同行MD&A语调对企业现金持有的溢出效应  

Spillover Effects of Peer MD&A Tone on Firm Cash Holdings

作　　者：李秉祥[1] 魏雯婧 王勃然 LI Bing-xiang;WEI Wen-jing;WANG Bo-ran(School of Economics and Management,Xi'an University of Technology,Xi'an,710048;Nanyang Business School,Nanyang Technological University,Singapore,639798)

机构地区：[1]西安理工大学经济与管理学院,西安710048 [2]南洋理工大学南洋商学院,新加坡639798

出　　处：《软科学》2025年第3期66-72,共7页Soft Science

摘　　要：以沪、深A股上市公司为样本,分析并检验了同行MD&A文本语调对上市公司现金持有的影响效应及作用机制。研究发现:(1)随着同行MD&A文本信息披露语调积极性的提升,目标企业会显著降低自身的现金资产持有水平;(2)同行MD&A文本披露语调积极程度所形成的融资约束缓解机制与竞争激励机制,是同行MD&A文本披露语调积极程度影响目标企业现金持有的具体作用机制;(3)同行MD&A披露语调真实性在同行MD&A披露语调积极程度与目标企业现金持有两者关系中,起到显著正向调节作用。This paper employs A-share listed companies from Shanghai and Shenzhen as a sample to analyze and examine the impact and mechanisms by which peer MD&A text tone influences the cash holdings of listed firms.The results show that:(1)An increase in the positivity of peer MD&A text disclosure is associated with a significant reduction in the target company′s cash asset levels;(2)The financing constraint alleviation mechanism and competitive incentive mechanism arising from the positivity of peer MD&A text disclosures serve as specific pathways through which this positivity affects the target firm′s cash holdings;(3)The authenticity of peer MD&A disclosure tone significantly moderates the relationship between its positivity and the target company's cash holding behavior.

关 键 词：现金持有 MD&A 文本语调 同行企业 

分 类 号：F275[经济管理—企业管理] F832.5[经济管理—国民经济]