"High cash and debt"refers to the situation where a company's monetary funds and interest-bearing liabilities are both at a high level.This paper systematically excavates the economic consequence of"high cash and debt"from the perspective of firm value,taking the A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2007 to 2021 as the sample.We empirically find that enterprises with"high cash and debt"have lower firm value.The empirical analysis of moderating effects is shown below.The negative relationship is strengthened by management's vertical interlocks and weakened by the senior executives with overseas backgrounds.The negative relationship is weakened by large accounting firms and aggravated by longer auditor tenure.A lower degree of excess debt and a higher degree of deleveraging will help to alleviate the negative correlation.The results indicate that there are problems of tunneling and financial fraud hidden behind"high cash and debt",detrimental to the sustainable development of enterprises and their value.This article enriches the relevant research on the anomaly of"high cash and debt"and corporate value,and also provides some reference to deeply understand the financial anomalies of enterprises and prevent potential risks.
关键词
存贷双高/公司价值/大股东掏空/信息披露/债务风险
Key words
high cash and debt/firm value/tunneling/information disclosure/debt crisis
万方数据