宏观经济波动对中国上市公司现金持有量的影响

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics Pub Date : 2025-08-20 DOI:10.1016/j.asieco.2025.102027

Chuanzhi Ye

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引用次数: 0

摘要

2020年以来全球经济形势的变化加剧了2020 - 2023年中国宏观经济增长的波动性，为利用自然实验对企业融资进行实证研究提供了条件。本文选取2018 - 2023年作为研究期。基于行业对宏观经济波动的敏感性，将2327家样本沪深交易所同期上市公司分为防御性行业和周期性行业。本文实证研究了宏观经济波动对防御性和周期性行业上市公司现金持有量的影响。研究结果表明，在整个宏观经济波动时期，防御性行业的现金持有量保持稳定，而周期性行业的现金持有量较经济稳定时期显著增加。权衡理论和现金的预防性动机可以很好地解释经济波动时防御性和周期性行业上市公司的现金持有量。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The impact of macroeconomic fluctuations on cash holdings of listed companies in China

Changes in the global economic situation since 2020 have exacerbated the volatility of China's macroeconomic growth from 2020 to 2023, providing conditions for empirical research on corporate finance using natural experiments. This paper selects the period from 2018 to 2023 as the research period. Based on the sensitivity of industries to macroeconomic fluctuations, 2327 sample companies listed on the Shanghai and Shenzhen stock exchanges during this period are divided into defensive industries and cyclical industries. This paper empirically studies the impact of macroeconomic fluctuations on the cash holdings of listed companies in defensive and cyclical industries. The research results show that the cash holdings of defensive industries remain stable during the entire macroeconomic fluctuation period, while cyclical industries significantly increase their cash holdings compared to economically stable periods. The trade-off theory and the precautionary motive for cash can well explain the cash holdings of listed companies in defensive and cyclical industries during economic fluctuations.

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来源期刊

Journal of Asian Economics ECONOMICS-

CiteScore

4.70

自引率

9.40%

发文量

期刊介绍： The Journal of Asian Economics provides a forum for publication of increasingly growing research in Asian economic studies and a unique forum for continental Asian economic studies with focus on (i) special studies in adaptive innovation paradigms in Asian economic regimes, (ii) studies relative to unique dimensions of Asian economic development paradigm, as they are investigated by researchers, (iii) comparative studies of development paradigms in other developing continents, Latin America and Africa, (iv) the emerging new pattern of comparative advantages between Asian countries and the United States and North America.