数字金融发展与企业现金持有调整——来自中国上市企业的经验证据

Digital Finance Development and Corporate Cash Holding:Empirical Evidence from Chinese Listed Companies

本文基于权衡理论,探讨数字金融发展与企业现金持有间的关系,并再次剖析数字金融的“校正错配”功能。在此基础上,选取2012—2019年中国非金融类上市企业为样本进行实证检验。结果表明,数字金融发展显著加速企业现金持有调整速度,并降低了企业现金持有水平,这与其覆盖广度、使用深度和数字化程度的协同发展紧密相关。高科技企业、非国有企业以及中西部地区企业的现金持有行为,对数字金融发展表现出更强的敏感性,再度证实了数字金融对于缓解传统金融“领域错配”“属性错配”与“区域错配”所具备的积极效应。进一步分析发现,数字金融发展能够有效缓释企业因融资约束及代理成本而增持现金的行为。研究结论对于引导数字金融发展方向,指导企业现金持有动态调整具有启示意义。

Based on the trade-off theory,this paper explores the relationship between digital finance development and corporate cash holdings,and analyzes the function of digital finance to correct the traditional financial mismatch from the perspective of corporate cash holdings.On this basis,this paper takes Chinese listed companies from 2012 to 2019 as samples to make an empirical test.The results show that the development of digital finance can promote enterprises to reduce cash holdings and accelerate the adjustment speed of cash holdings,which is closely related to the collaborative development of its coverage,use depth and digital degree.The cash holding behaviors of high-tech enterprises,non-state-owned enterprises and enterprises in central and western regions are more sensitive to the development of digital finance,which further proves the positive effect of the development of digital finance on alleviating the problems of “territory mismatch”“attribute mismatch” and “regional mismatch”.Further analysis shows that the development of digital finance can effectively slow down the increase of cash holdings due to financial constraints and agent costs.The conclusions of this paper may be helpful to guide the development of digital finance and the dynamic adjustment of cash holdings.