“去杠杆”背景下股权质押的供应链溢出效应--基于企业现金持有的经验证据

Supply Chain Spillover Effect of Equity Pledge under the Background of Deleveraging Policy:An Empirical Evidence based on Corporate Cash Holdings

基于“去杠杆”政策背景,本文以供应商现金持有为研究视角,考察客户企业的控股股东将其股权质押在供应链上产生的溢出效应。研究发现,客户企业股权质押正向影响供应商现金持有水平,说明客户企业股权质押在供应链上存在溢出效应,且“去杠杆”政策的实施强化了非国有客户企业股权质押的供应链溢出效应。进一步检验发现,客户企业与供应商关系越紧密、越专有,客户企业股权质押的溢出效应越明显;客户企业股权质押主要通过“风险传导机制”使得供应商现金持有增加。本文的研究结论不仅为供应商进行现金持有决策提供经验证据,也有助于政府部门认识“去杠杆”政策对供应链的影响,为其管理供应链相关风险提供决策参考。

Based on the background of Deleveraging policy,from the perspective of supplier cash holdings,this paper examines the spillover effect of controlling shareholders'equity pledge of customer companies in the supply chain.The study found that the equity pledge of customer companies positively affected the suppliers'cash holdings,indicating that the equity pledge of customer companies had spillover effects in the supply chain,and the implementation of the Deleveraging policy strengthened the supply chain spillover effects of the equity pledge of non-state-owned customer companies.Further inspection found that the closer and more exclusive the relationship between customers and suppliers,the more obvious the spillover effect of the equity pledge of customer companies;The equity pledge of customer companies mainly increased the suppliers'cash holdings through the"risk transmission mechanism".The research conclusions of this paper not only provides empirical evidence for suppliers to make cash holding decisions,but also helps government departments to understand the impact of Deleveraging policy on the supply chain,and provides decision-making reference for their management of supply chain related risks.