经济政策不确定性能够影响企业现金持有行为吗?

Can Economic Policy Uncertainty Affect Companies' Cash Holding Behavior?

持有现金是企业应对风险的重要举措,而经济政策不确定性是企业需要面对的基本风险之一。基于现金持有的预防性动机,本文分析了经济政策不确定性是否影响了企业的现金持有行为。实证发现经济政策不确定性是影响企业现金持有行为的重要因素,在经济政策不确定性增强时期,企业提高了现金持有的水平和速度。融资能力的异质性影响了企业现金持有行为对经济政策不确定性的反应,非国有企业的现金持有行为受经济政策不确定性的影响更大,银企关系和政治关联缓解了经济政策不确定性对企业现金持有行为的冲击。

Cash holding is a key step that companies take to manage risks and economic policy uncertainty is one of the basic risks that they have to face. Assuming that cash holding is intended to guard against risks,this paper studies the impact of economic policy uncertainty on companies＇ cash holding behavior. We find that economic policy uncertainty is an important factor affecting companies＇ cash holding behavior. When economic policy uncertainty is high,companies will increase the level and the speed of cash holding. The heterogeneity in financing ability shows a significant impact on the response of companies＇ cash holding behavior to economic policy uncertainty. The cash holding behaviors of non state-owned enterprises is more vulnerable to economic policy uncertainty. The bank-company relationship and political connection relieves the impact of economic policy uncertainty on companies＇ cash holding behavior.