摘要
近年来国际贸易保护主义越来越严重,特别是反倾销制裁给国际贸易摩擦受害国的微观企业带来怎样的影响,这是一项值得研究的重要课题.实证研究反倾销制裁对我国上市公司现金持有政策的影响,发现反倾销制裁会降低上市公司的现金持有水平.然后分别检验现金持有的融资约束机制和公司治理机制,但没有发现这两种机制的稳健性实证证据.进一步地,基于反倾销制裁对企业投资机会的影响,提出现金持有收益与成本的权衡理论,实证结果支持这一理论.最后发现面临反倾销制裁时上市公司降低现金持有水平会显著增加上市公司价值.研究结论增加现金持有政策的国际贸易研究新视角,而且为我国企业应对国际贸易摩擦制定公司金融政策提供借鉴.
In recent years,international trade protectionism has become more and more severe;the impact of anti-dumping sanctions on micro enterprises in countries affected by international trade friction has become an important topic.This paper empirically studies the impact of anti-dumping sanctions on cash holding policy for Chinese listed companies.The results show that the anti-dumping sanctions will reduce the cash holding level.Then,the financing constraint mechanism and corporate governance mechanism of cash holdings are tested respectively,but no robust empirical evidence supporting these two mechanisms is found.Furthermore,based on the impact of anti-dumping sanctions on the investment opportunities,this paper puts forward a trade-off theory of cash holding income and cost.The empirical results support this theory.Finally,the paper concludes that the reduction of cash holding will significantly increase the firm value of listed companies in the face of anti-dumping sanctions.The article adds a new perspective for international trade research on cash holding policy,and provides a reference for Chinese enterprises to formulate corporate financial policies to deal with international trade frictions.
作者
叶志强
朱青青
张顺明
YE Zhi-qiang;ZHU Qing-qing;ZHANG Shun-ming(School of Business,East China University of Science and Technology,Shanghai 200237,China;School of Finance,Renmin University of China,Beijing 100872,China)
出处
《管理科学学报》
CSCD
北大核心
2023年第10期56-75,共20页
Journal of Management Sciences in China
基金
国家自然科学基金资助项目(72173125,72171086,72103091)
上海市哲学社会科学规划一般课题(2018BJB013,2021BJB002)
关键词
反倾销制裁
投资机会
现金持有成本
价值效应
anti-dumping sanctions
investment opportunities
cash holding costs
the value effect of cash holdings
