發(fā)布時(shí)間：2018-05-23 22:58

  本文選題：商業(yè)信用 + 現(xiàn)金持有量　； 參考：《天津財(cái)經(jīng)大學(xué)》2014年碩士論文

【摘要】：現(xiàn)金持有量的決策問題無(wú)論從理論還是實(shí)踐上都是企業(yè)現(xiàn)金管理中重要的課題之一,因?yàn)樗�不僅影響企業(yè)的正常運(yùn)作,還與企業(yè)投融資等行為密切相關(guān),影響著整個(gè)企業(yè)的經(jīng)營(yíng)管理戰(zhàn)略。隨著現(xiàn)金持有量決策的日益重要性,中西方學(xué)者也越來(lái)越關(guān)注現(xiàn)金持有的實(shí)證研究,目的就是更好地指導(dǎo)實(shí)務(wù)操作。另一方面,企業(yè)間形成的商業(yè)信用融資是融資約束環(huán)境下銀行信貸的一種可行的替代機(jī)制,不僅拓寬了企業(yè)的融資渠道,而且加速了企業(yè)的資金周轉(zhuǎn),因此商業(yè)信用影響著現(xiàn)金持有量決策問題。此外,不同銀行信貸水平地區(qū)的企業(yè),這一敏感性也會(huì)有差異,而應(yīng)收賬款質(zhì)押政策可以作為銀行信貸水平的一種體現(xiàn)。因此,研究商業(yè)信用對(duì)現(xiàn)金持有量的影響以及銀行信貸水平的作用無(wú)論對(duì)于理論還是實(shí)務(wù)都是非常有意義的。論文基于我國(guó)上市公司商業(yè)信用使用和現(xiàn)金持有的現(xiàn)狀以及特殊的銀行信貸制度環(huán)境,從商業(yè)信用和銀行信貸水平兩條主線出發(fā),在對(duì)商業(yè)信用和現(xiàn)金持有量進(jìn)行理論分析的基礎(chǔ)上,通過構(gòu)建商業(yè)信用等因素與現(xiàn)金持有量的模型,針對(duì)商業(yè)信用、銀行信貸水平與現(xiàn)金持有量之間的關(guān)系進(jìn)行了實(shí)證研究。首先闡述了權(quán)衡理論、融資優(yōu)序理論、信貸配給理論和交易成本理論；接著分別探討了商業(yè)信用與現(xiàn)金持有量之間的關(guān)系、銀行信貸水平和應(yīng)收賬款質(zhì)押政策對(duì)現(xiàn)金持有量的影響,并加入關(guān)聯(lián)方交易和國(guó)有控股兩個(gè)虛擬變量,研究現(xiàn)金持有量對(duì)這兩者的敏感性；最后指出商業(yè)信用中應(yīng)收款項(xiàng)和應(yīng)付款項(xiàng)對(duì)現(xiàn)金持有量會(huì)產(chǎn)生不對(duì)稱的影響,并且,在銀行信貸水平較高的地區(qū),企業(yè)會(huì)持有更少的現(xiàn)金來(lái)應(yīng)對(duì)應(yīng)付款項(xiàng),同時(shí)應(yīng)收款項(xiàng)能夠替代更多的現(xiàn)金。
[Abstract]:The decision-making of cash holdings is one of the most important issues in cash management, both in theory and practice, because it not only affects the normal operation of enterprises, but also has a close relationship with the investment and financing behaviors of enterprises. It affects the management strategy of the whole enterprise. With the increasing importance of cash holding decision, Chinese and western scholars pay more and more attention to the empirical study of cash holding, in order to better guide the practical operation. On the other hand, the commercial credit financing formed between enterprises is a feasible alternative mechanism of bank credit under the circumstance of financing constraint, which not only widens the financing channels of enterprises, but also accelerates the capital turnover of enterprises. Therefore, commercial credit affects the decision of cash holdings. In addition, the sensitivity of enterprises in different areas of bank credit level is different, and the pledge policy of accounts receivable can be used as a reflection of bank credit level. Therefore, it is very meaningful to study the influence of commercial credit on cash holdings and the effect of bank credit level on both theory and practice. Based on the current situation of commercial credit use and cash holding of listed companies in China and the special banking credit system environment, this paper starts from the two main lines of commercial credit and bank credit level. Based on the theoretical analysis of commercial credit and cash holdings, this paper makes an empirical study on the relationship among commercial credit, bank credit level and cash holdings by constructing a model of commercial credit and cash holdings. Firstly, the paper expounds the trade-off theory, financing order theory, credit rationing theory and transaction cost theory, and then discusses the relationship between commercial credit and cash holdings, respectively. The influence of bank credit level and accounts receivable pledge policy on cash holdings and the sensitivity of cash holdings to cash holdings are studied by adding two virtual variables related party transactions and state-owned holding. Finally, it is pointed out that accounts receivable and payables in commercial credit have an asymmetric effect on cash holdings, and in areas with high bank credit level, enterprises will hold less cash to cope with the payables. At the same time, receivables can replace more cash.
【學(xué)位授予單位】：天津財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832.4

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 魯其輝;曾利飛;周偉華;;供應(yīng)鏈應(yīng)收賬款融資的決策分析與價(jià)值研究[J];管理科學(xué)學(xué)報(bào);2012年05期

2 劉小魯;;我國(guó)商業(yè)信用的資源再配置效應(yīng)與強(qiáng)制性特征——基于工業(yè)企業(yè)數(shù)據(jù)的實(shí)證檢驗(yàn)[J];中國(guó)人民大學(xué)學(xué)報(bào);2012年01期

3 陳德球;李思飛;王叢;;政府質(zhì)量、終極產(chǎn)權(quán)與公司現(xiàn)金持有[J];管理世界;2011年11期

4 江龍;劉笑松;;經(jīng)濟(jì)周期波動(dòng)與上市公司現(xiàn)金持有行為研究[J];會(huì)計(jì)研究;2011年09期

5 李科;徐龍炳;;融資約束、債務(wù)能力與公司業(yè)績(jī)[J];經(jīng)濟(jì)研究;2011年05期

6 陸正飛;楊德明;;商業(yè)信用:替代性融資,還是買方市場(chǎng)?[J];管理世界;2011年04期

7 郭麗虹;馬文杰;;債務(wù)融資、商業(yè)信貸與中小企業(yè)投資——來(lái)自非上市制造業(yè)企業(yè)的證據(jù)[J];財(cái)經(jīng)研究;2011年03期

8 石曉軍;張順明;;經(jīng)濟(jì)周期中商業(yè)信用與銀行借款替代行為研究[J];管理科學(xué)學(xué)報(bào);2010年12期

9 孫剛;;金融生態(tài)環(huán)境、債務(wù)治理效應(yīng)與現(xiàn)金持有價(jià)值[J];上海立信會(huì)計(jì)學(xué)院學(xué)報(bào);2010年06期

10 楊勇;黃曼麗;宋敏;;銀行貸款、商業(yè)信用融資及我國(guó)上市公司的公司治理[J];南開管理評(píng)論;2009年05期

相關(guān)博士學(xué)位論文 前1條

1 逄詠梅;供應(yīng)鏈交易、制衡機(jī)制與營(yíng)運(yùn)資金管理效率研究[D];南京大學(xué);2013年

相關(guān)碩士學(xué)位論文 前2條

1 高林玲;融資約束與上市公司現(xiàn)金持有行為研究[D];浙江大學(xué);2013年

2 喬偉;我國(guó)上市公司內(nèi)部治理對(duì)現(xiàn)金持有量影響的實(shí)證研究[D];東北財(cái)經(jīng)大學(xué);2011年

，

本文編號(hào)：1926720