地区失信环境与企业现金持有——来自失信被执行人的经验证据  

Local Credit Default Environment and Enterprises Cash Holdings—Evidence from the Blacklisted Defaulters Subject to Enforcement

作　　者：邱金龙[1] 王雪 张国珍 Qiu Jinlong;Wang Xue;Zhang Guozhen(School of Management,Shandong University,Jinan 250100,P.R.China;College of Economics and Management,Taiyuan University of Technology,Taiyuan 030024,P.R.China)

机构地区：[1]山东大学管理学院,济南250100 [2]太原理工大学经济管理学院,太原030024

出　　处：《山东大学学报（哲学社会科学版）》2024年第4期45-57,共13页Journal of Shandong University(Philosophy and Social Sciences)

基　　金：国家社科基金青年项目“党组织治理与国有企业并购决策的路径、效果与长效机制研究”(21CGL016)。

摘　　要：构建相互信任的营商环境是经济高质量发展的基础。基于最高人民法院公布的失信被执行法人数据,实证检验地区失信环境对企业现金持有水平的影响并揭示其主要作用机制。研究发现:企业所在地区的失信被执行人越多,其现金持有水平越高;机制检验发现,失信环境能够加剧企业融资约束程度、增加费用支出和降低经营绩效,内外部资金来源受限以及增加的费用支出迫使企业出于预防性动机持有更高水平的现金;进一步检验发现,当企业的会计信息质量较差、规模较小时,失信环境中的企业需持有更多的现金以应对潜在风险。这些结论从现金持有的角度丰富了对失信环境经济后果的研究,为持续优化营商环境和完善社会信用体系提供了借鉴思路。Blacklisted defaulters subject to enforcement are a typical manifestation of disregard for contractual spirit and a profound lack of integrity.The number of such individuals serves as a crucial indicator for assessing the credit environment of a region.As the number of blacklisted defaulters subject to enforcement increases,the level of environmental uncertainty faced by enterprises intensifies.Existing literature has elucidated the causes of credit default and discussed its economic consequences from the perspectives of accounting information quality,financial constraints,financialization,risk-taking,and excessive debt.However,there is a paucity of research examining the impact of blacklisted defaulters subject to enforcement on corporate cash holdings.Consequently,this paper employs data on blacklisted default legal persons subject to enforcement,as compiled by the Supreme People’s Court,to investigate the economic consequences of a local credit default environment from the perspective of corporate cash holdings.Specifically,blacklisted defaulters subject to enforcement violate fundamental business rules and convey a negative signal of credit deficiency to society.This credit deficiency has spillover and contagion effects,leading external stakeholders to form a stereotypical impression of“untrustworthiness”about the region,which translates into distrust of all enterprises operating in that area.In other words,in regions with a high number of blacklisted defaulters subject to enforcement,other enterprises experience a significant reduction in trust,necessitating the possession of more resources to cope with the uncertainties brought about by the credit default environment.Favara et al.found that cash is an important resource for enterprises to manage uncertainty.By increasing corporate cash holdings and leveraging the preventive motivation of cash,enterprises can mitigate the adverse impacts of environmental uncertainty.Therefore,enterprises need to maintain higher cash holdings to address financing diffic

关 键 词：地区失信环境 失信被执行人 现金持有水平 社会信用 

分 类 号：F275[经济管理—企业管理] D64[经济管理—国民经济]