中国上市公司现金持有政策图书
Corporate Cash Holding Policy of Chinese Listed Companies:Empirical Evidence Based on Financing Constraints Theory
[内容简介] 在不存在任何市场摩擦的完美资本市场中,公司外部资金是内部资金的完美替代,公司现金持有政策与公司价值无关。然而,现实世界中的资本市场与假想中的完美资本市场存在较大背离。在借鉴公司现金持有政策现有研究文献的基础上,本书从中国上市公司外部融资的视角,通过Logistic回归模型和多元判别分析模型构建了两个反映公司外部融资约束程度的综合指数——LFC指数和DFC指数,集中考察了外部融资约束与公司现金持有政策之间的关系,得出了一些有意义的结论,提出了促进资本市场发展和公司治理的政策建议,对于构建我国社会主义市场经济体系有一定理论意义和现实意义。
相关信息
第一章 导论
第一节 研究背景和问题提出
第二节 研究内容和基本框架
第三节 研究贡献
第二章 现金持有政策文献回顾
第一节 传统权衡理论
一 理论分析
(一)Baumol-Tobin模型——平方根定律241;Baumol是通过最小化现金持有成本求解最优现金持有量,而Tobin是通过最大化利息收入减去交易成本的净收益求解最优现金持有量。不过,正如Tobin所指出,他的模型“在本质上与Baumol模型的结果是相同的”(Tobin,1956)247。">*
(二)Miller-Orr模型——随机模型
(三)Whalen模型——立方根定律
二 经验证据
第二节 代理成本理论
一 理论分析
二 经验证据
第三节 融资约束理论
一 理论分析
(一)融资约束的理论分析
1.信息不对称模型
2.代理模型
(二)现金持有政策的融资约束理论模型
1.Schure模型
2.Kim-Mauer-Sherman模型
3.Almeida-Campello-Weisbach模型
二 经验证据
第三章 中国上市公司外部融资环境分析
第一节 中国资本市场的发展历程*
一 第一阶段:中国资本市场的萌生(1978~1992年)
二 第二阶段:全国性资本市场的形成和初步发展(1993~1998年)
三 第三阶段:资本市场的进一步规范和发展(1999年至今)
第二节 中国资本市场存在的问题
一 资本市场整体规模偏小,企业外部直接融资受到制约
二 股票市场规模偏小,企业外部权益融资受到制约
三 债券市场,尤其是公司债券市场发展滞后,企业直接债务融资受到制约
四 股票市场和债券市场结构失衡,债券市场的发展相对滞后
五 直接融资比例较低,企业外部融资严重依赖银行贷款
第四章 融资约束指数:方法设计与指数评价
第一节 文献回顾
一 融资约束度量指标——单变量指标
(一)股利支付率*
(二)公司规模
(三)利息保障倍数
(四)其他指标
二 融资约束度量指标——多变量指数
第二节 融资约束指数:方法设计
一 实证研究设计
(一)样本选择和数据来源
(二)预分组方法和变量选择
(1)预分组方法
(2)变量选择
二 融资约束指数:Logistic回归模型
(一)Logistic回归模型
(二)Logistic模型回归结果
三 融资约束指数:多元判别分析法
(一)多元判别分析法
(二)多元判别分析结果
(三)LFC指数和DFC指数的相关性
第三节 融资约束指数:指数评价
一 融资约束分布特征
(一)年度分布
(二)行业分布
(三)股权性质分布
(四)区域分布
二 融资约束指数:间接评价
(一)投资—现金流敏感性文献回顾
(二)样本选择和数据来源
(三)回归模型和变量定义
(四)实证研究结果及其分析
第四节 本章小结
第五章 融资约束与公司现金持有政策的实证研究
第一节 文献回顾
第二节 实证研究设计
一 样本选择和数据来源
二 实证模型和变量定义
(一)融资约束与现金持有量水平
(二)融资约束与现金—现金流敏感性
第三节 实证检验和结果分析
一 单变量分析(组间均值差异检验)
二 多变量回归结果及其分析
(一)融资约束与现金持有量水平的实证检验
(二)融资约束与现金—现金流敏感性的实证检验
(三)稳健性测试
(四)进一步的讨论
第四节 本章小结
第六章 融资约束与现金持有量价值的实证研究
第一节 文献回顾
第二节 实证研究设计
一 样本选择和数据来源
二 实证模型和变量定义
(一)融资约束与现金持有量的市场价值
(二)融资约束与现金持有量的边际价值
第三节 实证检验和结果分析
一 融资约束与现金持有量的市场价值
二 融资约束与现金持有量的边际价值
三 进一步的讨论:现金持有量的价值增强路径检验
第四节 本章小结
第七章 金融发展、市场化进程与融资约束的实证研究
第一节 文献回顾
第二节 实证研究设计
一 样本选择和数据来源
二 实证回归模型和变量定义
(一)金融发展、市场化进程与投资—现金流敏感性
(二)金融发展、市场化进程与现金—现金流敏感性
第三节 实证检验和结果分析
一 金融发展、市场化进程与投资—现金流敏感性
二 金融发展、市场化进程与现金—现金流敏感性
第四节 本章小结
第八章 研究结论和未来研究方向
第一节 主要研究结论
第二节 研究启示和政策建议
第三节 研究局限和未来研究方向
内容摘要
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