企业现金持有对投资的平滑作用研究

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1、硕士学位论文AbstractInvestmentandfinancingarethetwomostcrucialandinseparablefinancialdecisions．Becauseoftheirreversibilityandhighadjustmentcostofinvestment，it’Scostlyforfirmstochangethelevelofinvestmentexpenditures，firmshavestronginvestmentsmoothingmotivation．Asymmetricinformationandcontr

2、actingproblemsbetweenafirmandtheprovidersofexternalfundsmakeexternalfinancingmorecostlythaninternalfinancing，andthereisalotofuncertaintyininternalcashflow，theseimpedetherealizationoftheobjectivewheneverfirmscannotcostlesslyoffsetcash-flowfluctuationswithexternalfunds．Asanimportantso

3、urceofenterpriseinternalfinancing，cashholdings’influenceoninvestmenthasattractedmoreandmoreattentioninrecentyears．However，theroleofcashholdinginenterpriseinvestmentsmoothingobjectiverealizationandthemechanismhowitworkshaverarelybeenstudied．Thispaperfirstexaminesthesmootheffectofcash

4、holdingsonfirms’investmentexpendituresbasedonthepaneldataofthelistedcompaniesinChinaAsharemarketfrom2000to2011，byusingtwo-stepsystemGMMestimatorstoestimateadynamicinvestmentmodelwithfinancialvariablesreferencetotheEulerequationundertheassumptionofquadraticadjustmentcosts．Theoveralls

5、ampleregressionresultsshowthatfirm’Sinvestmenthasagoodinertiawithhighadjustmentcost，thereisastronginvestmentsmoothingincentiveforfirms；currentcashholdingsincrementhasasignificantlyreverseeffectonfirms’investmentexpenditures，whiletheinitialstockofcashholdingshasasignificantlypositive

6、impactoncorporateinvestmentspending，whichindicatesthatfirmscanoffsettheimpactofcash-flowshocksoninvestmentbyloweringthelevelofcashholdingstoreleaseshort-runliquidity，allowingfirmstosmoothinvestmentrelativetocash—flowshocks，andtheextentthatinvestmentscanbesmootheddependsontheinitialc

7、ashstock．Onthisbasis，throughthegroupingregressionanalysis，thepaperfocusesontheinfluenceoffinancingconstraints，hedgedemandandtheriskofcashflowthreefirmcharacteristicsoncashholdings’investmentsmoothingeffect．Thegroupingregressionresultssuggestthatcashholdingshaveasignificantsmoothinge

8、ffectoninvestmentsi