自由贸易试验区与企业现金持有——来自中国上市公司的经验证据

Free Trade Zone and Corporate Cash Holding:Empirical Evidences from Chinese Listed Companies

以2007—2019年我国上市公司为样本,运用PSM-DID方法,实证检验了自贸区设立对企业现金持有的影响。研究发现:自贸区设立能够显著降低企业的现金持有水平;自贸区设立对企业现金持有的影响在“一带一路”倡议支持的企业中更加显著;自贸区设立更能降低制造业中企业的现金持有;管理层持股更有助于发挥自贸区设立对企业现金持有的降低作用。机制研究发现:自贸区设立降低企业现金持有的原因在于自贸区可减少企业的交易成本与缓解企业的融资约束。进一步的经济后果分析发现:自贸区设立能通过降低企业现金持有而提高企业价值。

Taking Chinese listed companies from 2007 to 2019 as samples,this paper uses PSM-DID method to empirically test the impact of the establishment of FTZ on corporate cash holdings.It is found that the establishment of FTZ can significantly reduce the present level of corporate cash holding.The influence of the FTZ establishment on corporate cash holding is more significant in the enterprises supported by the Belt and Road Initiative.The establishment of FTZ is more able to reduce the cash holdings of the enterprises in the manufacturing industry.The management shareholding can play more roles in reducing corporate cash holding from the establishment of FTZ.The results of the mechanism study show that the reason why FTZ establishment can reduce corporate cash holding lies in the fact that FTZ can reduce the transaction costs and relieve the financing constraints of the enterprises.Further analysis of the economic consequences reveals that the FTZ establishment can improve corporate value through reducing corporate cash holdings.