民营上市公司社会负担、融资束缚与现金持有能力

Social Burden of Private Listed Corporation,Financial Constraints and Cash Holding Ability

以2005~2013年民营上市公司为对象,从现金持有能力角度,探讨公司社会负担对财务运营带来的影响。通过研究发现,民营上市公司承担的社会负担越多,公司现金持有能力越小,这种影响在经济欠发达和失业率居高的区域表现尤为明显。对公司社会负担减弱企业现金持有能力的机制和机理分析验证了公司社会负担可以影响企业投资能力和意愿,进而得出公司社会负担造成微观经济投资主体行为扭曲,阻碍公司提供经营效益的提高和激励机制的发挥,造成资源配置效率低下的结论。

From the perspective of cash holding ability,this study explores the effect of corporate social burden on financial operation as the object of private listed corporations from the year of 2005 to 2013.The research results indicate that the more social liabilities the private listed corporations assume,the less able they are to hold cash,such an impact is particularly evident in the regions of the underdeveloped and high rate of unemployment.The mechanism analysis of the company＇s cash holding ability whose corporate social burden is reduced verifies that the company＇s social burden can affect its investment capability and willingness,thus arriving at the conclusion that the company＇s social burden may result in the behavior distortion of micro economic subject of investment and hinder the company from providing the improvement of business benefits and the development of incentive mechanism,leading to low efficiency of resource allocation.