Corporate cash holdings under Sino-US trade conflict: evidence from China

IF 1.4 4区经济学 Q3 BUSINESS, FINANCE

Asia-Pacific Journal of Accounting & Economics Pub Date : 2021-10-24 DOI:10.1080/16081625.2021.1995887

Zhao Ke, Lihong Wang, Y. Yin

引用次数: 1

Abstract

ABSTRACT This study examines the impact of Sino-US trade conflict on the corporate cash holdings of China’s listed foreign-trade companies with sanctioned US business. Employing a DID method, we utilize a sample of 207 foreign-trade companies with sanctioned US business and 832 foreign-trade companies without US business from 2016 to 2019. Our results show that Sino-US trade conflict has stimulated cash holdings in foreign-trade enterprises with sanctioned US business. A large amount of cash holdings exerts a positive effect on corporate performance, especially in poorly performing firms. This relationship is especially pronounced in enterprises with financing constraints and non-state-owned foreign-trade firms.

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中美贸易冲突下的企业现金持有量:来自中国的证据

摘要本研究考察了中美贸易冲突对受美国制裁的中国外贸上市公司现金持有量的影响。采用DID方法，我们选取了2016年至2019年207家与美国有贸易往来的外贸公司和832家与美国没有贸易往来的外贸公司作为样本。我们的研究结果表明，中美贸易冲突刺激了美国制裁的外贸企业的现金持有量。大量现金持有对公司绩效有积极影响，尤其是在业绩不佳的公司。这种关系在融资困难的企业和非国有外贸企业中尤为明显。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Asia-Pacific Journal of Accounting & Economics Multiple-

CiteScore

2.40

自引率

9.10%

发文量

期刊介绍： The Asia-Pacific Journal of Accounting & Economics (APJAE) is an international forum intended for theoretical and empirical research in all areas of economics and accounting in general. In particular, the journal encourages submissions in the following areas: Auditing, financial reporting, earnings management, financial analysts, the role of accounting information, international trade and finance, industrial organization, strategic behavior, market structure, financial contracts, corporate governance, capital markets, and financial institutions. The journal welcomes contributions related to the Asia Pacific region, and targets top quality research from scholars with diverse regional interests. The editors encourage submission of high quality manuscripts with innovative ideas. The editorial team is committed to an expedient review process.