable linear regression model of cash holding and cash holding changes and made the empirical analysis. The results showed that: The correlation coefficient between the debt maturity structure and the companys cash holding level is significantly positive at the 1% level, i.e. the shorter debt maturity structure have prompted the company to adopt a more conservative cash holding strategy and maintain a high level of cash holdings. In terms of cash accumulation channels, The correlation coefficient between the DM*CFO and ΔCASH is significantly positive at the 1% level, It shows that when companies face higher refinancing risk, they prefer to accumulate cash from the channel of the operating activities net cash flow.

参考文献/References:

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备注/Memo

备注/Memo:
收稿日期:2018-03-10 基金项目:国家社科基金一般项目(14BSH049);山东省社科规划办项目(17CRCJ09);山东建筑大学商学院科研项目(091/17004、091/17006)作者简介:张玉华(1979-),女,讲师,硕士,主要从事企业投融资行为、成本管理等方面的研究.E-mail:zhangyuhua97@163.com[*通讯作者]
更新日期/Last Update: 2018-05-04