人民币汇率波动、融资约束与企业现金持有被引量：4

RMB Exchange Rate Fluctuation,Financing Constraint and Corporate Cash Holdings

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摘要人民币汇率波动对进出口商品价格具有显著传导效应,通过相关传导机制与路径对非进出口企业和非涉外行业也产生影响。运用上市公司数据,考察人民币波动引起的企业现金持有变化特征,具有较强理论与实践价值。研究发现,当人民币兑美元呈贬值或升值极为缓慢情形时,外部融资约束减缓,企业现金持有水平随之发生变化,企业利用现金流提升现金持有水平倾向趋于降低。进一步研究发现,当人民币兑美元呈贬值或升值极为缓慢情形时,存在融资约束特质企业,验证结果显示其减少现金持有,而对于非融资约束组企业,前述效应不明显。 Exchange rate fluctuation has significant effect on the prices of import and export products,and also has effects on the enterprises without import,export or foreign business through relevant transmission mechanisms. This study uses the data for listed companies,and investigates the effect of RMB exchange rate fluctuations on the cash flow of the enterprises. It is of both theoretical and practical importance to discuss the exchange rate fluctuation and its effect on cash flows. When the RMB exchange rate depreciates or slowly appreciates,the external financing constraints are eased and the cash-cash flow sensitivity is weakened. Specifically,the cash holdings decline for financing constraint corporations,while the cash holdings do not decline for non-financing constraint corporations.

作者章贵桥

机构地区浙江财经大学会计学院

出处《会计与经济研究》北大核心 2015年第4期67-85,共19页 Accounting and Economics Research

基金国家自然科学基金项目(70972039 71172064 71202106) 教育部人文社会科学研究青年基金项目(10YJC630029) 浙江省社科联项目(2015N82)

关键词人民币汇率波动融资约束现金持有 RMB exchange rate fluctuation financing constraints corporate cash holdings

分类号 F275 [经济管理—企业管理] F832.6 [经济管理—金融学]

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