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  本文關(guān)鍵詞：現(xiàn)金持有對企業(yè)經(jīng)營業(yè)績的影響—在中國經(jīng)濟增速下滑的背景下　出處：《東華大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 經(jīng)濟增速下滑 現(xiàn)金持有 現(xiàn)金持有變動 企業(yè)經(jīng)營業(yè)績

【摘要】：對企業(yè)來說,現(xiàn)金是至關(guān)重要的資產(chǎn)�，F(xiàn)金不僅對企業(yè)的經(jīng)營、投資、籌資等各方面行為有重大影響,而且與企業(yè)的經(jīng)營業(yè)績密切相關(guān)。通過對現(xiàn)金持有的利弊進行權(quán)衡來確定合理的現(xiàn)金持有量,是企業(yè)一項重要的財務(wù)行為。近年來,我國經(jīng)濟增速下滑:2004年-2007年我國GDP增長率超過10%;2008年金融危機爆發(fā),受其影響,2008年-2011年間GDP下滑至9%左右;2012年-2015年GDP增長率下滑至7%-8%,2015年跌破7%。我國步入經(jīng)濟新常態(tài)階段,“新常態(tài)”中的“�！�,意味著相對穩(wěn)定。也就是說我國的經(jīng)濟增速在短期內(nèi)不會有大幅度的高,結(jié)合這個背景,聯(lián)系我國上市公司在經(jīng)濟增速下滑背景下現(xiàn)金持有的行為,分析現(xiàn)金持有對企業(yè)經(jīng)營業(yè)績的影響具有重要意義。本文采用規(guī)范研究與實證研究相結(jié)合的辦法,研究現(xiàn)金持有對企業(yè)經(jīng)營業(yè)績的影響。首先對相關(guān)文獻和理論進行回顧;之后,選取我國A股制造業(yè)上市公司2004年-2007年,2012年-2015年數(shù)據(jù)作為樣本(考慮到2008年-2011年受金融危機影響較大,故不作為樣本選取),分別對應(yīng)我國經(jīng)濟高速增長與增速下滑兩個階段,對現(xiàn)金持有水平進行述性統(tǒng)計分析。之后,本文結(jié)合2012年-2015年經(jīng)濟增速下滑與2004年-2007年經(jīng)濟高速增長的兩個階段,從靜態(tài)現(xiàn)金持有與動態(tài)現(xiàn)金持有兩個角度出了以下四個假設(shè)。靜態(tài)現(xiàn)金持有方面:假設(shè)一,在經(jīng)濟增速下滑背景下,現(xiàn)金持有與企業(yè)經(jīng)營業(yè)績呈正相關(guān)關(guān)系;假設(shè)二,在經(jīng)濟高速增長的背景下,企業(yè)現(xiàn)金持有水平與經(jīng)營業(yè)績不相關(guān)。動態(tài)現(xiàn)金持有方面:假設(shè)三,在經(jīng)濟增速下滑背景下,現(xiàn)金持有的變動與企業(yè)經(jīng)營業(yè)績變動呈正相關(guān)關(guān)系。假設(shè)四,在經(jīng)濟高速增長的背景下,現(xiàn)金持有的變動與企業(yè)經(jīng)營業(yè)績變動不相關(guān)。針對假設(shè)一,本文實證檢驗得出:在一定范圍內(nèi),在經(jīng)濟增速下滑背景下,企業(yè)的現(xiàn)金持有與經(jīng)營業(yè)績顯著正相關(guān),但是超出范圍的異常高額現(xiàn)金持有不能為企業(yè)帶來經(jīng)營業(yè)績的增加。針對假設(shè)二,本文通過實證檢驗得出,在經(jīng)濟高速增長時期,現(xiàn)金持有與企業(yè)經(jīng)營業(yè)績不相關(guān)。針對假設(shè)三,本文通過實證檢驗得出:在經(jīng)濟增速下滑背景下,公司現(xiàn)金持有的增加與經(jīng)營業(yè)績增長呈正相關(guān)關(guān)系。針對假設(shè)四,本文實證檢驗得出,在經(jīng)濟高速增長時期,現(xiàn)金持有變動與企業(yè)經(jīng)營業(yè)績的變動不相關(guān)。最后,根據(jù)本文的研究結(jié)論,出了相應(yīng)的政策建議,并指出本文的不足之處以及未來的研究展望。
[Abstract]:To the enterprise, cash is crucial not only for cash assets. The management of enterprises, investment, have a significant impact on all aspects of the financing behavior, but also closely related to the performance of an enterprise. To determine the reasonable balance of cash holdings through the pros and cons of cash holdings, is an important part of enterprise financial behavior in recent years. In our country, the decline in economic growth: 2004 -2007 China's GDP growth rate of more than 10%; in 2008 the outbreak of the financial crisis, affected by the 2008 -2011 year GDP decline to about 9%; 2012 -2015 annual GDP growth rate fell to 7%-8% in 2015, below 7%. in China entered the new economic norm, the "new normal" in "often, means relatively stable. That is to say China's economic growth in the short term will be greatly high, with this background, contact China's listed companies fell under the background of cash holding behavior in economic growth, Analysis of impact of cash holdings on business performance has important significance. This paper adopts normative research and empirical research methods, research on cash holdings impact on business performance. Firstly, the relevant literature and theory review; after the selection of China's A shares listed manufacturing companies in 2004 -2007, 2012 -2015 data as the sample (taking into account the 2008 -2011 by the greater impact of the financial crisis, it is not as sample selection), corresponding to China's rapid economic growth and growth in two stages of decline, the statistical analysis on the cash holding level. After that, combining with the 2012 -2015 year decline in economic growth and two stages of the 2004 -2007 years of rapid economic growth from the static, dynamic cash holdings and cash holdings of two point out the following four hypotheses. The static cash holdings: suppose a slowdown in economic growth under the background, Cash holdings and business performance are positively correlated; hypothesis two, in the background of rapid economic growth, corporate cash holdings and corporate performance is not related. Dynamic cash holdings: hypothesis three, decline in economic growth under the background of the change of cash holdings and business performance is positively related to changes in economy. Hypothesis four. The rapid growth of the background, not related to changes in business performance and changes in cash. According to the hypothesis, the empirical test shows that: in a certain range, the decline in economic growth under the background of corporate cash holdings significantly correlated with business performance, but the abnormal high cash holdings can not bring beyond the scope of business performance the increase of enterprises. According to the hypothesis two, through empirical test shows that, in the period of rapid economic growth, cash holdings and corporate performance is not related to this hypothesis. Three. This paper through empirical test show that the decline in economic growth under the background of the company's cash holdings and increase operating performance growth is positively correlated. According to hypothesis four, the empirical test shows that, in the period of rapid economic growth, not related to changes in cash holdings and business performance changes. Finally, according to the conclusion of this article, the corresponding the policy suggestions, and points out the deficiencies of this paper and the prospect of future research.

【學(xué)位授予單位】：東華大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F406.7;F425;F832.51

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