摘要
本文以《物权法》出台为自然实验,运用双重差分法考察担保物权制度改革如何影响企业现金持有。实证结果表明,《物权法》出台后,与固定资产占比较高企业相比,固定资产占比较低企业的现金持有水平显著下降。进一步地,三重差分检验结果表明,与融资约束较小企业相比,法律改革对融资约束较大企业现金持有的降低作用更显著。这揭示出,以扩大担保财产范围、完善担保物权设定实现程序为主要内容的担保物权制度改革缓解了企业融资约束,从而降低了企业基于预防性动机的现金持有。本文揭示出法律制度环境是影响企业现金持有的重要因素,同时利用法律改革引致融资约束冲击的差异性识别出企业的现金持有动机,这对理解我国企业流动性管理有重要启示意义。
Using the difference-in-differences method,this paper considers how firms' cash holding responds to the security interest reform which is induced exogenously by the Property Law enactment in China in 2007.We find that this reform led to a significant decrease of cash holding.And these effects are more pronounced for firms that have a lower proportion of fixed assets.Moreover,the triple-differences tests based on financial constraints indicate that the larger financial constraints firms experienced a larger decrease in cash holding.These empirical results reveal that enlarging the collateral menu and lowering the transaction cost of secured lending relieve firms'financial constraints,then bring down the precautionary motive cash which firms hoard to seize future investment opportunities.This paper reveals that the legal institutions play an important role in determining firms'cash holding,and identifies the precautionary motivation of cash holding.These findings can help to understand firms'liquidity management.
出处
《会计研究》
CSSCI
北大核心
2019年第1期72-78,共7页
Accounting Research
基金
国家自然科学基金面上项目"担保物权制度改革对企业负债融资的影响及经济后果:基于<物权法>自然实验的‘法与金融’研究"(71872067)的阶段性成果
关键词
融资约束
现金持有
《物权法》
双重差分法
预防性动机
Financial Constraint
Cash Holding
Property Law
Difference-in-differences
Precautionary Motivation
