“钱慌”背景下的企业现金持有研究:一个理论框架

宏观经济下的通货膨胀会影响货币价值,从而影响现金持有策略。从微观视角下,影响现金持有策略的因素有公司治理、公司特征以及经营周期等。本文在分析企业持有现金动机受宏观经济波动影响时,主要从宏观经济环境影响公司的现金持有量、现金持有的权衡理论、融资优序理论以及代理成本理论等方面进行了详细阐述。     

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 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.     

Corporate tax,financial leverage,and portfolio risk

We examine the theoretical implications of corporate income tax for a risky portfolio in a aggregate-endowment economy. In this model, corporate income tax affects the portfolio risk associated with the rebalancing motive during market clearance. An asset is defined as a portfolio of stocks and bonds whose portfolio weights are similar to financial leverage. Corporate tax can decrease after-tax consumption from dividends (increase leverage) and increase the tax shield that increases dividends (decrease leverage). Changes in dividends are responsible for the correlation between expected dividend growth and consumption growth and, thus, affect stock pricing and returns. Overall, the model is characterized by tax-induced portfolio risk associated with financial leverage.     

Democracy,rule of law,and corporate governance—a liquidity perspective

This study examines whether and how democracy and rule of law—two overarching country-level governance variables—influence corporate governance. Given that corporate liquidity (cash holdings) is a good channel for examining the quality of corporate governance, the effects of democracy and rule of law on corporate governance can be identified using the liquidity approach. A review of 67 countries from 1996 to 2010 demonstrates that democracy and rule of law indeed have bearings on corporate governance. More specifically, results indicate that firms are more inclined to hoard cash to take advantage of growth opportunities when the level of democracy is higher or rule of law is stronger, suggesting that agency costs are lower and interests of managers and shareholders are more aligned under such circumstances. In addition, the negative effect of debt issuance and dividend payment on cash is more pronounced when the level of democracy is higher or rule of law is stronger, suggesting that these two approaches become more effective in reducing agency costs and transitively cash holdings under such circumstances. Moreover, the positive effect of democracy and rule of law on corporate governance appears to be reinforced when rule of law is stronger and the level of democracy is higher, respectively. Furthermore, higher level of economic development helps reap the benefit of democracy and rule of law in terms of improving corporate governance and reducing agency costs.     

上市公司财务能力与持续现金股利政策的实证分析——基于沪深A股数据

本文以1999年￣2004年连续派发现金股利的沪深A股上市公司为样本,分析了上市公司盈利能力、长期偿债能力、获取现金能力和发展能力对持续现金股利政策的影响程度。研究结果表明:在持续现金股利政策下,上市公司实现的盈利约有40%作为现金股利派发给了股东;而上市公司长期偿债能力、获取现金能力和发展能力对其持续现金股利政策无显著影响。     

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.     

金字塔结构特征对上市公司现金股利政策的影响

以2004年至2010年715家上市公司为样本,构建面板数据模型研究我国金字塔结构特征对上市公司现金股利政策的影响,结果表明:控制权、现金流权与现金股利支付倾向及支付力度显著正相关;两权分离度与现金股利支付力度显著负相关;金字塔结构较复杂、终极控制人具有集团性质时,现金股利支付倾向与支付力度较低;现金股利支付倾向受终极控制人产权性质影响。     

金融资产配置、金融杠杆与现金流风险

金融资产会计安排是企业执行金融工具准则的重要环节,具有显著的经济后果。基于实体企业金融化现象,研究金融资产配置与现金流风险关系,分析金融杠杆的调节功能,探讨非效率资本配置的传导作用,研究发现：金融资产配置与现金流风险之间存在U型关系;金融杠杆能够调节金融资产配置与现金流风险的关系,使关系曲线拐点右移与扁平化。区分金融资产配置类型后发现：交易类金融资产与现金流风险呈U型关系;委托贷款等新兴金融资产负向影响现金流风险;投资性房地产和长期金融股权投资未显著影响现金流风险。考虑企业生命周期后发现,成长期与衰退期企业金融资产配置与现金流风险呈U型关系,成熟期企业金融资产配置负向影响现金流风险;按照产权性质分组检验发现,金融资产配置与现金流风险的关系以及金融杠杆的调节效应在非国有企业中更显著;机制检验发现,非效率资本配置在金融资产配置影响现金流风险的过程中发挥中介作用。     

The effect of takeover defenses on the dividend decision

Many firms have sought protection from hostile takeovers by passing defensive amendments to their corporate charter and/or lobbying their state legislatures for statutory protection. Agency theory would suggest that any such takeover defenses alter the principal-agent relationship. A consequence of such a change may be a change in corporate decision making. The objective of this research is to test the effect that passage of antitakeover amendments has on a firm's dividend policy. We use six alternate measures of dividend activity: total dividends paid, dividends per share and dividends relative to earnings, cash flow, market value, and book value. Our results indicate that firms that adopt antitakeover amendments, when compared to an industry control sample, tend to have a slower rate of growth in dividend payout as measured by the proxy variables. These results suggest that entrenchment is not a likely outcome of such amendments.     

董事会计师事务所工作背景与企业现金持有水平——来自中国资本市场的经验证据

基于2004—2012年我国上市公司数据,考察了董事会计师事务所工作背景对企业现金持有水平的影响。研究发现,董事会会计师事务所工作背景（董事会中是否有成员具有会计师事务所工作背景、董事会中拥有会计师事务所工作背景的董事人数、董事会中拥有会计师事务所工作背景的董事比例等）显著降低了企业的现金持有水平。进一步的分组检验结果还发现董事会计师事务所工作背景带来的现金方面的治理效应仅仅体现在高成长企业和管理层权力较大的企业之中,因为这两类企业面临的潜在代理冲突或信息不对称问题更为严重。     

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.     

我国上市公司现金持有水平研究

现金持有决策是公司面临的重要财务决策。本文以2012年我国A股上市公司作为研究样本,分析了各个行业上市公司现金持有水平的状况。研究表明,我国上市公司现金持有水平的数据分布基本呈现右偏态分布,公司间的现金持有水平有较大的差异,行业特征是影响公司现金持有水平的重要因素。     

Hard Times or Great Expectations? Dividend Omissions and Dividend Cuts by UK Firms*

This paper uncovers an increasing proportion of quoted UK companies omitting cash dividends. Using a large panel of quoted UK firms, we estimate panel data probit models for the incidence of dividend omissions and cuts as functions of financial characteristics including cash flow, leverage, investment opportunities, investment and company size. These variables account for most of the increase in omission since 1995. There is relatively little evidence to link this to the major tax reform of 1997 that abolished tax refunds on dividend income payable to tax‐exempt institutions. Significant persistence effects indicate companies are slow to adjust their balance sheets through their dividend.     

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。     

Agency costs in the banking industry: An examination of ownership behavior,leverage and dividend policies

This paper examines agency theory arguments in the banking industry by analyzing the effect of four variables that proxy for agency costs—earnings volatility, managers' portfolio diversification losses, bank size, and standard deviation of bank equity returns—on the three financial policy variables of managerial stock ownership, leverage, and dividend yield. It is one of the first studies that examines the determination of financial policy variables, in light of agency concerns, in the banking industry. The study examines the largest 104 U.S. banks during the period 1985–1989. Evidence suggests that bank size and a measure of the managers' portfolio diversification opportunity set affect the bank's level of managerial stock ownership, leverage and dividends.     

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.     

真实盈余管理与现金股利政策——来自中国上市公司的经验证据

本文利用2007～2011年7402个沪深A股上市公司样本,实证检验了上市公司真实盈余管理与现金股利政策间的关系,研究发现,真实盈余管理与现金股利分配倾向及现金股利分配力度间存在显著负相关关系,即真实盈余管理程度越高的上市公司,现金股利分配倾向就越低,而且分配的每股现金股利值也越低。进一步研究发现,真实盈余管理与现金股利政策间的负相关关系主要是由正向真实盈余管理的上市公司造成的。     

上市公司股利分配理性化引导

本文认为,我国上市公司股利不分配股利的公司居多,且分配股利的以股票股利为主,现金股利的支付水平极低。这种非理性化股利政策对我国上市公司、投资者和资本市场均造成了极为不利的影响。为此,迫切需要尽快将上市公司的股利分配引导到理性状态。     

现金股利政策信号传递研究

现金股利的逐步攀升与稳定是2000年以来资本市场出现的新情况,上市公司的这一行为标示了股利政策的变化。本文的研究表明:股利政策由股票股利逐渐演变为现金股利是制度演进的结果,在不成熟的资本市场条件下,由于投资者不具有现金股利对公司价值的较强信念,现金股利不能够成为传递价值信息的信号,当资本市场参与各方在发展过程中的行动,逐渐使得市场对于股利政策所体现出来的公司价值具有较强的信念时,现金股利就可以成为公司有效表达私人信息的工具。