现金资产管理、组织资本与股票流动性为防止与降低风险

本文探讨了在财务约束条件下，公司治理质量、股票流动性和资产收益率对现金持有的综合影响。有效的公司治理是未来投资者的重要参考指标。提高财务信息质量不仅有助于增强潜在投资者的信任，还能使管理层全面了解公司的经营状况，从而做出更明智的决策。企业的财务状况和投资前景在很大程度上与管理质量相关。组织资本是公司治理质量的代理变量。管理层对运营成本拥有直接控制权，这使其能够有效推动公司变革。国家货币政策的收紧不仅导致信贷成本上升，还会侵蚀俄罗斯上市公司的收益并抑制其投资活动。俄罗斯中央银行的高关键利率导致行业投资严重短缺，并延长了项目的投资周期，使得俄罗斯上市公司可能被迫放弃有吸引力的投资项目。在债务融资渠道受限的情况下，俄罗斯企业将基于预防性动机采取行动，即保留部分现金以备后续经营活动和资本结构调整之需。股票流动性指标是投资者分析和评估股票收益的重要风向标。按国际标准编制财务报表不仅为管理层提供了必要的决策信息，也向投资者传递了关键信号。在外部制裁等负面因素影响下，这些信号最终将反映在股价变动中。

1. Луценко С.И. (2020). Влияние менеджмента на долговую корпоративную политику. Стратегические решения и риск-менедж-мент, 11(3): 316–323.

2. Aboody D., Hughes J., Liu J. (2002). Measuring value relevance in a (possibly) inefficient market. Journal of Accounting Research, 40: 965–986.

3. Amihud Y. (2002). Illiquidity and stock returns: Cross-section and time-series effects. Journal of Financial Markets, 5: 31–56.

4. Ball R., Brown P. (1968). An empirical evaluation of accounting income numbers. Journal of Accounting Research, 6: 159–178.

5. Barth M., Li K., McClure C. (2023). Evolution in value relevance of accounting information. The Accounting Review, 98: 1–28.

6. Bates T., Kahle K., Stulz R. (2009). Why do US firms hold so much more cash than they used to? Journal of Finance, 64: 1985–2021.

7. Chen Y., Horstman D. (2023). Mispricing and firm investment. Working paper. Mays Business School, Texas A&M University. College Station: 1–64.

8. Cunha I., Pollet J., Denis D. (2020). Why do firms hold cash? Evidence from demographic demand shifts. The Review of Financial Studies, 33: 4102–4138.

9. Dechow P., Ge W., Schrand C. (2010). Understanding earnings quality: A Review of the proxies, their determinants and their consequences. Journal of Accounting & Economics, 50: 344–401.

10. Denis D., Sibilkov V. (2010). Financial constraints, investment, and the value of cash holdings. The Review of Financial Studies, 23: 247–269.

11. Duchin R. (2010). Cash holdings and corporate diversification. Journal of Finance, 65: 955–992.

12. Faulkender M., Wang R. (2006). Corporate financial policy and the value of cash. Journal of Finance, 61: 1957–1990.

13. Francis J., Schipper K., Vincent L. (2003). The relative and incremental explanatory power of earnings and alternative (to earnings) performance measures for returns. Contemporary Accounting Research, 20: 121–64.

14. Francis J., LaFond R., Olsson P., Schipper K. (2004). Costs of equity and earnings attributes. Accounting Review, 79: 967–1010.

15. Harford J., Klasa S., Maxwell W. (2014). Refinancing risk and cash holdings. Journal of Finance, 69: 975–1012.

16. Hennessy C., Levy A., Whited T. (2007). Testing Q Theory with financing frictions. Journal of Financial Economics, 83: 691–717.

17. Hong L., Liu S. (2023). Geographic diversification and corporate cash holdings. Journal of Empirical Finance, 72: 381–409.

18. Keynes J. (1936). The general theory of employment, interest and money. London, MacMillan: 403.

19. Kim C., Mauer D., Sherman A. (1998). The determinants of corporate liquidity: Theory and evidence. Journal of Financial & Quantitative Analysis, 33: 335–359.

20. Liu C., Wang J. (2024). Earnings transparency and corporate cash holdings. Working Paper. Nanjing Audit University, China: 1–48.

21. Liu J., Nissim D., Thomas J. (2002). Equity valuation using multiples. Journal of Accounting Research, 40: 135–172.

22. Opler T., Pinkowitz L., Stulz R., Williamson R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52: 3–46.

23. Pinkowitz L., Williamson R. (2007). What is the market value of a dollar of corporate cash? Journal of Applied Corporate Finance, 19: 74–81.

24. Venter E., Emanuel D., Cahan S. (2014). The value relevance of mandatory non-GAAP earnings. Abacus, 50: 1–24.