人口老龄化与企业现金持有水平  

Population Aging and Corporate Cash Holding Levels

作　　者：王华 谭鑫语 WANG Hua;TAN Xinyu

机构地区：[1]中南财经政法大学会计学院

出　　处：《财务研究》2024年第5期27-41,共15页Finance Research

摘　　要：本文以2010~2022年沪深A股上市公司为研究样本,实证检验人口老龄化对企业现金持有水平的影响。研究结果显示,人口老龄化显著提高了企业现金持有水平,而劳动力成本上升、债务融资规模缩减和经营风险增加是人口老龄化影响企业现金持有水平的重要机制。截面分析显示,人口老龄化对企业现金持有水平的影响在劳动力调整成本较高、外部融资成本较高以及市场竞争激烈的企业中更加显著。拓展研究发现,人口老龄化冲击下增加现金持有水平能够提升企业市场价值,并且企业提高了超额现金持有水平。本文的研究结论为理解企业现金持有水平的影响因素提供了新的理论依据,也为企业应对老龄化冲击提供了经验启示。This paper empirically examines the impact of population aging on the level of corporate cash holdings with a research sample of A-share listed companies in Shanghai and Shenzhen from 2010 to 2022.The results show that population aging significantly increases the level of corporate cash holdings,while rising labor costs,shrinking debt financing scale and increasing business risks are important mechanisms through which population aging affects the level of corporate cash holdings.Cross-sectional analysis shows that the effect of population aging on firms'cash holding levels is more significant in firms with higher labor adjustment costs,higher external financing costs and highly competitive markets.Extended research finds that increasing the level of cash holdings in response to population aging shocks enhances firms'market value and that firms increase the level of excess cash holdings.The findings of this paper provide a new theoretical basis for understanding the factors influencing the level of cash holdings of firms and provide empirical insights for firms to cope with aging shocks.

关 键 词：企业现金持有水平 人口老龄化 劳动力成本 债务融资规模 经营风险 

分 类 号：F234.3[经济管理—会计学] F24[经济管理—国民经济]