经济周期、现金持有量与公司投资

Economic Cycle, Cash Holdings and Corporate Investment

中文关键词:  经济周期  现金持有量  公司投资

英文关键词:economic cycle  cash holdings  corporate investment

中文摘要:

      在考虑投资和现金流内生联动性的基础上,通过构建投资、现金持有量与经济周期的联立方程,以2001—2011年间沪深两市上市公司为样本,研究不同经济周期阶段现金持有量与投资之间的关系。研究结果表明,公司投资受经济周期影响显著,经济恢复期和紧缩期,投资与经济周期正相关,现金持有的对冲作用显著；经济扩张期,投资与经济周期负相关,现金持有的对冲作用不显著。

英文摘要:

      In considering the interdependence of investment and cash flow, this paper studies the relationship between cash holdings and investment in different stages of economic cycle by reconstructing simultaneous equations concerning investment, cash holdings and economic cycle, with a sample of public companies in Shanghai Stock Exchange and Shenzhen Stock Exchange during the period from 2001 to 2011. The research results show that corporate investment is significantly affected by economic cycle. During the economic convalescence and austerity periods, corporate investment is positively correlated with the economic cycle and the hedging effects of cash holdings is significant. But during the period of economic expansion, investment and economic cycle are negatively correlated and the hedging effect of cash holdings is insignificant. 