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论文编号：	8563
作者编号：	1120100756
上传时间：	2016/6/18 0:38:22
中文题目：	商业战略对现金持有价值的影响研究
英文题目：	Research on the Influence of business strategy on the value of cash holdings
指导老师：	程新生
中文关键字：	商业战略，现金持有价值，融资约束，环境不确定性
英文关键字：	Business Strategy, the Value of Cash Holdings, Financial Constraints, Environmental Uncertainty
中文摘要：	现金是企业经营所必须的“血液”，管理层会依据企业的需要以及自身的控制权私利的目的而选择现金持有水平，现金持有作为企业内部资金来源是企业投资的重要资金基础，相对于外源性融资其易获得性与较低的资金成本通常会受到企业青睐，然而其易得性也为企业内部管理者的机会主义行为留存一定的空间。上述两种相反的作用机制的共同根源在于信息不对称。信息不对称情况的存在使得投资者会基于自身对于企业现金使用的目的和用途的判断来对该项资产进行定价。商业战略作为企业组织发展过程中预先设定的战略意图，将在相当长的时间内保持稳定，其对组织内外部的信息环境产生重要影响，特别是防御型战略与进攻型战略的企业其战略意图的差异决定其与外部投资者之间是否会形成信息鸿沟。一旦形成信息鸿沟则外界投资者难以对企业冗余现金的使用路径做出合理判断。本文以商业战略构建的信息环境中的信息不对称属性作为研究出发点，分析其对现金持有的边际价值的影响。 本文共分七章。第一章为导论；第二章为文献综述，梳理了现金持有的动机并分析现金持有价值的影响因素，同时也回顾商业战略的相关研究成果，指出既往研究中忽视却至关重要的问题；随后理论分析与研究假设一章则针对前述未经探讨的问题展开研究。主要根据商业战略的基本理论以及信息不对称理论、代理理论、公司治理理论等对商业战略对现金持有价值的影响、融资约束对商业战略与现金持有价值之间关系的影响以及环境不确定性对商业战略与现金持有价值关系的影响等问题依托信息不对称理论进行剖析阐释，通过逻辑推演提出假设；第四章为商业战略对现金持有价值的影响研究。基于前人对商业战略的定义和分类，借鉴已有学者的度量方法构建商业战略度量指标，确定不同商业战略以及其现金持有边际价值的变量定义与计算方式，构建现金持有价值影响因素的多元回归模型进行假设检验；第五章为融资约束对于商业战略与现金持有价值之间关系的影响。首先本章在考察了融资约束对于商业战略与现金持有价值之间关系影响的基础上，又考虑了产权因素对这种调节作用的影响；第六章为环境不确定性对商业战略与现金持有价值关系影响的实证研究，检验环境不确定性调节效应的发挥条件；最后一章为研究结论。该章归纳概括前四章的分析推演以及实证结果所获取的结论，指出文章对于实践活动的意义，同时分析研究方法中存在的局限性，并针对此对未来的研究进行探讨。 本文得出的主要研究结论包括： 1.考察了商业战略对现金持有价值的影响问题。首先，相对于执行分析型战略和防御型战略的企业而言，执行进攻型战略的企业的现金持有价值较低；相对于执行进攻型战略和分析型战略的企业而言，执行防御型战略的企业的现金持有价值较高；其次相对于执行分析型战略的企业而言，执行进攻型战略的企业的现金持有价值较低，而执行防御型战略的企业的现金持有价值较高；最后对于非国有企业而言，相对于执行分析型战略和防御型战略的企业而言，执行进攻型战略的企业的现金持有价值较低；相对于执行进攻型战略和分析型战略的企业而言，执行防御型战略的企业的现金持有价值较高；而对于国有企业而言，执行分析型战略、进攻型战略以及防御型战略对于企业的现金持有价值没有显著差异。 2.从融资约束的视角，提出了商业战略对现金持有价值的影响是一种条件效应的观点。首先相对于执行分析型战略的企业而言，无论是执行防御型战略的企业还是执行进攻型战略的企业，企业增加现金持有的行为在融资约束程度较高时比融资约束程度较低时更容易获得外部投资者的积极响应与支持；其次对于国有企业而言，融资约束程度的差异对于企业执行不同商业战略时与增加的现金持有的估价之间的关系几乎没有影响，然而对于非国有企业而言，融资约束程度高使得无论是执行进攻型战略的企业还是执行防御型战略的企业的现金持有价值的评估均高于融资约束程度较低时投资者对于现金持有价值的评估。 3.从公司治理的视角，发现环境不确定性对于商业战略与现金持有价值之间关系的调节作用是一种条件效应。就整体效应而言，相对于采用分析型战略的企业，无论是采用进攻型战略的企业抑或采用防御型战略的企业，其现金持有价值并未受到环境不确定性程度变化的影响。然而当公司治理机制薄弱时，环境不确定的增强会减损采用防御型战略的企业的现金持有价值，与此同时并未对进攻型战略的企业的现金持有价值产生影响。具体而言当机构投资者持股比例较低时，环境不确定性的增强使得投资者对于采用防御型战略的企业的现金持有价值的价值评价越负面，而当机构投资者的持股比例较高时，并未发现上述关系；当股权制衡度处于中间状态时，环境不确定性的增强使得防御型战略对现金持有价值的毁损作用逐渐增强，而股权制衡度处于较高或者较低的状态时，环境不确定的强弱对防御型战略与现金持有价值之间关系没有显著影响。
英文摘要：	Cash holding is essential "blood" for the business operating, and the management will choose cash holding level based on the needs of enterprises and their own self-interest acquired by control. Cash holding which is an internal source of funds is an important funds basis for investment. Compared to external financing, cash holding is usually favored by enterprises because of its easy accessibility and low cost of capital, but the easy accessibility nature of cash holding leaves spaces for the enterprise managers’ opportunistic behavior. Common roots of the two contrary effects are asymmetric information. The presence of asymmetric information makes investors determine the price of the cash holdings based on their own purpose and the way the enterprises use cash. Business strategy, as a preset strategic intent in the process of organizational development, remains stable for a long period of time. Business strategy has a major impact on the internal and external information environment of organization. In particular the differences between strategy intentions of the defending strategy enterprises and the prospector strategy enterprises decide the information gap between the enterprises and the outside investors. Once the information gap is very large then it is difficult for outside investors to make a reasonable judgment on the using paths of corporate redundant cash. This dissertation will explore the relationship between business strategy and the value of cash holdings under the theoretical framework of information asymmetry. This dissertation is divided into seven chapters. The first chapter is an introduction. The second chapter is literature review, based on the research literature of the value of cash holdings and business strategies we summarize the relative literature and then make some comments. The third chapter is theory analysis and research hypothesis. Based on asymmetry theory, agency theory, corporate governance theory and business strategy theory we analyze the following questions of how business strategy influence the value of cash holdings, what roles financing constraints plays on the relationship between business strategy and the value of cash holdings and the impact of environmental uncertainty on the relationship between business strategy and the value of cash holdings, after that we propose hypotheses. The fourth chapter examines the effect of business strategy on cash holding. Based on previous empirical definition and classification of business strategy, drawing on the existing measure method, we establish appropriate measures of different business strategies and cash holdings respectively. And then we build the appropriate model to test the hypothesis, after that we analyze the results. The fifth chapter investigates the role of financing constraints on the relationship between business strategy and the value of cash holdings. Firstly this chapter considers the moderate effect of financing constraints on the relationship between business strategy and the value of cash holdings, and then considers the impact of property rights on the moderate effects. The sixth chapter is the empirical study of environmental uncertainty, business strategy and the value of cash holding, inspect the conditional moderate role of environmental uncertainty on the relationship between business strategy and the value of cash holdings. The seventh chapter makes conclusions. This chapter summarizes the conclusions of this study, presented some practical revelation. Meanwhile this paper discusses the existence of limitations and some future research directions. We draw the main conclusions include: 1. We examine the impact of business strategies on the value of cash holdings. Firstly, with respect to the enterprises which implement analyzers strategies and defenders strategies, the enterprises which implement prospector strategies have lower cash holdings value; and with respect to the enterprises which implement analyzers strategies and prospector strategies, the enterprises which implement defenders strategies have higher cash holdings value. Secondly, compared to the enterprises with implementation of analyzers strategies, enterprises with execution of prospector strategies will have a lower cash value, while enterprises with execution of defenders strategies will have a higher cash value. Finally, for non-state-owned enterprises, the defenders price higher cash value than the analyzers and prospectors, while the prospector get lower cash value than the defenders and the analyzers. But for state-owned enterprises, the value of cash holdings does not show significant differences among the enterprises which implement defender strategy, analyzers strategy and prospector strategy. 2. From the perspective of financial constraints, we propose that the effect of business strategy on the value of cash holdings is a condition effects. Firstly, compared to the behavior of increasing cash holding of the enterprises which adopt analyzer strategy, the behavior of increasing cash holding which adopt defender strategy or prospector strategy will be easier to get a positive response and support of outside investors when facing a higher degree of financial constraint than facing a lower degree of financial constraint. Secondly, for state-owned enterprises, different degrees of financial constraints almost have no effect on the relationship between different business strategies and the value of increasing cash holding. But for non-state enterprises, investors will price the value of cash holding of defender strategy enterprises and prospector strategy enterprises higher when facing high degree of financial constraint than when facing lower degree of financial constraints. 3. From the perspective of corporate governance, the dissertation finds that the influence of environmental uncertainty on the relationship between business strategy and the value of cash holdings is a conditional effect. The overall effect is that compared to the enterprises with analyzer strategy, for the enterprises which adopt defender stategy or prospector strategy, the value of cash holdings will not be affected by changes of the level of environmental uncertainty. However, when corporate governance is weak, the enhancement of uncertainty environment will decrease the cash value of the enterprises which adopt defender strategy and at the same time do not have an impact on the cash value of the enterprises which adopt prospector strategy. Specifically, when the proportion of stock holdings of institutional investors is low, the enhancement of environmental uncertainty makes investors assess the cash value of defender strategy companies more negative, and when the proportion of stock holdings of institutional investors is high, such relationship does exist. when the equity balance degree is in the middle state, the enhancement of environmental uncertainty will reinforcing the negative effect of defender strategy on the value of cash holdings. While the equity balance degree is either high of low, the change of environmental uncertainty do not significantly affect the relationship between defender strategic and cash value.
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