信用信息共享降低了企业现金持有吗?——来自创建社会信用体系建设示范城市的经验证据  

Does Credit Information Sharingg Reduce Firm's Cash Holding?

作　　者：钱雪松[1] 王帅 秦睿祺 Qian Xuesong;Wang Shuai;Qin Ruiqi(School of Economics,Huazhong University of Science and Technology;School of Public Economics and Administration,Shanghai University of Finance and Economics;Shanghai Advanced Institute of Finance,Shanghai Jiao Tong Unversity)

机构地区：[1]华中科技大学经济学院,430074 [2]上海财经大学公共经济与管理学院,200433 [3]上海交通大学上海高级金融学院,200300

出　　处：《经济评论》2024年第4期105-121,共17页Economic Review

基　　金：教育部人文社会科学研究规划基金项目“企业杠杆率对劳动雇佣的影响——基于偿债压力视角的研究”(23YJA790063);国家自然科学基金面上项目“担保物权制度改革对企业负债融资的影响及经济后果:基于《物权法》自然实验的‘法与金融’研究”(71872067)的资助。

摘　　要：完备的信用信息共享机制对于发挥信用信息的市场价值尤为重要。本文以创建社会信用体系建设示范城市作为建立信用信息共享机制的外生冲击,运用双重差分法系统考察了信用信息共享对企业现金持有的影响。实证结果表明,创建社会信用体系建设示范城市显著降低了企业现金持有,上述效应在信息披露质量较低、公司治理较差、融资约束严重以及外部监督力度较小的企业更为明显。机制检验表明,创建社会信用体系建设示范城市显著增强了企业信用,提升了企业外部融资可获得性并降低了企业代理成本。本文研究发现有助于厘清信用信息共享与企业现金持有之间的内在联系,并对推进社会信用体系建设,构建高水平社会主义市场经济体制具有重要启示。A comprehensive credit information sharing mechanism is particularly important for unleashing the market value of credit information.Taking the pilot policy of social credit system reform demonstration cities as an exogenous impact of establishing a credit information sharing mechanism,this paper systematically examines the impact of credit information sharing on firm's cash holding using difference-in-differences method.The results show that the reform significantly reduces firm's cash holding,and such effect is more pronounced in firms with lower quality of information disclosure,poorer corporate governance,tighter financial constraints and weaker external supervision.Further mechanism tests show that,the reform significantly strengthens firm's credit,improves the availability of external financing and reduces agency cost.This research is helpful to clarify the relationship between credit information sharing and firm's cash holding,and has important policy implications for promoting the construction of social credit system and building a high-level socialist market economy system.

关 键 词：信用信息共享 企业现金持有 企业信用 外部融资 

分 类 号：F272[经济管理—企业管理] F830[经济管理—国民经济]