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由于公司内外部融资成本存在差异,上市公司持有一定数量的现金可以作为公司的一种内部融资手段,实现融资成本的节约。因此,合理的现金持有政策是公司管理人员必须慎重考虑的一个问题。本文从融资约束的角度出发,结合我国资本市场的特殊性加入高管持股比例等控制变量,运用实证分析的方法对公司现金持有量和现金流波动性之间的关系进行了研究。结果发现,对于融资约束公司,其现金储备情况与现金流波动性显著正相关;而对于非融资约束公司,两者之间无明显关系。同时还发现,融资约束公司现金流量对现金持有量的影响程度要明显强于非融资约束公司。
Due to the difference in internal and external financing costs of the company, a certain amount of cash held by the listed company can be used as an internal financing method of the company to achieve the savings of financing costs. Therefore, a reasonable cash holding policy is a problem that company managers must carefully consider. From the perspective of financing constraints, this paper combines control variables such as the proportion of senior management holdings with the specific characteristics of China’s capital market, and uses empirical analysis methods to study the relationship between the company’s cash holdings and cash flow volatility. As a result, it was found that for a financing-constrained company, its cash reserves are significantly positively correlated with cash flow volatility; and for non-financial-confined companies, there is no significant relationship between the two. At the same time, it is also found that the cash flow constraint of the financial constraint company has a stronger influence on cash holdings than non-financial restraint companies.