产融结合如何影响公司现金持有:资源效应与治理效应

How does Financial-Industrial Integration Affect Corporate Cash Holding:Resource Effect and Governance Effect

基于沪深两市A股2007~2018年面板的经验证据表明,产融结合能够降低企业现金持有水平,并且在规模小、行业成长性高、所处地区市场化程度高的子样本中更加显著;进一步研究发现,产融结合主要通过缓解融资约束和降低代理成本两条路径影响企业现金持有;产融结合及产融结合对企业现金持有水平的负向影响能够降低企业过度投资,产融结合影响下的企业现金持有水平降低随之流向企业的创新活动,优化了企业资金配置。

Empirical evidence based on the panel data of A-shares in Shanghai and Shenzhen stock Exchanges from 2007 to 2018 shows that the Financial-Industrial Integration can reduce the cash holding level of enterprises,which is more significant in the sub-samples with small scale,high industry growth and high marketization degree in the region.Further research finds that the Financial-Industrial Integration affects enterprises cash holding behavior mainly by easing financing constraints and reducing agency costs.It is also found that the negative influence of the Financial-Industrial Integration on the cash holding level of enterprises can reduce the over investment of enterprises,and that the cash holding level of enterprises under the influence of the Financial-Industrial Integration may decrease and then flow to the innovation activities of enterprises,making the capital allocation of enterprises more effective.