客户年报风险信息披露对企业现金持有决策的影响研究

Research on the Impact of Risk Information Disclosure of Customers’ Annual Report on Cash Holding Decision of Enterprises

利用企业前五名上市客户及其年报风险信息披露的文本数据,实证检验客户年报风险信息披露影响企业现金持有决策的作用机制和经济后果。研究表明:客户年报风险信息披露越多,企业现金持有水平越高,表明客户年报风险信息披露具有供应链溢出效应;当供应链关系越紧密、企业自身融资约束水平越高时,客户年报风险信息披露与企业现金持有水平的正相关关系越显著。进一步,客户年报风险信息披露能够反映其基础风险和未来风险;客户年报风险信息披露对企业现金持有的作用机制,在于提高企业自身风险水平。经济后果检验发现,客户年报风险信息披露越多,企业现金持有价值越高。

Using the textual data of the top five listed customers and their annual report risk information disclosure, this study empirically tests the mechanism and economic consequences of the risk information disclosure in the annual reports of customers affecting onthe company’s cash holding decision-making. The results show that the more risk information disclosed in customers’ annual reports, the higher the level of corporates’ cash holdings, indicating that the risk information disclosure of customers’ annual reports has supply chain spillover effect. The above positive correlation is more significant when the supply chain relationship is closer and the level of corporate financing constraints is higher. Further, the risk information disclosure of customers’ annual reports can reflect their basic risks and future risks. The effect mechanism of the risk information disclosure of customers’ annual reports on corporates’ cash holdings is to improve their own risk level. The economic consequences test finds that the more risk information disclosed in customers’ annual reports, the higher the value of corporate cash holdings.