媒体报道与公司的超额现金持有水平

Media coverage and corporate excess cash holdings

现金持有水平是公司的一项重要财务决策,时刻关乎企业的生死存亡,然而超额持有的闲置现金却容易被大股东和管理层随意挥霍甚至侵占,滋生严重的代理问题.本研究从代理理论视角出发,深入考察和检验了媒体报道对公司超额现金持有行为的影响.以2004年—2012年中国A股上市公司10 710个公司/年度观察样本为对象,本研究发现,媒体报道水平高的公司,其超额现金持有水平显著更低;同时,发达的制度环境会增强媒体报道对公司超额现金持有水平的边际影响,而激烈的产品市场竞争则会降低媒体报道对超额现金持有水平的边际影响.进一步还发现,公司的超额现金持有行为最终损害了公司的市场价值,而媒体报道能够降低公司持有超额现金对公司价值的负面影响.本研究不仅丰富和拓展了现金持有和媒体报道等领域的相关文献,而且对上市公司的现金持有决策具有重要的启示意义.

The level of cash holdings is an important financial decision that may constantly decide a firm＇s survival and failure.However,excess cash holdings are easily abused and appropriated by large shareholders and managers,thereby causing severe agency problems.Drawing on agency theory,this study analyzes the impact of media coverage on corporate excess cash holdings.Using a data set of 10 710 firm-year observations of Chinese A-share listed companies during 2004 to 2012,this paper finds that firms with higher media coverage is associated with lower excess cash holdings significantly.Meanwhile,institutional environment enhances the margin effect of media coverage,while product market competition reduces the marginal effect of media coverage.Furthermore,excess cash holdings harm firm value,and media coverage can reduce its negative value effect.The findings may enrich and expand the literature on both cash holdings and media coverage and provide meaningful implications for corporate cash holding decisions.