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

被引：1

作者：

Ke, Zhaohui ^{[1
]}

Wang, Lihong ^{[2
]}

Yin, Yujia ^{[2
]}

机构：

[1] Kings Coll London, Kings Business Sch, Dept Banking & Finance, London, England

[2] Xiamen Univ, Inst Financial & Accounting Studies, Finance Grp, Xiamen, Peoples R China

来源：

ASIA-PACIFIC JOURNAL OF ACCOUNTING & ECONOMICS | 2023年 / 30卷 / 02期

关键词：

Sino-US trade conflict; cash holding; performance; financing constraint; state control; INTERNATIONAL EVIDENCE; FINANCIAL CONSTRAINTS; STATE OWNERSHIP; UNCERTAINTY; INVESTMENT; DETERMINANTS; GOVERNANCE; FIRMS; FLOW; INFORMATION;

D O I：

10.1080/16081625.2021.1995887

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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.

引用

页码：448 / 469

页数：22

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