信用信息共享降低了企业现金持有吗?——来自创建社会信用体系建设示范城市的经验证据

Does Credit Information Sharingg Reduce Firm's Cash Holding?

完备的信用信息共享机制对于发挥信用信息的市场价值尤为重要。本文以创建社会信用体系建设示范城市作为建立信用信息共享机制的外生冲击,运用双重差分法系统考察了信用信息共享对企业现金持有的影响。实证结果表明,创建社会信用体系建设示范城市显著降低了企业现金持有,上述效应在信息披露质量较低、公司治理较差、融资约束严重以及外部监督力度较小的企业更为明显。机制检验表明,创建社会信用体系建设示范城市显著增强了企业信用,提升了企业外部融资可获得性并降低了企业代理成本。本文研究发现有助于厘清信用信息共享与企业现金持有之间的内在联系,并对推进社会信用体系建设,构建高水平社会主义市场经济体制具有重要启示。

A comprehensive credit information sharing mechanism is particularly important for unleashing the market value of credit information.Taking the pilot policy of social credit system reform demonstration cities as an exogenous impact of establishing a credit information sharing mechanism,this paper systematically examines the impact of credit information sharing on firm's cash holding using difference-in-differences method.The results show that the reform significantly reduces firm's cash holding,and such effect is more pronounced in firms with lower quality of information disclosure,poorer corporate governance,tighter financial constraints and weaker external supervision.Further mechanism tests show that,the reform significantly strengthens firm's credit,improves the availability of external financing and reduces agency cost.This research is helpful to clarify the relationship between credit information sharing and firm's cash holding,and has important policy implications for promoting the construction of social credit system and building a high-level socialist market economy system.