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现金持有决策现已成为企业财务决策的重要组成部分,现有文献表明现金持有水平受企业特征、治理结构和市场环境等因素的影响,但研究会计稳健性和产权性质与现金持有关系的文献较少。本文选取2008~2015年沪深A股上市公司为样本,实证研究了会计稳健性、产权性质和两者交互作用对现金持有量的影响。实证结果表明:在其他情况不变时,会计稳健性越强,企业现金持有水平越低;非国有企业现金持有水平高于国有企业现金持有水平;会计稳健性对现金持有的抑制作用存在显著的产权性质差异,具体表现为在非国有企业中发挥的作用大于在国有企业中发挥的作用。本文丰富了现金持有影响因素和会计稳健性经济后果的研究成果,为企业优化现金管理带来了新的经验证据,也为政府和监管部门实现资源有效配置提供了新的思考角度。
The cash holding decision has now become an important part of corporate financial decision making. The existing literature shows that the cash holding level is affected by the characteristics of enterprises, governance structure and market environment, but the relationship between conservatism and property ownership and cash holdings The literature is less. This paper selects the Shanghai and Shenzhen A-share listed companies from 2008 to 2015 as a sample to empirically study the impact of accounting conservatism, property rights and the interaction between the two on the cash holdings. The empirical results show that: in other conditions remain unchanged, the stronger the accounting robustness, the lower the cash holding; the non-state-owned enterprises cash holding level is higher than that of state-owned enterprises; accounting conservatism restrains the cash holdings There is a significant difference in the nature of the property rights between the two parties. Specifically, the role they play in non-state-owned enterprises is greater than that in state-owned enterprises. This paper enriches the research results of the cash holding and economic consequences of accounting conservatism, brings new empirical evidence for the optimization of cash management, and also provides a new perspective for the government and regulators to effectively allocate resources.