ESG表现如何影响公司现金持有?

How Does ESG Performance Affect Corporate Cash Holdings?

ESG表现会通过影响公司融资约束和代理问题而影响公司的现金持有行为。基于我国沪深两市A股2017—2022年上市公司面板数据,实证检验了ESG表现与公司现金持有的关系。研究发现,良好的ESG表现能够缓解公司的融资约束、降低管理层的在职消费与大股东的资金占用,进而降低公司的现金持有水平,并且这种影响在市场发育相对不完善和分析师跟踪较少的子样本中更加显著。进一步研究发现,良好的ESG表现在降低公司现金持有水平的同时还可以提高公司现金持有价值,增加公司的创新投资支出,优化公司的现金配置。研究揭示了ESG表现影响公司现金持有的具体效应和内在逻辑,有助于为公司进一步加强ESG建设、优化现金管理提供经验证据。

ESG performance affects a company’s cash holdings by influencing financing constraints and agency issues.Based on the empirical data of China’s A-share listed companies from 2017 to 2022,this paper studies the relationship between ESG performance and cash holdings.It is found that good ESG performance of enterprises can reduce the cash holding level of enterprises by easing the financing constraints of enterprises,reducing the on-the-job consumption of management and the capital occupation of major shareholders.This effect is more pronounced in sub-samples charac⁃terized by less developed markets and limited analyst coverage.Further research finds that good ESG performance can improve the cash holding value of enterprises while reducing the cash holding level,and increase the innovation investment expenditure of enterprises,which greatly optimizes the cash allocation of enterprises.The study reveals the specific effects and inherent logic of the impact of ESG performance on cash holdings in enterprises,which helps to provide empirical evidence for further strengthening ESG construction and optimizing cash management for enterprises.