数字经济与企业现金持有——基于营商环境和行业竞争的视角  

Digital Economy and Corporate Cash Holdings——From the Perspective of Business Environment and Industry Competition

作　　者：吴春贤[1,2] 王晓庆 高省亮 Wu Chunxian;Wang Xiaoqing;Gao Shengliang(School of Economics and Management,Shihezi University,Shihezi 832003,Xinjiang,China;Center for Corporate Governance and Management Innovation,Shihezi 832003,Xinjiang,China;Xinjiang branch of Industrial and Commercial Bank of China,Urumqi 830000,Xinjiang,China)

机构地区：[1]石河子大学经济与管理学院,新疆石河子832003 [2]公司治理与管理创新研究中心,新疆石河子832003 [3]中国工商银行新疆分行,新疆乌鲁木齐830000

出　　处：《新疆农垦经济》2024年第4期78-92,共15页Xinjiang State Farms Economy

基　　金：国家自然科学基金青年项目(项目编号:72103144);教育部人文社科基金项目(项目编号:21YJA790077);石河子大学青年创新拔尖人才项目(项目编号:CXBJ202210)。

摘　　要：文章基于2011—2020年中国省际面板数据构建数字经济发展水平评价指标,实证检验数字经济发展对上市公司现金持有的影响及作用机制。研究发现,数字经济发展能够降低上市公司现金持有水平,该结论在经过一系列稳健性检验后依然成立。渠道机制表明,数字经济发展通过优化营商环境、提高行业竞争降低企业现金持有水平。进一步研究发现,数字经济降低上市公司现金持有水平的作用因企业产权性质、代理成本、数字化转型程度的不同存在一定的异质性,数字经济也增加了企业的现金持有价值。据此,提出加大数字基础建设投资,“因地制宜”制定相关政策,助力企业数字化转型的政策建议。Based on the inter-provincial panel data of China from 2011 to 2020,this paper constructs an evaluation index of the lev⁃el of digital economic development,and empirically tests the impact and mechanism of digital economic development on cash hold⁃ings of listed companies.The study finds that the development of digital economy can reduce the level of corporate cash holdings and the conclusion is still valid after a series of robustness tests.Channel mechanism shows that the development of digital econo⁃my reduces the level of corporate cash holdings by optimizing the business environment and improving industry competition.Fur⁃ther research shows that the impact of digital economy on the level of cash holdings of listed companies has certain heterogeneity in the nature of enterprise property rights,agent cost and digitized degree and digital economy also increases the cash holding value of enterprises.Based on this,it is proposed to increase investment in digital infrastructure,formulate relevant policies according to lo⁃cal conditions,and help enterprises with digital transformation.

关 键 词：数字经济 现金持有 营商环境 行业竞争 

分 类 号：F49[经济管理—产业经济] F275