投机文化与企业现金持有
Speculative Culture and Corporate Cash Holdings
李书举 1邵志浩1
作者信息
摘要
以文化等为代表的非正式制度对企业决策和行为有重要影响.文章以2008-2022年我国A股上市公司为研究样本,探讨投机文化对企业现金持有的影响.研究发现,地区投机文化氛围越浓厚,企业现金持有水平越高.投机文化对企业现金持有的促进作用主要存在于机构投资者持股比例低、聘请"非十大"会计师事务所进行审计、分析师关注度低、媒体关注不足等外部治理环境相对较差的企业中,投机文化主要通过强化内部人基于资金占用的代理动机来增加企业现金持有.对于大规模企业、非高新技术企业和行业集中度高的企业,投机文化与企业现金持有的正相关关系更明显.研究还发现,企业过度增持现金会带来资金占用和投资不足等问题,投机文化可显著强化不利经济后果.
Abstract
Informal institutions such as culture play an important role in corporate decision-making and behavior.Taking Chinese A-share listed companies from 2008 to 2022 as the research sample,this paper discusses the impact of speculative cul-ture on corporate cash holdings.It's found that the stronger the speculative culture in the region,the higher the cash holding le-vel of local enterprises.Moreover,the promoting effect of speculative culture on cash holdings mainly exists in enterprises with poor external governance environment,such as low shareholding ratio of institutional investors,audits by"non-top-ten"account-ing firms,low analyst attention and insufficient media attention,which indicates that speculative culture mainly improves the cash holding level of enterprises by strengthening the agency motives of insiders based on resource encroachment.Further re-search shows that for large-scale enterprises,non-high-tech enterprises and enterprises with high industry concentration,the positive correlation between speculative culture and cash holdings is stronger.Finally,it is found that excessive cash holdings will bring about the economic consequences of capital occupation and underinvestment,and the speculative culture significantly enhances the adverse effects of cash holdings on capital occupation and underinvestment.
关键词
投机文化/现金持有/代理动机/资金占用/投资不足Key words
speculative culture/cash holdings/agency motives/capital occupation/underinvestment引用本文复制引用
出版年
2024
NETL
NSTL
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