Does the Antimonopoly Law improve companies' cash-holding management efficiency? Empirical evidence from Chinese listed companies

被引：1
|
作者：
Zhao, Yiyun [1 ]
机构：
[1] Xiamen Univ, Xiamen, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2023年 / 55卷
关键词：
Antimonopoly law; Cash -holding management efficiency; Internal liquidity management; INVESTMENT; COMPETITION; FLOW; CONSTRAINTS; OWNERSHIP; DECISIONS; FINANCE; GROWTH; POLICY;
D O I：
10.1016/j.frl.2023.103953
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Using listed firms' data between 2004 and 2011, we find that China's Antimonopoly Law provokes a significant increase in firms' cash-holding management efficiency; that is, cash holdings are more aligned with firms' investment opportunities. We show that the increase in cash-holding management efficiency is more pronounced in less competitive industries and these increases are mainly driven by unrestricted industries. Financial constraint is an important channel through which competitive pressure would impact the cash-holding management efficiency. Our results are robust to different sample period selections and proxies for cash holding and investment opportunity.
引用
收藏
页数：8
相关论文
共 50 条
  • [31] DOES IT PAY OFF TO BE SOCIALLY RESPONSIBLE? EMPIRICAL EVIDENCE FROM LISTED COMPANIES
    Starcevic, Dubravka Pekanov
    Mijoc, Ivo
    Mijoc, Josipa
    EKONOMSKI PREGLED, 2016, 67 (04): : 283 - 305
  • [32] Earnings Management of Chinese Listed Companies:A Survey of Empirical Studies
    邹小芃
    陈雪洁
    China & World Economy, 2002, (04) : 38 - 43
  • [33] An Empirical Study on the Performances of Management Buyouts in Chinese Listed Companies
    Li Fengyun
    Gan Yunyou
    PROCEEDINGS OF 2010 INTERNATIONAL CONFERENCE - ACCOUNTING AND FINANCIAL ENGINEERING, 2010, : 108 - 113
  • [34] Will executive equity incentives affect investor relations management: Empirical evidence from Chinese listed companies
    Shi, Xiaofei
    Liu, Zunhu
    Wang, Yuanfang
    FRONTIERS IN PSYCHOLOGY, 2022, 13
  • [35] External profit pressure and operating efficiency: evidence from Chinese listed companies
    Chai, Kuang-Cheng
    Yang, Yang
    Yeh, Chin-Piao
    Liang, Li-Mei
    APPLIED ECONOMICS, 2022, 54 (13) : 1449 - 1459
  • [36] Does diversification help improve the performance of coal companies? Evidence from China's listed coal companies
    Li, Chong-Mao
    Cui, Tao
    Nie, Rui
    Lin, Han
    Shan, Yuli
    RESOURCES POLICY, 2019, 61 : 88 - 98
  • [37] Efficiency and its influencing factors in port enterprises: empirical evidence from Chinese port-listed companies
    Ju, Shui-Mu
    Liu, Nan
    MARITIME POLICY & MANAGEMENT, 2015, 42 (06) : 571 - 590
  • [38] The impact of competition on operational efficiency of ports: Empirical evidence from Chinese coastal port-listed companies
    Ju, Shuimu
    Xie, Jiang
    Tang, Honglei
    RESEARCH IN TRANSPORTATION BUSINESS AND MANAGEMENT, 2023, 46
  • [39] THE EFFECT OF CASH FLOW ON THE CAPITAL STRUCTURE DYNAMIC ADJUSTMENT: EVIDENCE FROM CHINESE LISTED COMPANIES
    Gan, Lining
    Wei, Pengzhen
    Wang, Junqiu
    Zheng, Xiaosong
    TRANSFORMATIONS IN BUSINESS & ECONOMICS, 2018, 17 (3C): : 453 - 468
  • [40] Insider Ownership, Subsidiary Cash Holdings, and Economic Consequences: Evidence from Listed Chinese Companies
    Zhang, Huili
    Lu, Zhengfei
    Zhang, Ran
    Jiang, Guohua
    EMERGING MARKETS FINANCE AND TRADE, 2015, 51 : S174 - S195
12345