反经济周期相对价格变动与现金持有——基于中国制造业全行业和细分行业的实证数据

被引：1

作者：

刘端

王雅帆

薛静芸

陈收

机构：

[1] 湖南大学工商管理学院

来源：

财经理论与实践 | 2016年 / 37卷 / 04期

关键词：

相对价格变动; 经济周期; 现金持有;

D O I：

10.16339/j.cnki.hdxbcjb.2016.04.010

中图分类号：

F406.71 [资金管理]; F425 [工业企业组织和经营管理];

学科分类号：

120202 ; 020205 ; 0202 ;

摘要：

采用中国A股制造业上市公司1998～2011年数据,探讨制造业全行业及其细分行业下反经济周期相对价格变动现象的存在;并引入现金持有这一财务资源,比较在不同现金持有水平下企业产品市场反经济周期相对价格变动的差异。研究发现反经济周期相对价格变动现象在中国制造业中存在,而现金持有较少的企业其反经济周期相对价格变动现象更为明显。同时在不同制造业细分行业中,反经济周期相对价格变动程度有所差异,现金持有的影响也发生变化。

引用

页码：65 / 70

页数：6

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