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利用手工收集的2007-2012年上市公司内部资金往来数据,本文发现内部资金往来可以显著降低公司因预防性动机而持有的现金水平,并且在私营企业、非经营性资金往来中以及货币政策偏紧时期降低的更明显。同时,这一作用不仅显著提高了公司持有现金的市场价值,也提高了公司的市场价值。本文的发现证实了内部资本市场具有“阳光”的正面作用,对发展内部资本市场有丰富的政策意义。
Using hand-collected data of intra-financial transactions between 2007 and 2012 collected by hand, this paper finds that internal funds transfer can significantly reduce the level of cash held by the company due to preventive motivation, and in the private sector, non-commercial financial transactions and monetary policy bias Tightening down the more obvious. At the same time, this role not only significantly increased the market value of the company holding cash, but also increased the company’s market value. The findings of this paper confirm that the internal capital market has a positive role of “sunshine” and has rich policy significance for the development of the internal capital market.