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在线阅读 --哲学社会科学版 2008年4期《公司流动性局部动态调整——基于中国上市公司的实证研究》
公司流动性局部动态调整——基于中国上市公司的实证研究--[在线阅读]
刘桂英, 崔媛媛
河北大学管理学院, 河北保定 071000
起止页码: 41--47页
DOI:
摘要
在最优现金持有量局部调整假说下,权衡理论和代理成本理论对我国上市公司的现金持有行为更具有解释能力。与拥有成熟资本市场的国家相比,我国上市公司在动态调整其现金持有水平的过程中存在很高的成本,这使得我国上市公司的资产流动性水平不能调整到最优状态。

Dynamic adjustment of the corporate liquidity in China——An empirical study of the Chinese companies in securities market
LIU Gui-ying, CUI Yuan-yuan
School of Management, Hebei University, Baoding, Hebei 071000, China
Abstract:
The writers of this paper hypothesize a dynamic adjustment of the corporate liquidity in accordance to the tradeoff and agency theories,and explore the behavior of cash holdings of the Chinese corporations.Result shows that the tradeoff and agency theories,but not the financing,are adaptable to the behavior of the cash holdings in China.The paper also admits the costliness of the adjustment of the corporate liquidity which prevents corporations from reaching maximal status.

收稿日期: 2008-1-25
基金项目:

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