政商关系、区域金融与企业现金持有水平——基于PE视角创业板大数据

Government-Business Relationship,Regional Finance And Cash Holding of Enterprises——Based on the GEM Data from the Perspective of PE

以20122017年间创业板上市公司中有私募股权投资基金参与的公司为研究样本,对政商关系、区域金融发展水平等具有地域特征的指标与企业现金持有水平之间的关系进行研究。研究发现,政商关系与现金持有水平呈显著正相关性,区域金融发展水平、地方企业税收负担均与企业现金持有水平呈显著负相关性;私募股权投资基金参与能强化企业现金持有水平与区域金融发展水平之间的负相关性。

This paper takes the companies listed on GEM with private equity fund participation as the research sample from 2012 to 2017,and studies the relationship between the indicators with regional characteristics such as government-business relationship,regional corruption index and regional financial development level and the cash holding level of enterprises.Andthe results show that there is a significant positive correlation between government-business relationship and cash holdings,and there is a significant negative correlation between regional financial development level and tax burden of local enterprises and cash holdings of enterprises.Private equity investment fund participation can strengthen the negative correlation between cash holdings of enterprises and regional financial development level.