制度环境、关系交易与现金持有决策  

Institutional Environment,Relational Transaction and Cash Holdings Policy

作　　者：赵秀云[1] 鲍群[1,2] 

机构地区：[1]天津财经大学商学院,天津300222 [2]安徽财经大学会计学院,安徽蚌埠233030

出　　处：《审计与经济研究》2015年第3期21-29,共9页Journal of Audit & Economics

基　　金：国家社会科学基金项目(13CGL034);天津市科技发展战略研究计划项目(13ZLZLZF01300);安徽财经大学校级项目(ACKY1434);安徽财经大学校级项目(ACKY1312ZDB)

摘　　要：采用2008-2012年中国A股制造业上市公司面板数据为样本,考察我国制度环境、企业商业关系交易对其现金持有决策的影响效应。研究发现,企业关系交易越多,供应商持有现金的动机越强烈,这种动机在市场地位低的非国有企业中表现更加明显。进一步发现,地区制度环境的完善,尤其是政府减少不必要的干预、金融服务发展以及社会诚信度提高有效缓解了非国有企业因关系交易持有现金的动机,而对国有企业该动机的影响并不明显。This paper takes Chinese manufacturing listed firms between 2008 and 2012 as samples to make an empirical test on the effect of institutional environment, key customer＇ s relational transaction on cash holdings. The study found that the more relational transaction occurred ,the more cash suppliers tend to hold to fulfill the commitments to customers and to prevent the risk of losing customers. The motive of the non - state - owned enterprises with lower market position is more obvious ; The improvement of regional environment, including the government intervention, the development of the financial services and social integrity can reduce the non - state - owned enterprises＇ motivation of cash for important customer＇ s relational transaction,but the impact is not obvious for state -owned enterprises.

关 键 词：制度环境 关系交易 现金持有决策 预防性动机 财务特征 管理者行为 公司治理 财务行为 

分 类 号：F275.1[经济管理—企业管理]