宏观经济环境、会计信息质量与现金持有竞争效应
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摘要
基于宏观经济环境和会计信息质量的视角,利用2007—2016年我国A股上市公司的财务数据,对现金持有的竞争效应进行了实证研究。研究发现:企业现金持有通过资本投资实现的产品竞争效应在经济下行时期更为显著,并且这种强化作用在民营企业中表现得更为明显;高质量的会计信息可以强化现金持有的产品竞争效应,在经济紧缩或低迷时期,提高会计信息质量有助于企业通过资本投资实现现金持有的产品竞争效应。
Based on the financial data of all A-share listed companies in China from 2007 to 2016, this paper madean empirical study on the competitive effect of cash holding from the perspectives of macroeconomic environment and accounting information quality.There are two conclusions. The first one reveals that, the product competition effect of corporate cash holding, achieved by capital investment on medium, is more significant in the period of economic downturn and more obvious in private enterprises.The other conclusion refers to the effect of high quality accounting information. That is, high quality accounting information could consolidate the product competitioneffect of cash holding. And in the periods of economic austerity and economic downturn, the increase of accounting information quality could bring the reinforcement of the product competition effect of the cash holding through enterprises' capital investment behavior.
Based on the financial data of all A-share listed companies in China from 2007 to 2016, this paper madean empirical study on the competitive effect of cash holding from the perspectives of macroeconomic environment and accounting information quality.There are two conclusions. The first one reveals that, the product competition effect of corporate cash holding, achieved by capital investment on medium, is more significant in the period of economic downturn and more obvious in private enterprises.The other conclusion refers to the effect of high quality accounting information. That is, high quality accounting information could consolidate the product competitioneffect of cash holding. And in the periods of economic austerity and economic downturn, the increase of accounting information quality could bring the reinforcement of the product competition effect of the cash holding through enterprises' capital investment behavior.
引文
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[9]王勇,刘志远,郑海东.政府干预与地方国有企业市场竞争力——基于现金持有竞争效应视角[J].经济与管理研究,2013(8):28-38.
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[12]杨兴全,尹兴强.行业集中度、企业竞争地位与现金持有竞争效应[J].经济科学,2015(6):78-91.
[13]杨兴全,齐云飞,曾义.融资约束、资本投资与公司现金持有竞争效应[J].审计与经济研究,2015(3):30-38.
[14]王勇,刘志远,赵政智.制度环境、供应商关系与现金持有市场竞争效应——基于中国制造业上市公司的实证分析[J].财经论丛,2015(8):54-64.
[15]万晓文,田长慧.管理层认定信息、审计意见信息与债务融资成本[J].经济与管理评论,2016(5):81-87.
[16]杨兴全,齐云飞,曾义.融资约束、资本投资与公司现金持有竞争效应[J].审计与经济研究,2015(3):30-38.
[17]杨兴全,吴昊旻,曾义.公司治理与现金持有竞争效应——基于资本投资中介效应的实证研究[J].中国工业经济,2015(1):121-133.
[18]曾义,杨兴全.内部治理机制、两权分离与公司现金持有的战略效应[J].财贸经济,2014(4):143-148.
[19]崔刚,孙思淼.管理者过度自信与现金持有的经济效应[J].山西财经大学学报,2017(4):88-98.
[20]王勇,刘志远,郑海东.多元化经营与现金持有“竞争效应”[J].管理评论,2015(1):91-102.
[21]万良勇,饶静.不确定性、金融危机冲击与现金持有价值——基于中国上市公司的实证研究[J].经济与管理研究,2013(5):63-71.
[22]江龙,刘笑松.经济周期波动与上市公司现金持有行为研究[J].会计研究,2011(9):40-46.
[23]Francis J R,Martin X.Acquisition Profitability and Timely Loss Recognition[R].Working Paper,2009.
[24]梅丹.内部控制质量与会计信息可比性关系的实证研究——基于我国上市公司2011-2014年的证据[J].经济与管理评论,2017(5):34-41.
[25]温忠麟,张雷,侯杰泰.中介效应检验程序及其应用[J].心理学报,2004(5):614-620.
[26]Taylor John B,Woodford Michael.Handbook of Microeconomics[M].North Holland:Elsevier Science Publishers B.V.,1999.
[27]Ravn M,Uhlig H.On Adjusting the HP-Filter for the Frequency of Observations[J].Review of Economics and Statistics,2002,84(2):371-376.
[28]Dechow P,Dichev I.The Quality of Accruals and Earnings:The Role of Accrual Estimation Errors[J].The Accounting Review,2002,77(5):35-59.
[29]Kaplan S N,Zingales I.Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?[J].Quarterly Journal of Economics,1997,112(1):169-215.
[2]张会丽,吴有红.超额现金持有水平与产品市场竞争优势——来自中国上市公司的经验证据[J].金融研究,2012(2):183-195.
[3] Bhattacharya N,Desai H,Venkataraman K.Does Earnings Quality Affect Information Asymmetry:Evidence from Trading Costs[J].Contemporary Accounting Research,2013,30(2):113-135.
[4]Bushman R M,Smith A.Financial Accounting Information and Corporate Governance[J].Journal of Accounting and Economics,2003,31(3):237-333.
[5]Shleifer Andrei,Vishny Robert W.A Survey of Corporate Governance[J].Journal of Finance,1997,52(5):737-783.
[6]Baskin J.Corporate Liquidity in Games of Monopoly Power[J].The Review of Economics and Statistics,1987,69(7):312-319.
[7]Haushalter D,Klasa S,Maxwell W F.The Influence of Product Market Dynamics on a Firm's Cash Holdings and Hedging Behavior[J].Journal of Financial Economics,2007,84(3):789-825.
[8]孙进军,顾乃康.现金持有量决策具有战略效应吗?——基于现金持有量的平均效应与区间效应的研究[J].商业经济与管理,2012(3):85-96.
[9]王勇,刘志远,郑海东.政府干预与地方国有企业市场竞争力——基于现金持有竞争效应视角[J].经济与管理研究,2013(8):28-38.
[10]陆正飞,韩非池.宏观经济政策如何影响公司现金持有的经济效应?——基于产品市场和资本市场两重角度的研究[J].管理世界,2013(6):43-60.
[11]杨兴全,曾义,吴昊旻.货币政策、信贷歧视与公司现金持有竞争效应[J].财经研究,2014(2):133-144.
[12]杨兴全,尹兴强.行业集中度、企业竞争地位与现金持有竞争效应[J].经济科学,2015(6):78-91.
[13]杨兴全,齐云飞,曾义.融资约束、资本投资与公司现金持有竞争效应[J].审计与经济研究,2015(3):30-38.
[14]王勇,刘志远,赵政智.制度环境、供应商关系与现金持有市场竞争效应——基于中国制造业上市公司的实证分析[J].财经论丛,2015(8):54-64.
[15]万晓文,田长慧.管理层认定信息、审计意见信息与债务融资成本[J].经济与管理评论,2016(5):81-87.
[16]杨兴全,齐云飞,曾义.融资约束、资本投资与公司现金持有竞争效应[J].审计与经济研究,2015(3):30-38.
[17]杨兴全,吴昊旻,曾义.公司治理与现金持有竞争效应——基于资本投资中介效应的实证研究[J].中国工业经济,2015(1):121-133.
[18]曾义,杨兴全.内部治理机制、两权分离与公司现金持有的战略效应[J].财贸经济,2014(4):143-148.
[19]崔刚,孙思淼.管理者过度自信与现金持有的经济效应[J].山西财经大学学报,2017(4):88-98.
[20]王勇,刘志远,郑海东.多元化经营与现金持有“竞争效应”[J].管理评论,2015(1):91-102.
[21]万良勇,饶静.不确定性、金融危机冲击与现金持有价值——基于中国上市公司的实证研究[J].经济与管理研究,2013(5):63-71.
[22]江龙,刘笑松.经济周期波动与上市公司现金持有行为研究[J].会计研究,2011(9):40-46.
[23]Francis J R,Martin X.Acquisition Profitability and Timely Loss Recognition[R].Working Paper,2009.
[24]梅丹.内部控制质量与会计信息可比性关系的实证研究——基于我国上市公司2011-2014年的证据[J].经济与管理评论,2017(5):34-41.
[25]温忠麟,张雷,侯杰泰.中介效应检验程序及其应用[J].心理学报,2004(5):614-620.
[26]Taylor John B,Woodford Michael.Handbook of Microeconomics[M].North Holland:Elsevier Science Publishers B.V.,1999.
[27]Ravn M,Uhlig H.On Adjusting the HP-Filter for the Frequency of Observations[J].Review of Economics and Statistics,2002,84(2):371-376.
[28]Dechow P,Dichev I.The Quality of Accruals and Earnings:The Role of Accrual Estimation Errors[J].The Accounting Review,2002,77(5):35-59.
[29]Kaplan S N,Zingales I.Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?[J].Quarterly Journal of Economics,1997,112(1):169-215.