资产专用性与现金持有——基于变革时代的企业资源配置研究

Assets Specificity and Cash Holdings:Research on Enterprise Resource Allocation in the Changing Era

基于变革时代背景对企业的资金资源配置行为进行研究发现:资产专用性能够抑制企业的现金持有水平。盈余管理和股价崩盘风险在资产专用性抑制现金持有水平的作用中分别发挥正向和负向的调节效应。以代理成本推动的“帝国建造”行为、以研发投入代表的“革故鼎新”行为,均在资产专用性抑制现金持有水平作用中发挥中介传导效果。这为变革时代背景下如何指导企业资产结构的合理优化、实现企业“精准”匹配资金资源,提供了新的方向与思路。

Based on the background of the era of change,the research on the enterprise′s capital resource allocation behavior found that asset specificity can inhibit the level of corporate cash holdings.Earnings management and stock price collapse risk play a positive and negative moderating effect respectively in the role of asset specificity in restraining the level of cash holdings.The act of"empire building"driven by agency costs and the act of"renovating the old and innovating"represented by R&D investment all play an intermediary effect in the role of asset specificity in suppressing the level of cash holdings.This provides new directions and ideas for how to guide the rational optimization of corporate asset structure and realize the"precise"matching of corporate capital resources under the background of the era of change.