社会性负担、融资约束与公司现金持有——基于民营上市公司的经验证据

发布时间：2018-03-02 16:51

本文选题：社会性负担　切入点：融资约束　出处：《经济科学》2014年02期 　论文类型：期刊论文

【摘要】：本文以2002—2010年民营上市公司为研究样本,从公司现金持有的视角,考察企业承担的社会性负担对公司财务行为的影响。研究发现,民营企业承担的社会性负担越高,企业现金持有比例越低,这种影响在非政治关联的企业和失业率较高的地区里更为显著。对社会性负担降低企业现金持有的机理和具体机制的分析验证了社会性负担能够降低企业投资—现金流敏感度;社会性负担越高的公司,能够获得越多的政府补助;政府提供的隐性担保能够提高企业银行贷款能力,降低企业融资约束。但进一步分析发现,承担较高社会性负担的民营企业在加强资本投资的同时,投资-业绩敏感性下降,即在获得融资便利之后进行的更多是无效投资。由此得出社会性负担扭曲了微观经济主体行为,影响了企业的经营效率和激励机制,导致了资源配置低效率的结论。
[Abstract]:This paper takes the private listed companies as the research sample from 2002 to 2010, from the perspective of corporate cash holding, investigates the influence of the social burden borne by enterprises on the financial behavior of the company. The study finds that the higher the social burden borne by private enterprises, the higher the social burden borne by private enterprises. The lower the company's cash holdings, This effect is more significant in non-political related enterprises and higher unemployment rate. The analysis of the mechanism and mechanism of social burden reducing corporate cash holding proves that social burden can reduce the sensitivity of investment-cash flow. The higher the social burden, the more government subsidies can be obtained, and the implicit guarantee provided by the government can improve the loan ability of the enterprise bank and reduce the financing constraint of the enterprise. At the same time of strengthening the capital investment, the investment-performance sensitivity of the private enterprises which bear the higher social burden decreases. It is concluded that the social burden distorts the behavior of microeconomic subjects, affects the management efficiency and incentive mechanism of enterprises, and leads to the inefficient allocation of resources.
【作者单位】：对外经济贸易大学国际财务与会计研究中心;北京大学经济学院;
【基金】：国家自然科学基金项目(71102076,71372060,71272041,71272221) 对外经济贸易大学中央高校基本科研业务专项资金(2013YQ03,CXTD5-02) 北京市哲学社会科学规划研究基地特别委托项目(13JDJGD006) 对外经济贸易大学“211工程”建设项目等资助
【分类号】：F276.5;F832.51;F275;F224

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