社会信任水平与企业现金持有——基于权衡理论的解读  

Social Trust and Firm Cash Holdings:An Explanation Based on Trade-off Theory

作　　者：贺京同[1] 范若滢 

机构地区：[1]南开大学经济学院经济研究所,天津300071

出　　处：《上海财经大学学报（哲学社会科学版）》2015年第4期30-41,共12页Journal of Shanghai University of Finance and Economics

基　　金：国家社科基金重大项目"经济稳定增长前提下优化投资与消费的动态关系研究";国家留学基金委公派留学项目

摘　　要：信任是一种文化现象,它通过信任的指向性不明确而对公司治理产生影响。文章从社会信任水平着手考察其对企业现金持有的影响。结果显示:(1)社会信任水平每提高1%,企业现金持有水平降低0.208%,该影响通过减弱信息不对称问题和弥补正式制度的不足两个渠道发挥作用;(2)在正式制度对投资者保护程度更弱或企业信息不对称问题更严重时,社会信任水平对于企业现金持有的影响更大;(3)结合企业所有权性质的考察发现,社会信任水平在影响非国有企业的现金持有行为中发挥的作用较之于国有企业更大。因此,对企业治理的研究思路从经济视角扩展到社会视角有利于完善公司治理的深层结构,从而提高公司治理水平。Trust is a culture phenomenon, and affects corporate governance through unclear trust directivity. This paper explores the effect of social trust on firm cash holdings. It arrives at the following conclusions, firstly, the increase in social trust by 1% leads to the reduction in firm cash holdings by 0.208%; this impact is achieved through two different ways： weakening the information asymmetry problem and making up the drawbacks of formal institutions; secondly, owing to weaker role of formal institutions in investor protection and more serious information asymmetry, social trust has greater effects on firm cash holdings; thirdly, based on the analysis of the nature of property right, the role of social trust in cash holdings of non-state-owned enterprises is stronger than the role of social trust in cash holdings of state-owned enterprises. Therefore, the expansion of research idea of corporate governance from economic perspective to social perspective is beneficial to the perfection of deep structure of corporate governance and thereby the increase in corporate governance level.

关 键 词：社会信任水平 现金持有 所有权性质 非正式制度 

分 类 号：F062.9[经济管理—政治经济学]