现金持有水平对企业价值的影响研究

【作者】 蒋跨跃；

【导师】 郑睿；

【作者基本信息】 上海财经大学 ， 资产评估， 2021， 硕士

【副题名】基于市场竞争力的中介作用

【摘要】 经历2020年新冠疫情以后,越来越多的企业也开始充分认识到现金持有在防范与抵御风险方面的重要性,并开始适当提高现金持有水平。与此同时,在市场竞争日益激烈的今天,现金作为一家企业最具流动性的资产,也在投资、研发、生产、营销等活动方面发挥着不可替代的作用。但是另一方面,需要注意的是,持有现金可能也会带来相应的持有成本与代理成本,从而对企业产生负面的影响。在此背景下,探究现金持有水平与企业价值的关系具有重要的意义。纵观前人的研究,可以发现已经有许多学者在此领域进行了深入的探索。在现金持有与企业价值的关系方面,部分学者认为现金持有水平与企业价值显著正相关,因为现金持有水平有助于增强企业抵御风险的能力并且作用于研发、投资等活动。另一些学者则认为二者显著负相关,这主要由于现金持有存在相应的代理成本等。此外,还有一些学者认为二者之间并非线性关系,而是倒U型关系,企业存在最佳的现金持有量。但是需要注意的是,尽管学者们的相关研究已经比较丰富,但是对二者之间的传导机制研究较少,因此本文将以此作为基本立足点,着重研究现金持有水平对企业价值的影响是通过何种途径实现的。本文采用A股上市公司2013年至2020年的面板数据,通过实证研究的方式,研究了现金持有水平与企业价值之间的关系以及市场竞争力的中介作用,同时还进一步研究了这种关系在不同性质企业中有何差异以及企业独立董事占比、成长性的调节作用。经过研究,本文发现:(1)现金持有水平与企业价值显著正相关,提高现金持有水平有利于提升企业价值。(2)市场竞争力在现金持有水平影响企业价值过程中起到了显著的中介作用。(3)现金持有水平对企业价值的影响在不同性质企业中有所不同,在非国有企业中,现金持有水平与企业价值显著正相关,而在国有企业中却并不显著。(4)进一步地,本文还研究发现独立董事占比与成长性在现金持有水平影响企业价值过程中可以起到显著的正向调节作用。根据上述研究结论,本文提出以下建议:(1)企业应当增强管理方面的积极性与灵活性,合理地利用持有的现金,提升现金的利用效率。(2)企业可以适当地增加现金持有量,增强竞争能力,进而促进企业价值的提高。(3)重视独立董事制度,发挥独立董事监督、指导等重要作用,从而使得企业持有的现金可以发挥最大的效用。更多还原

【Abstract】 After the COVID-19 pandemic in 2020,more and more enterprises have begun to fully realize the importance of cash holdings in preventing and resisting risks,and have begun to appropriately increase their cash holdings.At the same time,with the competition intensifying,as the most liquid asset of an enterprise,cash also plays an irreplaceable role in investment,research and development,production,marketing and other activities.But on the other hand,it should be noted that holding cash may also bring corresponding carrying cost and agency cost,which will have a negative impact on the enterprise.Under this background,it is meaningful to explore the relationship between cash holding and enterprise value.From previous studies,we can find that many scholars have made in-depth explorations in this field.Some scholars believe that the level of cash holdings is significantly positively correlated with corporate value because the level of cash holdings helps enhance the company’s ability to resist risks and acts on R&D,investment and other activities.Other scholars believe that there is a significant negative correlation between them,which is mainly due to the corresponding agency costs of cash holdings.In addition,some scholars believe that there is a non-linear relationship between them and companies have the best cash holdings.However,it should be noted that although scholars have done a lot of relevant research,there is little research on the transmission mechanism.Therefore,this paper will take this as a basic foothold and focus on how the cash holdings affect corporate value?In this paper,panel data of A-share listed companies from 2013 to 2020 are used to explore the impact of cash holdings on enterprise value and the intermediary role of market competitiveness.Further,it also explores the difference of the impact of cash holding on enterprise value in different property properties of enterprises and the moderating effect of the proportion of independent directors and growth.After research,this paper finds that:(1)The level of cash holdings has a positive impact on enterprise value and improving the level of cash holdings is conducive to enhance the enterprise value.(2)Market competitiveness plays a significant mediating role in the process of cash holding level affecting enterprise value.(3)There are differences among enterprises.In non-state-owned enterprises,the level of cash holdings has a significant positive impact on firm value.While in state-owned enterprises,this impact is not prominent.(4)Further,this paper also found that the growth and proportion of independent directors do positive function in the process of cash holding level affecting enterprise value.Then,this paper gives some suggestions:(1)Enterprises should enhance the enthusiasm and flexibility of management and rationally use the cash held to improve the use efficiency of cash.(2)Appropriately improve the level of cash holdings,make enterprise be competitiveness,and then increase the value of corporate.(3)Attach importance to the independent director and the effect of them in supervision and guidance,so as to maximize the utility of the cash held by the enterprise.更多还原