I 摘要 现金资产是一个企业正常运营所需的重要资产项目，也是企业进行流动性管 理的主要目标，同时现金也是一项收益率极低的资产。随着金融市场的逐渐完善 和金融产品的日益丰富，企业不再将现金资产单纯的以货币形式进行储备，而是 将流动性强，变现速度快的短期金融资产也纳入到现金管理的范畴。这样既能够 保证企业运营和投资所需，又能够改善现金资产较低的收益能力。现金资产结构 化管理在现实中早已得到广泛的应用，特别是在资本市场的发展和企业资产金融 化现象的广泛发生的背景之下，使得企业流动性增加，同时对现金资产的功能性 需求提高。 在我国上市企业财务管理过程中，普遍存在“现金为王”的观点，因此，微 观企业常常会持有大量现金资产。超额现金的持有在现阶段的企业财务管理中， 已成为较为普遍的现象。如何根据现阶段营运状况和企业未来目标，结合自身财 务特征及外部环境的变化，进行有效的现金管理，对于一个企业进行自身的价值 提升变得尤为重要。 本文以2014——2018年在沪深两市正常流通的非金融类上市企业作为研究样 本，利用非平衡季度面板数据，通过面板Tobit模型、固定效应、随机效应及混 合效应统计分析模型，从企业现金储备结构的视角出发，对货币政策与企业现金 储备结构的作用关系、企业负债结构对企业价值的影响，以及现金储备结构对企 业价值的作用关系三个问题进行研究，并根据企业所有权异质性，进行了进一步 探讨，最终得到以下研究结论：1.货币政策的宽松程度同企业现金储备结构呈负 相关关系，且非国有企业现金储备结构变化受货币政策的影响较之国有企业而言， 更具有弹性。2.在货币政策调整过程中，企业负债期限结构与企业现金储备结构 呈正相关的关系，在不同的产权性质下，非国有企业现金储备结构对负债期限结 构的敏感性要高于国有企业。3.企业现金储备结构同企业价值呈负相关关系，当 企业提高短期投资在现金资产中的占比时，会促使企业价值下降。 针对研究结论，从国家宏观层面及企业微观层面提出相关建议。从国家层面 来讲，应健全金融信贷市场，降低非国有企业融资约束，缓解信贷歧视状况。在 企业现金管理层面，应建立现金资产管理预警机制，加强对企业短期投资的管理。 关键词：货币政策；现金储备结构；负债期限结构；企业价值 Abstract I Abstract Cashassetsareimportantassetitemsrequiredbyanenterprisefornormal operation,andarethemainobjectiveoftheenterprise'sliquiditymanagement.Atthe sametime,cashisalsoanassetwithaverylowreturnrate.Withthegradual improvementofthefinancialmarketandtheincreasingrichnessoffinancialproducts, companiesnolongersimplyreservecashassetsintheformofcurrency,butalsoinclude short-termfinancialassetswithstrongliquidityandfastrealizationrateintothe categoryofcashmanagement.Thiscannotonlyensurethebusinessoperationand investmentneeds,butalsoimprovethelowerprofitabilityofcashassets.Thestructured managementofcashassetshaslongbeenwidelyusedinreality,especiallyinthe contextofthedevelopmentofthecapitalmarketandthewidespreadoccurrenceof financializationofcorporateassets,whichhasincreasedcorporateliquidityand increasedfunctionaldemandforcashassets.. IntheprocessoffinancialmanagementoflistedcompaniesinChina,thereisa generalviewthat"cashisking".Therefore,microcompaniesoftenholdlargeamounts ofcashassets.Theholdingofexcesscashhasbecomearelativelycommon phenomenonincorporatefinancialmanagementatthisstage.Howtocarryouteffective cashmanagementaccordingtothecurrentoperatingconditionsandthefuturegoalsof thecompany,combinedwithitsownfinancialcharacteristicsandchangesinthe externalenvironment,becomesparticularlyimportantforanenterprisetoenhanceits ownvalue. Thispaperusesnon-financiallistedcompanieswithnormalcirculationinShanghai andShenzhenasaresearchsamplefrom2014to2018,usingunbalancedquarterly paneldata,throughpanelTobitmodel,fixedeffects,randomeffectsandmixedeffects statisticalanalysismodels,fromcompaniesFromtheperspectiveofcashreserve structure,thethreeissuesoftherelationshipbetweenmonetarypolicyandcorporate cashreservestructure,theimpactofcorporatedebtstructureoncorporatevalue,andthe roleofcashreservestructureoncorporatemarketvaluearestudied.Qualitative,further discussion,andfinallythefollowingresearchconclusions:1.Theloosenessofmonetary policyhasanegativecorrelationwiththecorporatecashreservestructure,andthe Abstract II changeinthecashreservestructureofnon-state-ownedenterprisesismoreaffectedby monetarypolicythanstate-ownedenterprises.Itismoreflexible.2.Intheprocessof monetarypolicyadjustment,thecorporatedebtmaturitystructureispositivelyrelatedto thecorporatecashreservestructure.Underdifferentpropertyrights,the non-state-ownedenterprisecashreservestructureismoresensitivetothedebtmaturity structurethanthestate-ownedenterprises.3.Theenterprise'scashreservestructurehas anegativecorrelationwiththeenterprise'smarketvalue.Whenanenterpriseincreases theproportionofshort-terminvestmentincashassets,itwillcausetheenterprise's marketvaluetodecline. Inresponsetotheresearchconclusions,relevantsuggestionsaremadefromthe nationalmacrolevelandtheenterprise'smicrodecent.Atthenationallevel,the financialcreditmarketshouldbeimproved,non-state-ownedenterprises'financing constraintsshouldbereduced,andcreditdiscriminationshouldbeeased.Atthelevelof enterprisecashmanagement,anearlywarningmechanismforcashassetmanagement shouldbeestablishedtostrengthenthemanagementofshort-terminvestmentof enterprises. Keywords:Monetarypolicy;Cashreservestructure;Debtmaturitystructure； Corporatemarketvalue 目录 I 目录 第1章绪论...................................................................................................................1 1.1研究背景...............................................................................................................................1 1.2研究目的和意义.................................................................................................................3 1.2.1研究目的......................................................................................................................3 1.2.2研究意义......................................................................................................................3 1.3文献综述...............................................................................................................................5 1.3.1企业现金储备的微观影响因素.............................................................................5 1.3.2宏观环境对企业现金储备的影响........................................................................7 1.3.3现金储备与企业价值...............................................................................................9 1.3.4文献评述....................................................................................................................10 1.4研究内容和研究方法.....................................................................................................11 1.4.1研究内容....................................................................................................................11 1.4.2研究方法....................................................................................................................14 1.5研究创新............................................................................................................................15 第2章相关概念界定和基础理论.........................................................................................16 2.1相关概念的界定...............................................................................................................16 2.1.1货币政策....................................................................................................................16 2.1.2企业现金储备及储备结构...................................................................................17 2.1.3企业价值....................................................................................................................18 2.1.4负债期限结构...........................................................................................................19 2.2基础理论............................................................................................................................19 2.2.1现金持有动机...........................................................................................................19 2.2.2权衡理论...........................................................................