连锁股东如何影响企业现金持有?

How Does Cross-ownership Affect Corporate Cash Holdings?

作为联结同行业企业的纽带,连锁股东因其具有竞争合谋与治理协同的两面性而颇受争议。基于2009-2019年中国A股上市公司数据,文章考察连锁股东与企业现金持有的关系。研究发现:连锁股东显著提升企业现金持有水平,其影响路径源于治理协同而非竞争合谋;现金持有的增加源于连锁股东抑制过度投资和在职消费所减少的现金耗散。进一步研究发现:当管理层权力较大、连锁股东治理能力较强时,连锁股东提升企业现金持有水平的治理协同效应更显著;相对于高成长性行业企业和国有企业,低成长性行业企业和非国有企业的现金增持效果更为明显。价值效应检验发现,连锁股东在发挥治理效应、抑制现金耗散、增加现金持有水平的同时,亦可显著提升企业现金持有价值。

As a link between companies in the same industry,the existence of cross-ownership has been controversial due to its dual nature of competitive collusion and governance synergy.Based on the data of Chinese A-share listed companies from 2009 to2019,this paper tests the relationship between cross-ownership and corporate cash holdings.The results show that cross-ownership significantly increases the level of corporate cash holdings through the path of governance synergy rather than competitive collusion,and that the increase in cash holdings is derived from reduced cash dissipation by crossownership to curb overinvestment and perks.Further research shows that the governance synergy effect of cross-ownership on corporate cash holding is more significant in companies with higher management power and stronger governance ability of cross-ownership,and that compared with enterprises in high-growth industries and state-owned enterprises,the effect of cash increase is more pronounced enterprises in low-growth industries and non-state-owned enterprises.The value effect test finds that cross-ownership can significantly increase the value of corporate cash holdings,while exerting the governance effect,curbing cash dissipation and increasing the level of cash holdings.