摘要
深化国有企业改革,确保国有资产保值增值,需要进一步提高国有资本配置和运行效率,而现金持有作为企业重要的财务决策,是企业优化资源配置效率的关键。文章基于2008-2018年中央企业控股上市公司数据,实证检验了国家审计对国有企业现金持有的影响。研究发现,在经历国家审计后,国有企业现金持有水平显著提高。进一步研究发现,当企业融资约束程度较高、风险承担水平较低以及大股东持股比例较高时,国家审计与国有企业现金持有水平的正相关关系更为显著;国家审计还有助于提升国有企业的现金持有价值。上述结论不仅拓展了国家审计的经济后果研究,提供了国家审计与国有企业现金持有关系的经验证据,而且对探究国有企业财务决策以及公司治理问题具有一定启示。
To deepen the reform of state-owned enterprises and ensure the preservation and appreciation of state-owned assets, it is necessary to further improve internal capital allocation and operational efficiency. Cash holding, as an important financial decision of enterprises, is the key to optimize the efficiency of resource allocation. Based on the data of listed companies controlled by central enterprises from 2008 to 2018, this paper examines the impact of national audit on cash holdings of state-owned enterprises.The results show that the cash holding of state-owned enterprises is significantly improved after the national audit. Further research shows that the positive correlation between national audit and cash holding of state-owned enterprises is more significant when the degree of corporate financing constraints is high, the level of risk-taking is low and the proportion of large shareholders is high;National audit can significantly improve the value of cash holdings of state-owned enterprises. The conclusion of this paper not only expands the research on the economic consequences of national audit, but also provides empirical evidence for the influence of national audit on the cash holdings of state-owned enterprises, and also has certain enlightenment for exploring the financial decision-making and corporate governance of state-owned enterprises.
作者
潘俊
余一品
周会洋
Jun Pan;Yipin Yu;Huiyang Zhou(School of Accounting,Nanjing Audit University,Nanjing Jiangsu 211815,China)
出处
《会计与经济研究》
CSSCI
北大核心
2020年第5期28-40,共13页
Accounting and Economics Research
基金
国家自然科学基金项目(71972036)。
关键词
国家审计
国有企业
现金持有水平
融资约束
现金持有价值
national audit
state-owned enterprises
cash holdings
financial constraints
value of cash holdings
