国有和政治关系是否影响客户集中的预防性现金持有?来自中国的证据

IF 2.5 4区 管理学 Q2 BUSINESS, FINANCE Abacus-A Journal of Accounting Finance and Business Studies Pub Date : 2023-09-14 DOI:10.1111/abac.12303
Shaorou Hu, Ming Liu, Nan Liu, Xialin Guo
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引用次数: 0

摘要

本文考察了国有制和政治关系是否会影响中国制造业上市公司客户集中度和现金持有量之间的关系。我们发现,随着客户集中度的提高,非国有企业(而非国有企业)持有更多现金。此外,政治关系削弱了客户集中度对非国有企业现金持有量的积极影响。我们的补充分析进一步表明,对于融资渠道有限的非国有企业——例如,分析师追随率低、机构所有权低或政府补贴低的企业——政治关系对削弱客户集中度和现金持有量之间正相关关系的影响更为明显。其他健壮性测试支持我们的论点。
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Do State Ownership and Political Connections Affect Precautionary Cash Holdings for Customer Concentration? Evidence from China
This paper examines whether state ownership and political connections affect the relationship between customer concentration and cash holdings for Chinese listed manufacturing firms. We show that non‐state‐owned firms, but not state‐owned firms, hold more cash as customer concentration increases. In addition, political connections weaken the positive effect of customer concentration on non‐state‐owned firms’ cash holdings. Our supplemental analyses further show that for non‐state‐owned firms with limited access to finance—for instance, firms with low analyst following, low institutional ownership, or low government subsidies—the effects of political connections on weakening the positive association between customer concentration and cash holdings are more pronounced. Additional robustness tests support our arguments.
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来源期刊
CiteScore
3.30
自引率
4.80%
发文量
25
期刊介绍: Since 1965 Abacus has consistently provided a vehicle for the expression of independent and critical thought on matters of current academic and professional interest in accounting, finance and business. The journal reports current research; critically evaluates current developments in theory and practice; analyses the effects of the regulatory framework of accounting, finance and business; and explores alternatives to, and explanations of, past and current practices.
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