摘要
司法环境影响公司的营商环境、市场竞争格局以及公司治理水平,进而直接或者间接作用于公司的现金持有决策。本文以2012-2018年A股上市公司为研究对象,基于我国司法改革试点在时间和空间上错列发生的特征,构建多时点双重差分模型,系统地考察了司法环境改善对公司现金持有水平的影响及其作用机制。研究结果显示,相较于未受司法改革试点影响的公司,受司法改革试点影响的公司现金持有水平平均降低了6.34%。进一步研究结果表明,司法环境改善主要通过缓解融资约束和降低代理成本两条路径影响公司现金持有决策。此外,本文还发现司法环境改善对公司现金持有水平的影响在非国有企业和市场竞争激烈的企业中更为明显,而且司法环境改善显著提升了公司价值。本研究不仅丰富和拓展了司法环境与公司现金持有方面的研究文献,而且对于全面认识司法改革如何提高投资者保护和公司治理水平具有重要的理论和现实意义,同时也为司法改革的成效提供了经验证据。
The judicial environment affects the company's business environment,market competition pattern and corporate governance level,and then directly or indirectly affects the company's cash holding decisions.Taking A-share listed companies from 2012 to 2018 as the research object,based on the characteristics of the judicial reform pilot in time and space,this paper builds a multi-period difference-in-difference model to systematically investigate the impact of judicial environment improvement on corporate cash holdings and its mechanism.The results show that the cash holdings of companies affected by the judicial reform pilot decreased by 6.34%on average compared with those not affected by the judicial reform pilot.Further research results show that the improvement of judicial environment affects corporate cash holding decisions mainly through two ways:easing financing constraints and reducing agency costs.In addition,this paper also finds that the impact of the improvement of judicial environment on corporate cash holdings is more obvious in non-state-owned enterprises and enterprises with fierce market competition,and the improvement of judicial environment significantly increases corporate value.This study not only enriches and expands the research literature on judicial environment and corporate cash holdings,but also has important theoretical and practical significance for a comprehensive understanding of how judicial reform improve the level of investor protection and corporate governance,and provides empirical evidence for the effectiveness of judicial reform.
出处
《会计研究》
CSSCI
北大核心
2023年第5期65-77,共13页
Accounting Research
基金
国家社科基金项目(21BGL008)
江苏高校优势学科建设工程资助项目(PAPD)
江苏省333工程(BRA2019271)的资助
关键词
司法环境
司法改革
现金持有
公司价值
Judicial Environment
Judicial Reform
Cash Holdings
Corporate Value
