对现金持有不足公司效率较低。这表明我国上市公司现金持有过量的投资存在过度投资的现象,必须 加强对公司过量现金持有的投资进行有效监控 参考文献 [1 Baumol w.s., The transactions demand for cash: An inventory theoretic approach Quarterly Journal of Economics, [2] Tobin J, The interest elastic ity of the transactions demand for money l Review of Economics and Statistics, 1956, 38 241-247. 3]Meltzer A H, The evidence from the time series [], Journa of political Economics, 1963, 71: 219-246 14 Miller M.H. and D. Orr, A model of the demand for money by firms Quarterly Journal of Economics, 1966, 80 413-435 5] Opler T, L. Pinkow itz, R. Stulze, and R. willamson, The determinants and implications of corporate cash holdings I Journal of Financial Economics, 1999, 52: 3-46 [6] Guney Y, A Ozkan, N Ozkan, Additional international evidence on corporate cash holdings [R], working paper, ssrN, 2004 [7 Myers S.C., Determinants of corporate borrowing ], Journal of Financial Economics, 1977, 5: 147-175 [8 Myers S.C., N. Majluf, Corporate financing and investment decisions when firms have information that investors do not have [] Journal of Financial Economics, 1984, 13: 187-221 [9] Jensen M.C., Agency costs of free cash flow, corporate finance and takeovers [] American Economic Review, 1986, 76 323-329 10] Harford J, Corporate cash reserves and acquisitions p], The Journal of Finance, 1999, 54: 1969-1997 [门]l陈雪峰,翁君奕.配股公司现金持有与经营业绩[,决策借鉴,2002,4-:37-41 [12] Fazzari S M, R.G. Hubbard and B.C. Peterson, Financing constraints and corporate investment [], Brookings Papers on Economic Activity, 1988(1): 141-206 [13 Whited T, Debt, liquidity constraints, and corporate investment: evidence from panel data, The Journal of Finance, 1992, 47:1425-1460. 14] Cleary S, The relationship between firm investment and financial status ] The Journal of Finance, 1999, 54: 673-692 [5]郑江淮,何旭强,王华.上市公司投资的融资约束:从股权结构角度的实证研究[,金融研究,2002,11:92-99 16]姜秀珍全林陈俊芳.现金流量与公司投资决策一从公司规模角度的实证研究凹,工业工程与管理,2003,5:30-34 []魏锋刘星.融资约束、不确定对公司投资行为的影响,经济科学,2004,2:35-43. [18 Nagraja N.J., K Stvaramarkrishnan and s. S. Sridhar, Managerial entrenchment, reputation and corporate investment myopia [], Journal of Accounting Autiding and Finance, 1995, 10: 565-585 [19] Ozkan A, N Ozkan, Corporate cash holdings: An empirical investigation of UK companies [], Journal of Banking and Finance.2004.28:2103-2134 [20]Dittmar A, J M. Smith, and H. Servaes, International corporate governance and corporate cash holding [] Journal of Financial and quantitative Analysis, 2003, 38: 111-134对现金持有不足公司效率较低。这表明我国上市公司现金持有过量的投资存在过度投资的现象，必须 加强对公司过量现金持有的投资进行有效监控。 参考文献： [1] Baumol W.S., The transactions demand for cash: An inventory theoretic approach [J], Quarterly Journal of Economics, 1952, 66: 545-556. [2] Tobin J., The interest elasticity of the transactions demand for money [J], Review of Economics and Statistics, 1956, 38: 241-247. [3] Meltzer A.H., The evidence from the time series [J], Journa of Political Economics, 1963, 71: 219-246. [4] Miller M.H. and D. Orr, A model of the demand for money by firms [J], Quarterly Journal of Economics, 1966, 80: 413-435. [5] Opler T., L. Pinkowitz, R. Stulze, and R. Willamson, The determinants and implications of corporate cash holdings [J], Journal of Financial Economics, 1999, 52: 3-46. [6] Guney Y., A. Ozkan, N. Ozkan, Additional international evidence on corporate cash holdings [R], working paper, SSRN, 2004. [7] Myers S.C., Determinants of corporate borrowing [J], Journal of Financial Economics, 1977, 5: 147-175. [8] Myers S.C., N. Majluf, Corporate financing and investment decisions when firms have information that investors do not have [J], Journal of Financial Economics, 1984, 13: 187-221. [9] Jensen M.C., Agency costs of free cash flow, corporate finance and takeovers [J], American Economic Review, 1986, 76: 323-329. [10] Harford J., Corporate cash reserves and acquisitions [J], The Journal of Finance, 1999, 54: 1969-1997. [11] 陈雪峰,翁君奕. 配股公司现金持有与经营业绩[J], 决策借鉴, 2002,4: 37-41. [12] Fazzari S.M., R.G. Hubbard and B.C. Peterson, Financing constraints and corporate investment [J], Brookings Papers on Economic Activity, 1988 (1): 141-206. [13] Whited T., Debt, liquidity constraints, and corporate investment: evidence from panel data, The Journal of Finance, 1992, 47: 1425-1460. [14] Cleary S., The relationship between firm investment and financial status [J], The Journal of Finance, 1999, 54: 673-692. [15] 郑江淮,何旭强,王华. 上市公司投资的融资约束：从股权结构角度的实证研究[J], 金融研究, 2002,11: 92-99. [16] 姜秀珍,全林,陈俊芳. 现金流量与公司投资决策─从公司规模角度的实证研究[J], 工业工程与管理, 2003, 5: 30-34. [17] 魏锋,刘星. 融资约束、不确定对公司投资行为的影响[J], 经济科学, 2004, 2: 35-43. [18] Nagraja N. J., K. Stvaramarkrishnan and S. S. Sridhar, Managerial entrenchment, reputation and corporate investment myopia [J], Journal of Accounting Autiding and Finance, 1995, 10: 565-585. [19] Ozkan A., N. Ozkan, Corporate cash holdings: An empirical investigation of UK companies [J], Journal of Banking and Finance, 2004, 28: 2103-2134. [20] Dittmar A., J. M. Smith, and H. Servaes, International corporate governance and corporate cash holding [J], Journal of Financial and Quantitative Analysis, 2003, 38: 111-134