摘要
本文利用高铁开通自然实验,研究营商"硬环境"对公司现金持有影响。研究发现,高铁开通使所在地市场竞争加剧,公司投资范围扩大,投资机会增加;进一步地,高铁开通使所在地公司现金持有增加,且该现象在融资约束程度高的子样本中更显著。基于后果分析发现,公司增加现金持有,将有助于其维持所在地产品市场份额,提高竞争优势,增加异地投资,缓解投资不足,并改善会计业绩,提高现金市场价值。研究表明,伴随高铁开通,所在地公司出于预防动机,会策略性增加现金持有。本文基于交通基础设施类营商"硬环境"视角,为公司现金持有持续增加现象提供新论据,也为公司利用经济正外部性,及时调整财务策略,提供重要启示。
This paper studies the impact of high-speed rail commencement(HSR thereafter)on the firms’cash holding strategy.The study finds that after the located city commenced its high-speed rail,the firm will strategically increase its cash holdings.Specifically,based on the mechanism analysis,the study finds that HSR can significantly improve the market competition and increase the investment opportunities,meanwhile the positive effect of HSR on firm’s cash holding is more significant in the sub-samples of firms with higher financial constraints.Based on the economic consequences analysis,the study finds that HSR has a significant positive effect on firm’s market competition performance,nonlocal investment,accounting performance and the market value of cash.The study shows that firms will increase cash holdings to deal with market competition,timely grasp investment opportunities when facing the challenges brought by HSR.
出处
《会计研究》
CSSCI
北大核心
2020年第4期88-99,共12页
Accounting Research
基金
中国自然科学基金项目(71572042,71972049)资助
关键词
营商“硬环境”
市场竞争
投资机会
现金持有
Transport Infrastructure
Corporate Cash Holding
Market Competition
Investment Opportunities
