资源配置战略与企业现金持有

管理评论 ›› 2023, Vol. 35 ›› Issue (2): 318-327.

资源配置战略与企业现金持有

彭爱武¹, 张新民²

1. 湖南工商大学会计学院, 长沙 410205;
2. 对外经济贸易大学国际商学院/北京企业国际化经营研究基地, 北京 100029

收稿日期:2020-12-14 出版日期:2023-02-28 发布日期:2023-03-27
通讯作者: 张新民(通讯作者),对外经济贸易大学国际商学院/北京企业国际化经营研究基地教授,博士生导师,博士
作者简介:彭爱武,湖南工商大学会计学院讲师,硕士生导师,博士。
基金资助:
国家自然科学基金重大项目（71790604）；湖南省教育厅一般项目（20C0523）；湖南省社会科学评审一般项目（XSP21YBZ161）；湖南省教育厅重点项目（20A126）。

Resource Allocation Strategy and Corporate Cash Holdings

Peng Aiwu¹, Zhang Xinmin²

1. School of Accounting, Hunan University of Technology and Business, Changsha 410205;
2. Business School, University of International Business and Economic/Beijing Enterprise International Operation Research Base, Beijing 100029

Received:2020-12-14 Online:2023-02-28 Published:2023-03-27

摘要/Abstract

摘要： 本文以2007—2019年A股上市公司为样本，考察资源配置战略对企业现金持有的影响。实证研究发现，相对于投资主导型企业，经营主导型企业更倾向于持有较多现金。进一步检验发现产权性质与市场地位分别对资源配置战略与现金持有之间的关系具有显著调节效应；投资机会和内部融资约束分别在资源配置战略对企业现金持有的影响中起到部分中介作用。本研究不仅拓展和完善了现金持有研究的理论认识，进一步丰富了相关领域的研究文献，而且对企业优化现金持有、提高资金使用效率和企业价值具有一定的参考意义。

关键词: 资源配置战略, 现金持有, 市场地位, 投资机会, 内部融资约束

Abstract: Based on A-share listed companies from 2007 to 2019, this paper examines the impact of resource allocation strategy on corporate cash holdings. The empirical study finds that compared with investment-oriented enterprises, operation-oriented enterprises tend to hold more cash. Further tests show that the nature of property rights and market position have significant moderating effects on the relationship between resource allocation strategy and cash holdings respectively; investment opportunities and internal financing constraints play a partial intermediary role in the impact of resource allocation strategy on corporate cash holdings. This study not only expands and improves the theoretical understanding of cash holdings, further enriches the research literature in related fields, but also has a certain reference significance for enterprises to optimize cash holdings, improve capital utilization efficiency and enterprise value.

Key words: resource allocation strategy, cash holding, market position, investment opportunities, internal financing constraints

彭爱武, 张新民. 资源配置战略与企业现金持有[J]. 管理评论, 2023, 35(2): 318-327.

Peng Aiwu, Zhang Xinmin. Resource Allocation Strategy and Corporate Cash Holdings[J]. Management Review, 2023, 35(2): 318-327.

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