全球价值链地位与企业现金持有量

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-25 DOI:10.1016/j.frl.2025.107852

Guangzhong Li , Guanghua Li , Rongbing Xiao

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引用次数: 0

摘要

本文从全球化的视角研究了全球价值链（GVC）地位对企业内部现金政策的影响。利用来自48个经济体的企业层面数据，我们表明企业现金持有量对企业全球价值链地位有响应。全球价值链地位提升与现金持有量的负相关关系在融资需求较明显、议价能力较低和面临资金困难的企业中表现得更为明显。总体而言，本文说明了在全球价值链中具有更高附加值和竞争力的企业通过降低财务风险和提高议价能力来降低企业现金持有量。

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Global value chain position and corporate cash holdings

This paper studies how global value chain (GVC) positions affect cash policy within corporations from a globalized perspective. Using firm-level data from 48 economies, we show that corporate cash holdings respond to the corporate GVC position. The negative relationship between GVC position upgrading and cash holdings is stronger for firms whose financing needs are more pronounced, those with lower bargaining power, and those facing financial difficulties. Overall, this paper illustrates that firms with more value-added and competitive power in GVCs decrease their corporate cash holdings by mitigating financial risk and improving their bargaining power.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance