高铁开通的微观治理效应——基于现金持有的实证研究

随着中国高铁建设进入黄金期,高铁开通给企业带来的经济效益日益凸显。本文基于2005-2016年沪深两市上市公司的面板数据,以其办公所在地城市是否开通高铁作为外生冲击,采用双重差分(Differences-in-Differences)方法实证检验了高铁开通对企业现金持有水平的影响以其作用机制。研究发现,高铁通车以后,沿线上市公司的现金持有水平显著降低,进一步机制检验发现,当公司面临较为严重的融资约束以及处于较弱的外部治理环境时,高铁开通对现金持有水平的降低效应更显著,表明高铁开通对企业现金持有水平的影响主要通过缓解企业的融资约束与降低代理成本来实现。本文的研究丰富和拓展了高铁开通及现金持有等领域的相关文献,同时提供了交通基础设施建设影响公司微观行为的经验证据。

Micro Governance Effect of High-speed Railway Opening:An Empirical Study on the Perspective of Cash Holdings

As China's high-speed rail construction enters a golden period,the economic benefits brought by the opening of high-speed rail to enterprises have become increasingly prominent.Based on the panel data of listed companies in Shanghai and Shenzhen from 2005 to 2016,we construct a difference in difference(Differences-in-Differences)model to examine the impact of high-speed rail opening events on companies,cash holding decision.The results show that after the high-speed rails are opened,the cash holdings of listed companies along the lines have been significantly reduced.Further analyses find that the negative relation between the opening of high-speed rail and cash holdings is more significant when the companies have more serious financing constraints and are in a weaker external supervision environment.The conclusions of this paper enriches and expands the relevant literature in the fields of high-speed rail opening and cash holding,and provides empirical evidence that the transportation infrastructure construction affects the company's micro-behavior.