财经理论与实践2016，Vol.37Issue(4)：65-70,6.
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
Countercyclical Markup Changes Research in Different Corporate Cash Holding Levels--An Empirical Research Based on China Manufacturing Industry and Its Sub-sectors
摘要
Abstract
Using the data of listed manufacturing companies in China A share markets from 1 998 to 201 1,We first establish a regression model to explore the relationship between economic cycles and markup changes in China as special economic entity.Then we compare the markup change in different cash holding levels and further add economic conditions to make a comparison. The research finds that countercyclical markup changes exist in China business and the more cash holdings enterprises reserve,the more relative prices decline they will have.Namely,cash hold-ings have negative effect on corporate markup changes.In times of economic recession,this nega-tive effect will be increased.关键词
相对价格变动/经济周期/现金持有Key words
Markup changes/Economic cycle/Cash holdings分类
管理科学引用本文复制引用
刘端,王雅帆,薛静芸,陈收..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[J].财经理论与实践,2016,37(4):65-70,6.基金项目
国家自然科学基金创新群体项目(71221001)、国家自然科学基金青年项目(71202137)、湖南省社会科学项目(15YB078)、湖南省风险导向审计研究基地项目 （71221001）
