现金持有决策:基于中国上市公司的实证研究

现金持有决策是指企业对于高流动性资产的投资决策。企业持有现金的原因在于现金短缺是有成本的。本文基于中国上市公司2000～2009年的数据,运用混合回归模型,分别从企业财务特征、治理结构和外部融资环境等方面考察企业现金持有水平的主要影响因素并进行理论分析。实证结果表明,企业现金持有水平随着企业规模、市账比率、财务杠杆、银行债务、现金替代物以及国有股比例的上升而下降。同时,企业现金周期越长,企业将持有越多的现金。高管持股以及股利支付决策也将使企业现金持有水平上升。分析表明,以银行体系间接融资为主的融资环境对企业现金持有决策具有重大影响。     

突发公共卫生事件冲击对上市公司现金持有的影响

现金是流动性最强的资产,可以在企业面临风险时提供流动性供给,以减缓企业在冲击下受到的不利影响。现金持有水平是企业财务综合决策的体现,在突发公共卫生事件带来不确定性因素的时候,企业如何进行现金持有决策维护自身可持续发展显得尤为重要。文章在突发公共卫生事件背景下,选用2018—2021年上市公司的数据,实证分析了突发公共卫生事件对上市公司现金持有的影响。研究结果表明：第一,突发公共卫生事件发生后,企业现金持有水平有所增加。第二,突发公共卫生事件发生后,相对于小公司,大公司所受到的影响更小。第三,突发公共卫生事件发生后,相对于非国有企业公司,国有企业现金所受到的影响更小。     

企业现金持有、产权性质与职工薪酬——来自我国上市公司的证据

近年来,人力资本的不断上升使得职工薪酬的支付成为企业成本的重要内容和重要的现金流出。本文运用2007-2013年我国上市公司的数据,对企业的现金持有与职工薪酬之间的关系进行了分析。在我国特殊的市场环境下,企业不同的产权性质,是否会对企业现金持有与职工薪酬之间的关系产生影响?研究发现,企业的现金持有过多会倾向于支付更多的职工薪酬,在国有企业和民营企业中均存在上述现象,但是国有企业的产权属性增加了企业现金持有和职工薪酬的正相关性。     

高管政治关联与企业现金持有:“扶持”还是“掠夺”?——基于不同产权视角的研究

文章首次基于不同产权视角,研究企业的高管政治关联对企业现金持有行为影响机制的差异.以我国上市公司为样本研究发现,地方国企高管的政治关联分别对企业现金持有水平及其市场价值有显著的正向和负向作用,支持了高管政治关联的“掠夺”假说;民企高管的政治关联对企业现金持有水平及其价值均有显著的负向影响,支持了“扶持”假说;而央企高管的政治关联对企业现金持有水平及其价值均无显著影响.企业的产权性质会显著影响高管政治关联对企业现金持有行为的作用机制,这一结论对于企业财务领域的研究与实务具有较强的启示意义.     

我国上市公司现金持有影响因素实证研究——基于深市制造业上市公司的经验数据

现金持有量综合反映上市公司的财务战略和经营战略,关系到公司正常的经营和发展。持有过多或过少的现金对企业都是不利的。本文以深市A股制造业上市公司为样本,对现金持有的影响因素进行实证研究,研究结果表明:现金替代物、资产负债率、银行债务与现金持有水平显著负相关,董事会规模与现金持有水平显著正相关。     

产业政策、现金持有与过度投资

基于现金持有具体探讨了广州市产业政策对企业过度投资的影响。研究发现,受广州市产业政策支持的企业,现金持有的优势导致了企业过度投资的增加;进一步区分产权性质,发现受产业政策支持的国有企业现金持有的优势明显加重了过度投资,而受产业政策支持的民营企业现金持有优势对过度投资的作用并不显著。     

“双碳”目标导向的环保投资对高管变更的影响——兼论现金持有水平的调节效应

文章基于我国2011—2020年沪深A股上市公司数据,实证分析了环保投资、现金持有水平与高管变更三者的关系,结果表明：环保投资与高管变更呈倒“U”型关系,现金持有水平弱化了二者之间的关系;环保投资与高管变更的倒“U”型关系通过业绩压力以及代理成本两种作用机制实现;环保投资与高管变更的倒“U”型关系在现金持有水平低组和环境友好型企业中显著,而现金持有水平的抑制作用在环境非友好型企业中更加明显;环保投资与高管变更的倒“U”型关系以及现金持有水平的调节作用在重污染行业及非正常变更组中较为显著。文章探索“双碳”目标与企业社会责任的互动耦合,系统研究企业社会责任与经济责任有效协同的机理与效应,为完善企业环保投资行为经济后果领域的研究提供中国经验证据。     

不同股权性质企业对半强制分红政策的市场反应及传导机制研究

本文以2008年中国证监会颁布《关于修改上市公司现金分红若干规定的决定》为背景,研究了上市企业对该法规的反应。研究发现,将公司按照股权性质进行划分后,上市企业对该法规颁布前后在股价上的差异在民营企业中最显著,在中央国企和地方国企中却不显著。现金分红法规对民营企业的影响存在以下路径：现金分红法规使得民营企业减少了持有的现金流,而现金流对民营企业的价值有正向影响。本文的研究不仅加深了对半强制性分红问题的认识,同时也对政策法规的可能传导机制进行了探索。     

宏观经济风险影响公司现金持有量的机制与效果

宏观经济风险对公司投融资行为有显著影响.本文以2007~2015年沪深两市2291家上市公司的非平衡面板数据为样本,分析宏观经济风险影响公司现金持有量的机制,并探究其影响效果.经验结果表明:宏观经济风险显著影响上市公司现金持有量行为,即宏观经济风险越大,则公司持有现金越多,反之亦然;与国有企业相比,非国有企业的现金持有行为对宏观经济风险更加敏感;金融危机期间,宏观经济风险对现金持有量产生负向影响.     

审计师行业专长可以提高现金持有价值吗?——来自于沪深上市公司的经验证据

本文以我国2010～2015年度沪深两市A股上市公司为样本,研究审计师行业专长对现金持有价值的影响.结果表明,审计师行业专长会对企业现金持有价值有正向的调节作用,并且这种正向的调节作用在民营企业、 成长性高以及内控质量低的企业中表现得更加显著.本文的研究结果证实了加强会计师事务所专业性能力的培育对资本市场投资者利益保护的积极作用.另外,民营企业、 成长性高以及内控质量差的上市公司通过提高外部审计的专业性监督,优化外部治理机制,有利于缓解企业现金持有行为所存在的道德风险,提高企业价值.     

高管薪酬差距、现金持有及其市场价值——基于不同产权性质比较

薪酬差距这一话题引起社会各界的广泛关注，国内外学者对此问题已经进行了大量的研究，并取得了丰硕的成果，但目前我国上市公司高管薪酬差距如何影响其现金持有水平及其价值，几乎尚未见探讨。基于此背景，以中国A股2005—2018年非金融类上市公司为研究对象，实证考察了不同产权性质公司高管薪酬差距对其现金持有水平及价值的影响。研究结果表明：国企高管薪酬差距增加了现金持有量，降低了现金持有价值；民企高管薪酬差距降低了现金持有量，但提高了现金持有价值；稳健性检验表明文中论断依然成立；进一步分析可知国企高管薪酬差距更加倾向于增加内部现金流用于现金持有的积累，且同时导致过度投资水平的增加，民企高管薪酬差距降低了内部现金流用于现金持有的积累，对过度投资水平影响不显著。从以上结果可以得出，国企高管薪酬差距对现金持有行为的影响支持了社会比较理论；民企高管薪酬差距对现金持有行为的影响支持了锦标赛理论。     

非国有股东超额委派董事与企业现金持有

基于持股权与控制权非对等配置逻辑，文章以2009—2019年A股国有上市企业为研究主体，实证检验非国有股东超额委派董事对企业现金持有水平的影响。研究发现，非国有股东超额委派董事显著提高参股国企的现金持有水平，且随着超额委派比例增加更加显著；进一步地，该正向作用在中央层级企业及市场化进程较高地区表现更为显著；明晰其作用机理，发现其通过抑制超额持现所致的过度投资行为、迫使无效耗散的现金尽快回流进而提高持现水平；此外，非国有股东超额委派董事和超额委派比例均有助于优化现金二次配置，促使企业将超额现金用于发放现金股利及进行创新投入，并最终提升现金持有价值和企业价值。文章结论不仅印证和延伸混改推进过程中非国有资本在高层治理维度所发挥的积极作用，更为进一步深化混合所有制改革及完善中小股东保护体系提供借鉴。     

Foreign Ownership and Corporate Cash Holdings in Emerging Markets

This article examines the link between foreign ownership and corporate cash holdings. We utilize a data sample of firms listed on the Ho Chi Minh City stock exchange covering the period 2007–2015. Employing different econometric techniques for panel data, we find that higher foreign ownership is associated with more corporate cash holdings. This finding suggests that foreign investors in the Vietnam stock market are subject to precautionary motive and agency motive forcing firms to hold more cash. However, the outcome suggests potential agency problems because managers might subsequently use this cash reserve for their own advantages. These problems are even more pronounced in emerging markets where investor protection mechanism is weak. Accordingly, this highlights the importance of a monitoring mechanism to refrain corporate managers from investing in value‐destroying projects.     

Corporate cash holdings,uncertainty avoidance,and the multinationality of firms

We examine the relationship between uncertainty avoidance, multinationality and firm cash holdings. We develop several hypotheses from corporate finance and multinational firm theory, positing that cultural factors as well firm multinationality influence corporate cash holdings. In particular, firms in countries with high uncertainty avoidance hold more cash as a way to hedge against undesired states of nature. At the same time, firm multinationality moderates the effects culture has on the firm's holdings of liquid assets. Based on a large panel of firms in fifty countries, we present evidence consistent with these hypotheses. Firms in countries with high levels of uncertainty avoidance tend to hold more cash. Against commonly held views in cash management, the degree of multinationality of the firm is positively correlated with holdings of cash. At the same time, the effect of national culture on firm's cash holdings is lower for multinationals. These results are economically significant.     

The Masculinisation of Ethical Leadership Dis/embodiment

Using a worldwide sample, we examine whether corporate social responsibility (CSR) performance has an impact on the value of cash holdings. We find that investors assign a higher value to cash held by firms that have a high CSR rating. This result is consistent with the idea that CSR policies are a means for managers to act in the shareholders’ interests by mitigating conflicts with stakeholders. Finally, we reveal that CSR performance has a positive impact on the value of cash holdings only for firms which operate in countries where shareholders are well protected from expropriation by managers and in countries where the institutional quality is high.     

Corporate cash holdings and promoter ownership

We examine the relationship between corporate cash holdings and promoter ownership for a sample of Indian non-financial firms. Consistent with the arguments of the ‘efficient monitoring hypothesis’, our results broadly suggest that promoter ownership is negatively associated with cash holdings, thereby highlighting the role of large owners in preventing cash accretion in an emerging market context. Indicating prominent influence of corporate ownership on cash management, we find that corporate non-promoter ownership is also negatively related with cash holdings. With regard to promoter ownership of foreign entities, our results suggest that cash holdings share a U-shaped relationship with ownership of foreign promoter corporations. In addition, our findings provide weak evidence to support a more pronounced negative association between cash holdings and promoter ownership for group-affiliated firms as compared to non-affiliated firms since the former faces lower financial constraints on account of access to internal capital markets. Finally, we perform long-term effect analysis in order to reinforce robustness of our results.     

公司治理机制对公司现金持有量的影响——来自我国上市公司的经验证据

本文以我国部分上市公司为样本实证研究了公司治理机制对公司现金持有量的影响。结果表明,公司治理机制并未对公司现金持有量形成显著影响,从公司现金持有量的视角为我国上市公司治理机制的不完善性提供了经验证据。     

The financial determinants of corporate cash holdings: Evidence from some emerging markets

This paper investigates corporate cash holdings in developing countries. In particular, we look into the effect of capital structure and dividend policy on cash holdings in Brazil, Russia, India, and China and compare our results with a control sample from the US and the UK. Our sample contains 1992 firms across these countries for the period 2002–2008. We employ Instrumental Variables analysis to control for the endogeneity of the financial policies (cash holdings, capital structure, and dividend policy). Our results show some evidence that capital structure and dividend policy affect cash holdings. There are similarities between developed and developing countries on the factors determining corporate cash holdings. The results of our cross-country model provide evidence that capital structure, dividend policy, and firm size are important factors in determining cash holdings. Finally, we show that firms operating in countries with low shareholder protection hold more cash.     

Alignment or entrenchment? Corporate governance and cash holdings in growing firms

This study contends that the association between corporate cash holdings and corporate governance is subject to the investment environments that firms face. For example, firms with an abundance of investment opportunities have a strong incentive to hold cash in order to maintain their competitive positions. Shareholders accept high levels of cash holdings in such growing firms if corporate governance can protect their interests. This study examines the effects of corporate governance on cash holdings for a sample of high-tech firms. The results show that CEO ownership, the directorship of venture capitalists (VCs), and independent directors play critical roles in corporate cash policy. In addition, the boards are more effective when the firms' CEOs are also their founders or when VCs hold a large stake of company shares. The effects of corporate governance are more significant in younger firms while the effects of firm-specific economic variables are more significant in older firms in the sample.     

Investment Committee,Corporate Cash Holdings and Corporate Life Cycle

We investigate the association between voluntary formation of board investment committee (IC) and corporate cash holdings of nonfinancial firms over the corporate life cycle stages for a large sample of Gulf Cooperation Council firms during 2005–2016. We find that IC increases corporate cash holdings in growth and maturity stages of firm, compared to introduction, shake‐out, and decline stages. These results have important implications for investors, policy makers, and regulators. Our findings are robust to various econometrics specifications.