摘要
本文以2006—2020年我国非金融类上市公司为样本,采用现金持有部分动态调整模型,实证检验了银行业竞争对企业现金持有动态调整的影响。研究发现:银行业竞争会显著加快企业现金持有动态调整的速度,降低企业的现金偏离度。此结论在进行一系列稳健性检验后依旧成立。机制分析表明,银行业竞争会显著降低企业的融资约束,且能通过发挥债务治理作用,降低企业的代理成本,加快企业现金动态调整速度。进一步分析发现,银行业竞争有利于优化企业现金配置,将更多现金用于创新研发、慈善捐赠和增加现金股利分配;同时随着金融科技的发展,银行业竞争对企业现金持有动态调整速度的影响更显著。本文从动态维度进一步揭示了银行业竞争对企业的微观经济效应,也为企业优化内部现金管理决策提供了一定启示。
Based on the partial dynamic adjustment model of cash holdings,this paper explores the influence of banking competition on the dynamic adjustment of corporate cash holdings using a sample of Chinese non-financial listed companies from 2006 to 2020.Research finds that bank competition can significantly accelerate the dynamic adjustment speed of cash holdings and reduce cash deviation.These conclusions are still robust with alternative tests.The mechanism analysis suggests bank competition can significantly reduce the financial constraints and plays a role in debt governance,thereby lowering agency costs of enterprises and accelerating the dynamic adjustment speed of corporate cash holdings.Further analysis suggests that bank competition is beneficial for optimizing corporate cash allocation,allocating more cash to innovative research and development,charitable donations,and increasing cash dividend distribution.With the development of Fintech,bank competition has a more significant impact on the dynamic adjustment speed of cash holdings.This paper further reveals the microeconomic effects of bank competition on enterprises from a dynamic perspective,and provides some inspiration for optimizing internal cash management decisions of enterprises.
出处
《金融监管研究》
CSSCI
北大核心
2023年第12期82-101,共20页
Financial Regulation Research
基金
中国博士后科学基金面上资助项目“地方金融发展水平与稳就业:基于银行分支机构空间分布的研究”(编号:2022M721422)的资助。
关键词
银行业竞争
融资约束
金融科技
资金管理
公司治理
Bank Competition
Financial Constraint
Fintech
Cash Management
Corporate Governance
作者简介
严涵,经济学博士,中国进出口银行江西省分行。
