企业社会责任对现金持有价值的影响研究

The Impact of Corporate Social Responsibility on the Value of Cash Holdings

基于社会责任的信号传递效应,以2009—2014年中国A股上市公司为样本,研究了企业社会责任对企业现金持有价值的影响。结果表明:社会责任表现的改善能显著提高企业的现金持有价值;且社会责任表现对现金持有的这种正向价值作用机制在非国有企业中更显著;基于企业最佳现金持有水平的进一步检验发现,企业超额持有现金的现金持有价值也随企业社会责任表现的改善而提高。

Based on the signaling effect of corporate social responsibility （CSR）, this paper examines the impact of CSR on the value of corporate cash holdings by using a sample of China＇s A-shares listed companies from the year 2009 to 2014. Results indicate that investors assign a higher value to cash held by firms that have a high CSR performance and CSR performance has a more significant positive impact on the value of cash holdings for non - state firms. Further tests based on the optimal level of cash holdings show that the value of excess cash also increases with the improvement of CSR performance.