摘要
本文以深市2005～2011年上市公司为样本，研究了信息披露质量对公司现金策略的影响。结果显示，信息披露质量较高的公司现金持有量、现金变动随现金流的波动都较低，说明高质量的信息披露能降低公司的融资约束。进一步的研究发现，信息披露质量高的公司现金持有量的市场价值高于其账面价值，并且现金的边际价值也显著为正，说明投资者对信息披露质量较高的公司所实施的现金策略赋予较高的价值评估。本文的研究证实了信息披露质量的提高能够降低投资者与公司之间的信息不对称程度，缓解公司面临的融资约束，进而增加公司现金的市场价值。
Using a database of Shenzhen Stock Exchange from 2005 to 2011, we examine how disclosure quality affects corporatecash policy. We find that cash holdings and change of cash are less sensitive to cash flow in firms with higher disclosure quality.This suggests that high disclosure quality can mitigate financing constraints. We also find that the market value of cash is higherthan the book value in firms with higher disclosure quality, and the marginal value of cash is also positive in these firms. Thisproves that investors provide higher evaluation to cash policy of firms with higher disclosure quality. Our research indicate thathigh disclosure quality can decrease the information asymmetric between investor and firm, mitigate the financing constraints ofthe firm, and then increase market value of the cash holdings.
出处
《证券市场导报》
CSSCI
北大核心
2014年第8期38-45,52,共9页
Securities Market Herald
关键词
信息披露质量
现金持有量
融资约束
价值效应
disclosure quality, cash holdings, financing constraints, value effect
