网络媒体环境下企业现金持有决策机制实证分析

An Empirical Analysis on Decision-Making Mechanism of Enterprises′ Cash Holding under Network Media Environment

本文从网络信息加工的视角,探讨了企业如何对网络舆情环境进行认知管理,并调整现金持有决策的机理过程。通过对网络新闻数据的Python语义分析,实证研究发现,上市公司对创新类媒体舆情的整体认知表现为顺应潮流,即公司会随着舆情激烈程度增强而加大对投资现金需求,进而强化创新投资与现金持有之间的正向敏感度。融资约束程度不同的公司对网络舆情解读存在差异,其中受融资约束的公司倾向将舆情波动解读为融资环境的变化,从而对现金持有量进行相机抉择。当他们认为融资环境改善时,会愿意利用外部资本市场获得创新融资而减少对现金的需求,其创新投资与现金持有之间的正向敏感度会趋弱。本文的研究结论凸显了网络舆情在企业现金持有及创新投资相关理论中的研究价值,对大数据时代下公司理性对待媒体舆情具有一定的借鉴意义。

From the perspective of network information processing,how enterprises manage the network public opinion environment and adjust the mechanism of cash holding decision-making are explored in the paper. Through Python semantic analysis of network news data,empirical research shows that the overall recognition of innovative media public opinion of listed companies follows the trend. That is,companies will increase their demand for investment cash with the intensification of public opinion,thereby strengthening the positive sensitivity between innovation investment and cash holdings. In addition,companies with different degree of financing constraints have different interpretations of online public opinion,among which companies subject to financing constraints tend to interpret public opinion fluctuations as changes in the financing environment,thus making a camera decision on cash holdings. When they think that the financing environment is improving,they will be willing to use the external capital market to obtain innovative financing to reduce the demand for cash,and their positive sensitivity between innovative investment and cash holdings will weaken. The conclusion of this study highlights the research value of network public opinion in the theory of corporate cash holdings and innovation investment,and has certain reference significance for companies to treat media public opinion rationally in the era of big data.