CSR信息披露质量与现金持有决策

CSR Information Disclosure Quality and Cash Holding Decision

针对我国上市公司“高持现”问题,系统考察了CSR信息披露质量对现金持有决策的影响机理,利用2010—2016年沪深两市披露CSR报告并被“润灵环球责任评级”纳入评级体系的A股上市公司的数据进行实证分析,结果发现:提高CSR信息披露质量可以降低下期现金持有量,而且主要是通过缓解融资约束和改善公司治理这两条路径实现的;CSR信息披露质量对现金持有的抑制效应在非国有企业中更显著,而且优化制度环境可以强化这一抑制效应。进一步研究发现:改善CSR信息披露质量可以提升现金持有的价值效应。

In view of the“high cash holding”problem of China’s listed companies,this paper investigates the influence mechanism of CSR information disclosure quality on cash holding decision. By selecting the listed companies of A-share listed in Shanghai and Shenzhen in 2010-2016 and disclosing CSR report included in the rating system of“Run Ling Global Responsibility Rating” as the initial research sample,the empirical test results show that improving the quality of CSR information disclosure can reduce the cash holdings in the next period,and it is mainly achieved through the two ways of alleviating financing constraints and improving corporate governance;The inhibitory effect of CSR information disclosure quality on cash holdings is more significant in non-state-owned enterprises,and the optimization of the institutional environment can strengthen this inhibitory effect. Further study found that CSR information disclosure quality can enhance the value effect of cash holdings.