经济政策不确定性与企业现金持有策略——基于中国经济政策不确定指数的实证研究

Economic policy uncertainty and corporate cash holding strategy:Empirical research by using China economic policy uncertainty index

研究经济政策不确定性对企业现金持有策略的影响,发现企业在经济政策不确定性上升时会增持现金,这种现金增持行为在融资约束较为严重、股权集中度较低以及学习能力较差的企业中更加明显.此外,本文还采用中介效应分析方法,发现企业在经济政策不确定性上升时增持的现金,有一部分是以放弃当前投资机会为代价的,被放弃的投资机会构成了企业在经济政策不确定性上升时增持现金的机会成本.

This paper investi egies. It is found that firms gat ho es the influence of economic policy uncertainty on corporate cash holding stratld more cash reserves with increasing economic policy uncertainty, which is more evident in firms with more severe financial constraints, lower ownership concentration, or lower learning ability. More importantly, this paper uses intermediary effect analysis to find that at least a part of the increase of firms＇ cash holding is at the cost of abandoning investment opportunities.