审计与经济研究
審計與經濟研究
심계여경제연구
Economy ＆ Audit Study
2015年
3期
21~29
,共null页
制度环境 关系交易 现金持有决策 预防性动机 财务特征 管理者行为 公司治理 财务行为
製度環境 關繫交易 現金持有決策 預防性動機 財務特徵 管理者行為 公司治理 財務行為
제도배경 관계교역 현금지유결책 예방성동궤 재무특정 관리자행위 공사치리 재무행위
institutional environment; relational transaction; cash holding policymaking; precautionary motives ; financial features ; managers behavior; corporate governance ; financial behavior
采用2008-2012年中国A股制造业上市公司面板数据为样本,考察我国制度环境、企业商业关系交易对其现金持有决策的影响效应。研究发现,企业关系交易越多,供应商持有现金的动机越强烈,这种动机在市场地位低的非国有企业中表现更加明显。进一步发现,地区制度环境的完善,尤其是政府减少不必要的干预、金融服务发展以及社会诚信度提高有效缓解了非国有企业因关系交易持有现金的动机,而对国有企业该动机的影响并不明显。
採用2008-2012年中國A股製造業上市公司麵闆數據為樣本,攷察我國製度環境、企業商業關繫交易對其現金持有決策的影響效應。研究髮現,企業關繫交易越多,供應商持有現金的動機越彊烈,這種動機在市場地位低的非國有企業中錶現更加明顯。進一步髮現,地區製度環境的完善,尤其是政府減少不必要的榦預、金融服務髮展以及社會誠信度提高有效緩解瞭非國有企業因關繫交易持有現金的動機,而對國有企業該動機的影響併不明顯。
채용2008-2012년중국A고제조업상시공사면판수거위양본,고찰아국제도배경、기업상업관계교역대기현금지유결책적영향효응。연구발현,기업관계교역월다,공응상지유현금적동궤월강렬,저충동궤재시장지위저적비국유기업중표현경가명현。진일보발현,지구제도배경적완선,우기시정부감소불필요적간예、금융복무발전이급사회성신도제고유효완해료비국유기업인관계교역지유현금적동궤,이대국유기업해동궤적영향병불명현。
This paper takes Chinese manufacturing listed firms between 2008 and 2012 as samples to make an empirical test on the effect of institutional environment, key customer＇ s relational transaction on cash holdings. The study found that the more relational transaction occurred ,the more cash suppliers tend to hold to fulfill the commitments to customers and to prevent the risk of losing customers. The motive of the non - state - owned enterprises with lower market position is more obvious ; The improvement of regional environment, including the government intervention, the development of the financial services and social integrity can reduce the non - state - owned enterprises＇ motivation of cash for important customer＇ s relational transaction,but the impact is not obvious for state -owned enterprises.
