地域自然灾害冲击下企业现金管理研究——基于保险的观点

Enterprise Cash Management under Regional Natural Disasters-An Insurance Perspective

为遵循十九大报告中各地区协调发展、优化资产管理、服务于实体经济等经济发展目标,本研究以Keynes(1936)提出的谨慎性动机为切入点,以2010～2015年沪深A股上市公司为研究对象,以产权性质为分组条件,将自然灾害的影响划分为面积、人口、经济损失因素,讨论企业面对自然灾害的现金持有量变化,以及导致现金持有量变化的动因。结果发现:国有企业面临的地域受灾面积、受灾人口或经济损失较多时均会降低现金持有量,而社会责任履行程度较高的国有企业面对较多的受灾人口或较高的经济损失又会做出提高现金持有水平的决策。民营企业对较多的受灾人口和较高的经济损失会降低现金持有水平,而社会履行程度较高的民营企业面对较高的经济损失会提高现金持有量。其现金波动可能与高管为增加企业未来的可保性而产生的损失趋避心理有关。同时我们还发现民营企业受自然灾害冲击时表现出的损失趋避效应总体上比国有企业凸显。

To follow the call of the 19th National Congress of the Communist Party of China report to coordinate regional development, optimize asset management and serve the physical economy, this research used the motivation of caution proposed by Keynes （1936） as the starting point, Shanghai and Shenzhen A-share listed companies from 2010 to 2015 as the research object, and the nature of property rights for grouping conditions ,divided the impacts of natural disasters into area, population and economic loss factors, and discussed corporate cash holdings in the face of natural disasters, as well as the causes of changes in cash holdings. The results showed that ： state-owned enterpri- ses, when facing with relatively large disaster-affected area, affected population or economic losses, tended to lower their cash holdings. But state-owned enterprises with a higher social responsibility fulfillment would increase their cash holdings when facing with high economic losses and large affected population. Private enterprises would reduce their cash holdings when facing with high economic losses and large affected population. But private enterprises with a higher social responsibility fulfillment would increase their cash holdings when facing with high economic los- ses. Their cash fluctuation could be related to the loss aversion of executives to increase the future insurability of the enterprise. At the same time, we also found that the loss aversion effect of private enterprises under the impact of natural disasters was more prominent than that of state-owned enterprises.