去产能、产权异质性与公司现金持有——基于供给侧结构性改革的准自然实验被引量：3

Cutting Overcapacity,Property Heterogeneity and Corporate Cash Holdings:A Quasi-natural Experiment from China’s Supply-Side Structural Reform

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摘要本文以2015年我国供给侧结构性改革启动为外生事件构造准自然实验,运用双重差分、三重差分法等考察去产能政策对我国上市公司现金持有影响及其作用机制。基于上市公司2006—2019年度财务数据的实证研究显示:第一,相较于不受去产能政策影响的控制组,受政策影响的上市公司现金持有水平在去产能政策实施之后得到了显著提升。三重差分模型表明国有产权弱化了去产能对国有公司现金持有的影响。第二,模型异质性检验表明,去产能政策对高对冲动机国有公司现金持有影响更加明显,企业增加现金持有不仅要降低融资约束,还要对冲未来投资较高的融资成本。第三,机制检验结果表明,去产能政策通过影响公司信贷资金可得性以及市场垄断租金来调节公司现金持有,在投机动机驱动下政策加剧了国有企业的金融化投资,造成信贷资金的“脱实入虚”。本文揭示的去产能对公司财务决策的微观影响机制可为供给侧结构性改革精准发力提供参考依据。 Based on the exogenous event of China’s supply side structural reform in 2015,this paper uses difference in difference and triple difference estimation to investigate the impact of cutting overcapacity policy on cash holdings of Chinese listed companies and its mechanism.By using the financial data of Listed Companies in 2006-2019,the empirical study finds that:(1)Compared with the control group,the cash holding of the listed companies affected by the policy has been significantly improved after the implementation of the de-capacity policy.The DDD model shows that there is a significant difference between the property rights of the policies,which shows that the cash holding of the state-owned listed companies decreases significantly.(2)The model heterogeneity test shows that the de-capacity policy has a more significant impact on the cash holdings of high hedging motive enterprises.Increasing the cash holdings of enterprises not only reduces the financing constraints,but also offsets the higher financing costs of future investment.(3)The mechanism test results show that the de-capacity policy regulates the company’s cash holdings by affecting the availability of the company’s credit funds and the market monopoly rent.Driven by the speculative motivation,the policy intensifies the financial investment of state-owned enterprises,resulting in the loss of real credit funds.The micro impact mechanism revealed in this paper can provide a reference basis for the accurate development of supply side structural reform.

作者王连军张超林 Wang Lianjun;Zhang Chaolin(School of Finance,Hunan University of Technology and Business,Changsha,410205)

机构地区湖南工商大学财政金融学院

出处《中国经济问题》 CSSCI 北大核心 2022年第6期132-148,共17页 China Economic Studies

基金国家社会科学基金后期资助项目(19FJYB010) 国家社会科学基金项目(20BJY108) 湖南社科基金基地项目(18JD41)

关键词供给侧改革去产能现金持有产权异质性现金对冲动机 supply-side reform cutting overcapacity cash holdings heterogeneity of property rights cash hedging motive