曹 越,曾 丹,孙 丽,郭天枭.“一带一路”倡议实施与企业现金持有水平[J].审计与经济研究,2021,(3):
“一带一路”倡议实施与企业现金持有水平
  
DOI:
中文关键词:  “一带一路”倡议  现金持有水平  财务风险  经营风险  融资约束
英文关键词:the “Belt and Road” initiative  cash holdings  financial risk  business risk  financing constraints
基金项目:国家社会科学基金项目(20BGL071)
作者单位
曹 越,曾 丹,孙 丽,郭天枭 湖南大学 工商管理学院湖南 长沙 410006 
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中文摘要:
      “一带一路”倡议是加快国内改革和对外开放的助推器,对中国经济的可持续发展和企业投融资决策具有重大影响。从现金持有水平这一崭新视角切入,利用“一带一路”倡议实施提供的准自然实验,检验其微观经济效应。理论上,“一带一路”倡议的实施会加大企业所面临的经营风险和财务风险,而现金是企业抵御风险的重要工具。因此,企业可能会提高现金持有水平来抵御风险。以2011—2017年中国A股上市企业为样本的实证检验支持了上述理论预期。研究发现,“一带一路”倡议参与企业的现金持有水平显著提升,且该提升主要是通过增加企业的经营风险和财务风险达成的。进一步分析结果显示,“一带一路”倡议对参与企业现金持有水平的提升作用在非四大事务所审计和独立董事占比较低的企业中更加明显。同时研究发现,参与企业现金持有水平提升主要来源于外部借款和资产处置。研究拓展了“一带一路”倡议实施的经济后果分析,并丰富了企业现金持有水平的影响因素分析。
英文摘要:
      The “Belt and Road” initiative is a booster for accelerating domestic reforms and opening to the outside world, which has a major impact on the sustainable development of the Chinese economy and corporate investment and financing decisions. This article cuts in from a new perspective of cash holding level, and uses the quasi-natural experiment provided by the “Belt and Road” initiative to test its microeconomic effects. In theory, the implementation of the “Belt and Road” initiative will increase the operational and financial risks faced by enterprises, and cash is an important tool for enterprises to resist risks. Therefore, companies may increase their cash holdings to resist risks. An empirical test using Chinese A-share listed companies from 2011 to 2017 as a sample supports the above theoretical expectations. The study found that the implementation of the “Belt and Road” initiative has increased the level of cash holdings of enterprises, that is, the cash holdings of participating enterprises of the “Belt and Road” initiative have increased significantly, and this increase was mainly achieved by increasing the company,s operating and financial risks. Further analysis shows that the “Belt and Road” initiative,s role in improving the cash holdings of participating companies is even more pronounced in companies that are not audited by ‘big 4’ firms and have relatively low independent directors. At the same time, this paper finds that the improvement of cash holding level of participating enterprises mainly comes from external borrowing and asset disposal. This paper expands the research on the economic consequences of the implementation of the “Belt and Road” initiative and enriches the analysis of the influencing factors of corporate cash holdings.
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