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| 论文编号： | 1182 | |
| 作者编号： | 2120071933 | |
| 上传时间： | 2009/6/12 17:09:10 | |
| 中文题目： | 宏观经济不确定性、预防性动机与 | |
| 英文题目： | Macroeconomic Uncertainty, Pre | |
| 指导老师： | 刘志远 | |
| 中文关键字： | 宏观经济不确定性;预防性动机;现 | |
| 英文关键字： | Macroeconomic Uncertainty;Prec | |
| 中文摘要： | 发端于美国、蔓延至全球的金融危机使得全球企业重新思考这样一个问题：在宏观经济不确定性加大的时期，如何才能合理地调整财务政策加以应对。Baum等(2004，2006)根据美国公司样本，研究了不确定性因素增大的情况下企业的现金持有行为，结果发现，当企业面临的宏观经济或公司层面的不确定性增加时，企业会增加它们的现金资产比率以满足不期而至的融资需要。他们认为，这反映了美国企业预防性现金持有动机的存在。一般认为，我国企业由于面临的制度环境与发达国家截然不同，会在公司治理和财务行为上与发达国家企业存在差异。那么，我国企业在面临较大的宏观经济不确定性下是否会出于预防性动机调整现金资产比率，就成为本文关注的焦点。 | |
| 英文摘要： | The financial crisis originated in the United State has spread out the globe, which pushes every company to rethink how to adjust its financial policies when facing higher macroeconomic uncertainty. Baum et al (2004, 2006) studied the American company’s cash holding behavior under uncertainty and found companies would increase cash-to-asset ratio to meet the unexpected financing needs when the macroeconomic uncertainty or the idiosyncratic uncertainty was increasing. They concluded the existence of precautionary motive in cash holding. As we all know, the corporate governance and financial behavior of Chinese company are different from the company in developed countries because of the distinction in institutional environment. Thus, this thesis focused on the problem that whether Chinese companies adjust their cash-to-asset ratio for precautionary motive when facing higher microeconomic uncertainty. Firstly this thesis reviewed related literature of cash holdings; generalized the trade-off theory, packing order theory and free cash flow theory; summarized the corporate level, corporate governance and external environment elements that impact cash holding. Then this thesis constructed the analyze framework of how macroeconomic uncertainty impacts the precautionary cash holding. After that, this thesis selected the mixed sample of 2001-2006 and chose the year of 2001 and 2006 as the typical year with higher and lowers macroeconomic uncertainty respectively. This thesis applied Pearson correlation analysis and t test for equality means to analyze the impact of macroeconomic uncertainty to the precautionary cash holding using the cross-sectional samples of 2001 and 2006. | |
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