利润上缴与企业现金持有

Income Distribution Policy and Cash Holdings

基于2003-2019年我国A股中央企业控股上市公司和非国有上市公司数据,本文采用倾向得分匹配和双重差分法考察了中央企业利润上缴政策对上市公司现金持有决策的影响。研究发现,利润上缴政策的实施提升了上市公司的现金持有水平;随着上缴比例的提高,上缴压力增大,政策对上市公司现金持有的促进作用逐渐增强。进一步研究发现:公司的财务弹性能够缓解利润上缴政策对现金持有决策的影响,表现为公司的现金可再生能力越弱、再融资能力越弱,政策作用越强;当中央企业与其控股上市公司间的控制距离较短、上市公司所处环境不确定性较高时,政策作用越强;利润上缴政策的实施能够提升现金持有价值。本文的研究从理论上拓展了利润上缴政策经济后果以及现金持有影响因素的研究,也有助于政策制定者完善国有资本收益收取制度、深化国有企业改革,并为投资者理解政策的现实影响提供了来自公司层面的经验证据。

Based on the data of A-share listed CSOEs and non-state-owned listed companies of China from 2003 to 2019,we use propensity score matching and difference in difference method to examine the impact of CSOEs income distribution policy on corporate cash holding decision.The study shows that the policy's implementation has improved corporate cash holding level.As the contribution ratio increases,the pressure increases,and the policy effect gradually promotes.Further analysis finds that:the corporate financial flexibility can alleviate the policy effect,which means that the weaker the company's cash renewable and refinancing ability,the stronger the policy effect;When the control distance is short,and when the environmental uncertainty is higher,the policy effect is stronger;The policy has an increasing effect on the value of cash holdings.This paper theoretically expands the research not only on the economic consequences of the profits hand over policy but also on the influencing factors of cash holdings.It also helps policy-makers to improve the state-owned capital gains distribution system,to deepen the reform of state-owned enterprises,and to provide empirical evidence from the firm-level for investors to understand the real impact of the policy.