發(fā)布時(shí)間：2018-02-23 05:56

  本文關(guān)鍵詞： 經(jīng)濟(jì)政策不確定性 行業(yè)周期性 現(xiàn)金持有動(dòng)態(tài)調(diào)整 行業(yè)競(jìng)爭(zhēng)度　出處：《中央財(cái)經(jīng)大學(xué)學(xué)報(bào)》2014年12期 　論文類型：期刊論文

【摘要】：宏觀經(jīng)濟(jì)環(huán)境及產(chǎn)業(yè)特征是影響微觀企業(yè)財(cái)務(wù)政策的重要因素。基于我國(guó)特殊制度情境,筆者探討了經(jīng)濟(jì)政策不確定性、行業(yè)周期性對(duì)企業(yè)現(xiàn)金持有動(dòng)態(tài)調(diào)整的影響機(jī)制。研究發(fā)現(xiàn):經(jīng)濟(jì)政策不確定性越大,企業(yè)現(xiàn)金調(diào)整速度越快,且這種效應(yīng)在不同產(chǎn)權(quán)性質(zhì)、投資水平、經(jīng)營(yíng)現(xiàn)金流及償債水平的企業(yè)中具有顯著差異。進(jìn)一步,與宏觀經(jīng)濟(jì)波動(dòng)緊密相關(guān)的周期性行業(yè)企業(yè)在經(jīng)濟(jì)政策不確定性較大時(shí)的現(xiàn)金調(diào)整速度明顯快于非周期性行業(yè)企業(yè);深入細(xì)分行業(yè)特征后發(fā)現(xiàn),在行業(yè)周期性與行業(yè)競(jìng)爭(zhēng)度組成的象限中,周期性且競(jìng)爭(zhēng)激烈行業(yè)的企業(yè)在經(jīng)濟(jì)政策不確定性較大時(shí)表現(xiàn)出了最快的現(xiàn)金調(diào)整速度,其平均調(diào)整半周期為0.957年。
[Abstract]:The macroeconomic environment and industrial characteristics are the important factors that influence the financial policy of micro enterprises. Based on the special institutional situation of our country, the author discusses the uncertainty of economic policy. The study found that the greater the uncertainty of economic policy, the faster the speed of cash adjustment, and this effect is different in the nature of property rights and investment level. There are significant differences in operating cash flow and debt service level among enterprises. Further, the cash adjustment speed of cyclical industry enterprises closely related to macroeconomic fluctuations is faster than that of non-cyclical industry enterprises when the economic policy uncertainty is greater. In the quadrant of industry periodicity and industry competition degree, the enterprises in the periodic and competitive industries have shown the fastest speed of cash adjustment when the economic policy uncertainty is greater. The average adjustment half period is 0.957 years.
【作者單位】： 北京交通大學(xué)經(jīng)濟(jì)管理學(xué)院;
【基金】：國(guó)家自然科學(xué)基金項(xiàng)目“內(nèi)部控制缺陷披露的經(jīng)濟(jì)后果:盈余質(zhì)量、權(quán)益價(jià)值與資本成本”(項(xiàng)目號(hào)71272055)、“新興市場(chǎng)國(guó)家IFRS制訂過(guò)程中的博弈及經(jīng)濟(jì)后果”(項(xiàng)目號(hào)71372011)
【分類號(hào)】：F124;F275.1

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相關(guān)期刊論文 前8條

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本文編號(hào)：1526288