新冠肺炎疫情下交易动机、预防动机对公司现金持有的影响——基于非常态下企业社会责任的调节作用  

The Impact of Transaction Motives and Prevention Motives on the Corporate Cash Holdings under the COVID-19-Based on the Moderating Role of CSR under Extraordinary Circumstances

作　　者：高睿 徐玲 陈松 林潇 Gao Rui;Xu Ling;Chen Song;Lin Xiao(School of Economics,Beijing Technology and Business University;School of Mathematics and Statistics,Beijing Technology and Business University)

机构地区：[1]北京工商大学经济学院 [2]北京工商大学数学与统计学院经济统计系

出　　处：《调研世界》2022年第6期62-71,共10页The World of Survey and Research

基　　金：北京市哲学社科基金重点项目“基于时间分配视角的首都居民生活变迁研究”(18YJA005)的资助。

摘　　要：本文以新冠肺炎疫情为外生冲击事件,选取2019年7月至2020年6月589家中国上市企业相关数据,依据产权性质和地区新冠肺炎疫情严重程度进行分组,将企业社会责任履行程度作为调节因子,深入考察在突发事件冲击下预防动机、交易动机影响企业现金持有的作用机制及异质性特征,以及非常态下企业社会责任履行的特殊调节作用。研究发现:新冠肺炎疫情会减弱预防动机和交易动机对企业现金持有的影响程度;企业社会责任履行对预防动机影响效应具有调节作用,而在交易动机上不明显;民营企业的社会责任履行对现金持有预防动机的影响效应具有负向调节作用,且在新冠肺炎疫情冲击严重的地区更为凸显,而这种调节作用在国有企业中并不显著。因此,面对新冠肺炎疫情等突发事件,企业应及时调整现金管理策略,在后新冠肺炎疫情时期将企业社会责任纳入现金持有决策,推动社会责任履行常态化,以实现经济效益与社会效益双赢的战略目标。The sudden outbreak of COVID-19 has rapidly deteriorated the production and operation environment of enterprises.As the blood supporting the operation of enterprises,capital determines the survival and development of enterprises.By focusing on corporate cash holdings under extraordinary circumstances and taking COVID-19 as an exogenous impact event,data of 589 Chinese listed companies from June 2019 to June 2020 are selected and grouped according to the nature of property rights and the severity of the epidemic in different regions,with CSR performance as a moderator.The mechanism and heterogeneity characteristics of the impact of prevention motives and transaction motives on corporate cash holdings under the impact of emergencies,as well as the special moderating effect of CSR performance under abnormal circumstances are investigated.The results show that COVID-19 will weaken the impact of prevention motives and transaction motives on corporate cash holdings.CSR fulfillment has a moderating effect on prevention motive impact,but not on transaction motive impact.The social responsibility fulfillment of private enterprises has a negative moderating effect on the prevention motivation of cash holding,and it is more prominent in the areas severely affected by the epidemic,while this moderating effect is not significant in state-owned enterprises.Therefore,in the face of COVID-19 and other emergencies,enterprises should adjust their cash management strategies in a timely manner,include corporate social responsibility into their cash holding decisions in the post-epidemic period,and normalize the fulfillment of social responsibility so as to achieve the strategic goal of win-win economic and social benefits.

关 键 词：新冠肺炎疫情 现金持有动机 企业社会责任 

分 类 号：F275[经济管理—企业管理]