中文摘要：

本文研究企业持有现金的数量和期限对信用风险的影响。研究发现,从数量上看,经营良好的企业,信用风险与现金持有显著负相关,而经营困境企业信用风险与现金持有呈＂U＂型关系,最佳现金持有量约为经营良好企业现金持有量的均值;从期限上看,企业持有现金越多,越有利于抑制短期信用风险,但会增高未来期间信用风险。进一步考虑其他能为企业提供流动性的资产对信用风险的影响,发现公司资产流动性越强,对抑制信用风险的作用越明显,而公司整体资产流动性对抑制信用风险的作用也较明显。本文拓展了信用风险形成与防范机制的研究,为企业提高资源配置效率和监管部门监测与控制公司信用风险提供政策参考。

英文摘要：

This dissertation has investigated how credit risk is influenced by the quantity and duration of the cash holdings in a company. In the perspective of quantity, the study finds there is a notable negative correlation between the credit risk of the well-run company and its cash holding, while a U-shaped rela- tion is found between the poor run company and its cash holding, meanwhile, its optimum cash balance is approximately the average of well-run company. In term of duration, the more cash a company holds, the more favorable to curb short-term credit risk, however the higher the credit risk of default in the future will be. Further, considering the influence of other current assets that can in- crease liquidity, the study finds that the stronger the asset liquidity is, the more obvious the inhibition of asset liquidity to credit risk is, and the company over- all liquidity even highlights such inhibition. To improve the efficiency of re- source allocation for company and monitor company＇ s credit risk for regulators, this paper has extended the mechanism of credit risk formation and prevention and provided some policy references.