企业社会资本与现金持有——基于中国沪深A股经验分析  

Social Capital and Corporate Cash Holdings——An Empirical Analysis of A-share of Shanghai and Shenzhen Stock Exchanges in China

作　　者：朱守梅 花冯涛[1] 吴臻 ZHU Shou-mei;HUA Feng-tao;WU Zhen(School of Economics and Management,Anhui Normal University,Wuhu 241000,China)

机构地区：[1]安徽师范大学经济管理学院

出　　处：《兰州财经大学学报》2019年第4期49-63,共15页Journal of Lanzhou University of Finance and Economics

基　　金：国家社科基金青年项目“基于信息不确定性视角下的中国股票市场公司特质风险研究”(13CGL026)

摘　　要：企业外部人际关系的构建会影响企业投资和融资行为,进而可能会影响企业高管对现金持有的决策行为,然而相关研究多集中于企业内部高管权力对现金持有决策的影响,有关外部人际关系对企业现金持有影响的研究却比较缺乏。以中国沪深A股上市公司2007—2016年数据为样本,分析并检验企业社会资本对现金持有水平及其价值的影响,研究发现:(1)企业社会资本和现金持有水平存在负相关关系,企业社会资本可以降低现金储备动机;(2)企业社会资本和现金持有价值存在正相关关系,企业社会资本能够提高现金使用的效率。通过研究企业社会资本对企业现金持有的影响,为我国上市公司现金持有决策提供了有益参考。The external interpersonal relationship of a corporate will affect the investment and financing behavior of the corporate,which may affect the decision-making behavior of the corporate executives on the cash holding for that matter.However,the relevant research mostly focuses on the influence of the inside executive power on the cash holdings decision.The research on the influence of external interpersonal relationship on the cash holdings of a corporate is relatively deficient.Taking data on A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2007 to 2016 as a sample,this paper analyzed and tested the influence of corporate social capital on level and value of cash holdings.The results show that:(1)there is a negative correlation between corporate social capital and cash holdings level.The corporate social capital can reduce the motivation of cash reserve.(2)There is a positive correlation between corporate social capital and the value of cash holding where corporate social capital can improve the efficiency of cash exercise.Studying the influence of social capital on corporate cash holdings provides a useful indication for the cash holdings decision of the listed companies in China.

关 键 词：企业社会资本 现金持有 融资约束 投资决策 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]