经济政策不确定性、超额现金持有与企业成长

Economic Policy Uncertainty, Excess Cash Holding and Enterprise Growth

增加现金持有是企业应对风险的重要策略,但超额现金持有却不利于企业长远发展。本文利用A股上市制造业企业数据,在对企业现金持有适度性进行甄别的基础上,探究经济政策不确定性、超额现金持有与企业成长性之间的动态关系。研究发现:经济政策不确定性上升会导致企业财务决策偏差,引发企业超额现金持有这一非效率行为。机制分析表明,经济政策不确定性通过降低企业贷款可得性和经营稳定性,导致企业风险规避趋于非理性,进而造成企业超额现金持有,而CEO金融背景则有助于抑制企业超额现金持有;企业现金持有适度性越高,越利于企业成长,超额现金持有对企业成长性具有“抑制效应”,未超额现金持有则具有“助推效应”,实体投资在其中发挥着中介效应;融资约束会提高企业成长性对现金持有适度性的敏感度,融资约束程度越高的企业更应关注现金持有策略的合理性。

Increasing cash holdings is an important strategy for enterprises to cope with risks,but excess cash holdings are not conducive to the long-term development of enterprises.Based on this fact,this paper studies the dynamic relationship between economic policy uncertainty,excess cash holdings and enterprise growth by using the data of A-share listed manufacturing enterprises.The results show that:first,the rising uncertainty of economic policy will lead to the deviation of financial decision-making of enterprises,which will lead to the inefficient behavior of enterprises holding excess cash.The mechanism analysis shows that the uncertainty of economic policy leads to the irrationality of enterprise risk aversion by reducing the availability of enterprise loans and operating stability,which in turn leads to the excess cash holdings of enterprises,while the financial background of CEO helps to curb the excess cash holdings of enterprises.Second,the higher the appropriateness of cash holdings,the better the growth of enterprises.Excess cash holdings have a“restraining effect”on the growth of enterprises,while non-excess cash holdings have a“boosting effect”,in which entity investment plays an intermediary effect.Thirdly,financing constraint will improve the sensitivity of enterprise growth to the appropriateness of cash holding,and the higher the financing constraint,the more attention should be paid to the rationality of cash holding strategy.