Government-Business Relations and Corporate Cash Holdings: Evidence from China

被引：2
|
作者：
Gao, Yu [1 ]
Cai, Yan [2 ,5 ]
Teng, Zhuoqi [3 ]
Fang, Yuantao [4 ]
机构：
[1] Qingdao Univ, Sch Business, Qingdao, Peoples R China
[2] Hebei Univ Econ & Business, Coll Commerce, Dept Int Econ & Trade, Shijiazhuang, Peoples R China
[3] Henan Finance Univ, Coll Business Adm, Zhengzhou, Peoples R China
[4] Shanghai Lixin Univ Accounting & Finance, Sch Finance, Shanghai, Peoples R China
[5] Hebei Univ Econ & Business, Coll Commerce, Dept Int Econ & Trade, 47 Xuefu Rd, Shijiazhuang 050061, Hebei, Peoples R China
来源：
ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES | 2022年 / 51卷 / 06期
关键词：
Government-business relations; Corporate cash holdings; Investment opportunities; Product market competition; Financial constraints; G31; G32; P16; PRODUCT MARKET COMPETITION; INVESTOR PROTECTION; STATE OWNERSHIP; POLITICAL UNCERTAINTY; TRUST; FIRMS; DETERMINANTS; CONSTRAINTS; POLICY;
D O I：
10.1111/ajfs.12406
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study employs data from Chinese firms between 2017 and 2019 to explore how government-business relations affect corporate cash holdings. We find that healthy government-business relations have a significantly positive impact on corporate cash holdings. The mechanism test reveals that the former affects the latter via investment opportunities. Furthermore, product market competition positively moderates the relationship between government-business relations and corporate cash holdings, but financial constraints negatively moderate this relationship. The results of our research have implications for the government to optimize the quality of governance and for enterprises to adjust their business strategies.
引用
收藏
页码：914 / 944
页数：31
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