产品市场自由化与企业现金持有量：来自中国的证据

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2024-07-31 DOI:10.1016/j.pacfin.2024.102468

Ling Lin , Min Xiao , Rongrong Yao , Xiaoying Zhang

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引用次数: 0

摘要

利用中国连续的产品市场自由化改革作为准自然实验，我们发现市场自由化导致企业现金持有量减少。这种减少可归因于市场自由化引发的竞争加剧。市场自由化的惩戒效应抑制了企业的机会主义现金持有，这种效应在位于地方政府干预较多地区的企业和市场自由化前公司治理较弱的企业中更为明显。总之，我们提供了新兴经济体产品市场自由化如何影响企业现金持有策略的新证据。

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Product market liberalization and corporate cash holdings: Evidence from China

Exploiting China's sequential product market liberalization reform as a quasi-natural experiment, we find that market liberalization leads to a reduction in corporate cash holdings. This reduction is attributable to increased competition induced by market liberalization. The disciplinary effect of market liberalization, which curbs firms' opportunistic cash holdings, is more pronounced among firms located in regions with greater local government intervention and those with weaker corporate governance before market liberalization. Overall, we provide novel evidence of how product market liberalization in an emerging economy impacts firms' cash holding strategies.

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.