产品市场竞争与现金持有动态调整

本文采用中国上市公司2005～2008年812家公司3248个样本的平衡面板数据,对产品市场竞争及其变化与企业现金持有动态调整之间的关系进行研究。实证研究的结果表明,从静态角度看,产品市场竞争对现金持有调整速度的影响不显著;但是从动态角度看,企业的现金持有水平将随着产品市场竞争的动态变化做出调整,产品市场竞争越趋向激烈,企业现金持有调整的速度越快。进一步研究发现,产品市场竞争的动态变化与现金持有调整速度之间的上述关系在非国有企业和高成长企业更为明显。     

融资约束、资本投资与公司现金持有竞争效应

以我国上市公司2003-2012年数据为样本,基于产权性质和金融发展水平,从资本投资中介效应视角检验了融资约束对现金持有竞争效应的影响。研究发现:公司现金持有通过资本投资中介效应实现的竞争效应在融资约束公司、民营公司以及金融发展水平较低地区的公司中更加显著。进一步检验表明,现金持有的竞争效应提高了现金价值,而且在金融发展水平较低地区的公司、融资约束公司和民营公司中更高。     

Investment committees and corporate cash holdings

We investigate the association between the voluntary formation of a board investment committee (IC) and corporate cash holdings for a large sample of Gulf Cooperation Council (GCC) firms over the 2005–2013 period. We provide evidence that the existence of a specialized IC increases corporate cash holdings. We also find that several IC characteristics, i.e., member experience, independence, number of meetings, and committee size, are associated with an increase in firms’ cash holdings. Furthermore, the local and foreign institutional ownership of GCC firms moderates the IC-cash holdings relationship. These results remain robust to alternative specifications of cash holdings and endogeneity tests. We contribute to the literature on firms’ incentives to hold cash and to the literature on governance in emerging market contexts.     

Narcissistic leaders and corporate cash Holdings: Evidence in China

We use a sample of Chinese firms listed on the Stock Exchange of Hong Kong over the period 2007–2018 to examine the relationship between narcissistic leadership and corporate cash holdings. We find that narcissistic leaders seek to attract public attention and promote self-image by overinvestments that reduce cash holdings. We also show that narcissistic leaders have better access to bank loans and lower loan cost, prompting them to hold less cash. The negative effect of narcissistic leaders on cash holdings is more pronounced at private firms than at SOEs. In addition, narcissistic leaders negatively affect the firm value. We contribute to the literature on leader narcissism, cash holdings, and corporate governance in emerging market contexts.     

International takeover laws and corporate cash holdings

We examine the impact on corporate cash holdings of international merger and acquisition (M&A) laws, which facilitate corporate takeovers. We use the staggered enactment of M&A laws from 1992 to 2005 and a sample spanning 34 jurisdictions, and find that levels of corporate cash holdings increase after passage of M&A laws. We also find that firms with better operating performance, higher earnings volatility, higher P/E ratio, and in jurisdictions with high M&A intensity hoard more cash after the enactment of M&A laws. These firms decrease dividends and capital expenditure and increase cash-based acquisitions in the post-M&A law period. Additional analysis shows that the effect is manifested in the subsample of firms in jurisdictions with better institutional environments. Lastly, we find that investor valuations of cash holdings decrease after the enactment of M&A laws. Collectively, our results suggest that managers hoard cash to finance M&A activities after the enactment of M&A laws, driven by the motive of empire-building, and that cash hoarding behaviors are viewed by investors as value-decreasing.     

产品市场竞争与现金价值:掠夺理论还是代理理论

本文利用2000～2009年沪深两市上市公司的非平衡面板数据来考察产品市场竞争与现金价值之间的关系。检验结果表明,比行业竞争对手持有更多现金的企业具有较高的价值,垄断程度较高的行业企业所持现金的价值更高。基于倾向得分理论的检验结果表明垄断性行业子样本的现金价值显著高于竞争性行业子样本。进一步的检验结果表明成长性、市场化程度和现金持有量的区间效应因素并不影响文章的研究结论。这些实证结果都支持了掠夺理论的分析。     

Corporate cash holdings and total factor productivity – A global analysis

Studies concerning total factor productivity (TFP) have investigated the effect of TFP on economic growth from a country-level perspective, which is a critical issue in the macroeconomics field. Few studies have examined how corporate financial decisions influence TFP from a firm-level perspective. Specifically, no extant studies have investigated how cash holdings affect firm productivity. This study utilizes data for firms in 65 countries during 1993–2017 to investigate the effect of cash holdings on TFP from a corporate perspective. The findings show that firms with higher cash holdings can enhance TFP. The results hold after considering endogenous problems, financial constraints, financial crises, corporate governance, institutional quality, and financial development as well as various robustness tests. Furthermore, we examine whether firms consistently invest their cash holdings into research and development (R&D) expenditures enhances firm productivity. The evidence indicates that higher cash holdings lead to steady increases in R&D expenditure, which improves firms’ TFP.     

股价崩盘风险、信息环境与企业现金调整

以我国2009—2016年沪深上市公司数据为样本，探究了股价崩盘风险、信息环境对企业现金调整的影响。研究发现：股价崩盘风险越大，企业现金调整速度越快，且这种正相关关系对于分析师跟踪数量较少、机构投资者持股比例少的企业而言更为显著。进一步考察股权性质在企业现金调整速度中的影响，发现国有企业与民营企业面对股价崩盘风险的现金调整速度并不具有显著差异，但是对于民营企业而言，更多的分析师跟踪和机构投资者持股将显著降低企业应对股价崩盘风险的现金调整速度，信息环境对于国有企业的作用并不显著。     

客户集中度、现金持有与公司竞争优势

以2007—2013年沪深A股制造业上市公司为样本,实证检验了客户集中度对公司竞争优势的影响以及现金持有在其中的调节效应。研究发现,客户集中度与公司竞争优势显著负相关,尤其是在高竞争行业,客户集中度对公司竞争优势的负面影响更加显著;充裕的现金储备可以通过其风险管理职能和竞争效应显著降低客户集中度对公司竞争优势的负面影响,在高竞争行业,现金持有更有助于缓解客户集中度对公司竞争优势的负面影响。本研究从客户集中度视角揭示了公司竞争优势的影响因素,丰富了现金持有经济效应的研究。     

Anti-corruption,government intervention,and corporate cash holdings: Evidence from China

We use China as an example to examine how anti-corruption and government intervention shape corporate cash holding decisions. The findings show that firms in provinces with less government intervention (weak anti-corruption intensity) hold smaller (larger) cash reserves than those in provinces with more government intervention (strong anti-corruption intensity). Furthermore, we find that the positive relationship between government intervention and corporate cash holdings is alleviated as the anti-corruption intensity increases, and this alleviation effect is more prominent for state-owned enterprises (SOEs), firms in high intervention areas and firms without political connections. These findings support the argument that corruption-free and low intervention governments can benefit firms in making more profitable corporate decisions.     

信息披露质量与现金持有——来自深市A股上市公司的经验证据

本文以2006 ～ 2010年间深市非金融类A股上市公司为研究对象,利用深交所公布的上市公司信息披露考评结果作为信息披露质量的衡量方法,考察了信息披露质量对现金持有量的影响.研究发现,上市公司的信息披露质量与现金持有量显著负相关,即在其他条件不变的情况下,信息披露质量越高,企业持有的现金越少.这就从一个新的角度说明了提高信息披露质量确实能够减轻企业面临的信息不对称问题,从而能够缓和企业面临的融资约束问题以及股东与管理者之间的委托—代理问题.此外,研究还发现,行业竞争水平以及股权性质均对上市公司信息披露质量与现金持有量之间的关系具有显著的影响.     

Cultural and macroeconomic determinants of cash holdings management

This study examines patterns in cash management, particularly cash holdings speed of adjustment (CH‐SOA), across 48 countries. I find that managerial cultural characteristics and country‐level macroeconomic factors influence the persistence of cash reserve levels, deviation from target, and the speed with which firms in different countries adjust their cash holdings. The findings support the idea that agency costs as well as market frictions influence CH‐SOA and other aspects of cash management. The findings are robust to the inclusion of a wide range of firm‐level characteristics, country‐level corporate‐governance variables, and an alternative cultural index.     

Regulatory risk, market uncertainties, and firm financing choices: Evidence from U.S. Electricity Market Restructuring

Based on the universe of rate-regulated electric utilities in the U.S., we examine why firms alter their financing decisions when transitioning from a regulated to a competitive market regime. We find that the significant increase in regulatory risk after the passage of the Energy Policy Act, state-level restructuring legislations, and divestiture policies have reduced leverage by 15 percent. Policies that encouraged competition, and hence increased market uncertainty, lowered leverage by another 13 percent on average. The ability to exercise market power allowed some firms to counter this competitive threat. In aggregate, regulatory risk and market uncertainty variables reduce leverage between 24.6 and 26.7 percent. We also confirm findings in the literature that firms with higher profitability and higher asset growth have lower leverage, and those with more tangible assets are more levered. Firms with greater access to internal capital markets and those with a footloose customer segment use less debt, while those actively involved in trading power in the wholesale market use more debt.     

Corporate groups,liquidity, and overinvestment by Belgian firms quoted on the Brussels stock exchange

For a sample of large Belgian non-financial firms quoted on the Brussels stock exchange, it is found that investment of firms borrowing on an internal capital market is not determined by internal cash flow, while cash flow has a significant effect on investment for the other firms in the sample. Further analysis indicates that the cash flow effect is caused by overinvestment, not by financing constraints. No evidence is found that firms borrowing on an internal capital market in turn transfer surpluses of funds to other group members by investing in financial fixed assets. © 1998 John Wiley & Sons, Ltd.     

Exogenous cash: testing financing constraints on inventory investment using dynamic panels with additional information from annual reports

In spite of the literature’s great interests in firms’ financing constraints on investment, the endogeneity problem between investment and cash flow have long plagued the empirical endeavor. To avoid the problem, we use firms’ nonoperating income, which is shown to be exogenous to profitability, both as a direct measure of liquidity and as an instrumental variable to control for the endogeneity problem of cash flow. Estimation results do not support the financing constraint hypothesis. We also conduct a narrative analysis on firms’ Annual Reports to identify factors causing inventory reduction. We find that accounting adjustments and decreases in market demand are two important factors in investment disinvestment, and financial difficulty does not play an important role in this regard.     

治理环境、控制权与现金流权分离及现金持有量——我国民营上市公司的实证研究

利用我国民营上市公司披露的2003年-2006年的终极控股股东数据和樊纲、王小鲁(2007年)编制的中国各地区市场化进程数据及其子数据构建各地区公司治理环境指数,检验治理环境、控制权与现金流权分离及现金持有量的关系.研究发现,治理环境与现金持有量正相关;终极股东控制权与现金流权偏离度与现金持有量显著负相关,治理环境的改善有助于减轻这种负向影响.     

数字金融如何影响企业现金持有？

基于2011—2020年中国上市企业数据和城市层面的数字普惠金融指数,考察了数字金融对企业现金持有的影响。研究发现,数字金融发展显著增加了区域内企业的现金持有,且数字金融分指标中除了覆盖广度和数字化程度外,二级指标中的数字支付和互联网信贷业务均会显著增加企业现金持有。进一步分析发现,数字金融通过提高经营活动现金流、抑制企业杠杆率和降低债务融资等机制增加了企业现金持有。此外,对于规模较小、民营和弱银企关系的企业而言,数字金融对企业现金持有的影响更显著。研究结论丰富了数字金融发展的经济后果,也拓展了现金持有理论的分析框架。     

Corporate Social Responsibility Disclosure and the Value of Cash Holdings

This study investigates whether corporate social responsibility (CSR) reports mitigate the value destruction associated with increases in cash holdings. We find that the issuance of a standalone CSR report increases the marginal value of cash holdings and this effect is more pronounced for firms in a less transparent information environment and for firms with weaker external monitoring. Our results suggest that information in CSR reports can facilitate monitoring and thus induce more efficient use of cash holdings.     

COVID-19, ESG investing,and the resilience of more sustainable stocks: Evidence from European firms

Following the COVID-19 outbreak, orientation toward sustainability is a critical factor in ensuring firm survival and growth. Using a large sample of 1,204 firms in Europe during the year 2020, this study investigates how more sustainable firms fare during the pandemic compared with other firms in terms of risk–return trade-off and stock market liquidity. We also highlight the drivers of the resilience of more sustainable firms to the pandemic. Particularly, we document that higher levels of cash holdings and liquid assets in the pre-COVID period help these firms to perform and absorb the COVID-19 externalities better than other firms. Our results are robust to a host of econometric models, including GMM estimations and several measures of stock market performance. These findings contribute to the theoretical and empirical debate on the role of the sustainability as a source of corporate resilience to unexpected shocks.     

产品市场竞争、竞争地位与企业金融资产配置

实体经济"脱实向虚"的微观表现就是企业金融化,而产品市场竞争程度和企业所处的竞争地位无疑是影响企业金融化的一个重要因素。本文选取2007~2018年我国A股非金融类上市公司的经验数据为样本,实证检验了产品市场竞争程度和企业竞争地位对企业金融资产配置的影响。结论表明:产品市场竞争程度和企业竞争地位与企业金融资产配置均呈正相关关系,产品市场竞争的加剧和企业竞争地位的提升都会增加企业金融资产配置规模。进一步的分析还发现:企业竞争地位在产品市场竞争程度与企业金融资产配置的关系中起到了反向的交互作用,而且竞争地位高的企业更倾向于配置金融资产,市场套利动机是企业进行金融资产配置的主要动因。因此,应降低行业进入壁垒和行业集中度,加强对企业融资后资金去向的监管,缓解企业融资难融资贵困境,提高实体经济活动的投资回报率。