Enterprise Group, Cash Holding and Credit Risk

被引：0

作者：

Xie, Xiaofeng ^{[1
,3
]}

Yang, Yang ^{[2
]}

Xu, Kai ^{[1
,4
]}

Zhou, Zongfang ^{[1
]}

机构：

[1] Univ Elect Sci & Technol China, Sch Management & Econ, Chengdu 611731, Sichuan, Peoples R China

[2] Southwestern Univ Finance & Econ, Sch Econ Math, Chengdu 611130, Sichuan, Peoples R China

[3] Chengdu Neusoft Univ, Genenal Educ Dept, Chengdu 611844, Sichuan, Peoples R China

[4] Chengdu Univ, Sch Tourism & Econ Management, Chengdu 610106, Sichuan, Peoples R China

来源：

PROCEEDINGS OF THE 8TH ANNUAL MEETING OF RISK ANALYSIS COUNCIL OF CHINA ASSOCIATION FOR DISASTER PREVENTION (RAC 2018) | 2018年 / 66卷

基金：

中国国家自然科学基金;

关键词：

enterprise group; credit risk; cash holding; property right nature; BUSINESS GROUPS; FINANCIAL RATIOS; PREDICTION;

D O I：

暂无

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Using the data of Chinese listed companies for 2011-2016 years, on the basis of defining enterprise groups, the relationship between enterprise group, cash holding and credit risk is studied from the perspective of the property property of the final controller of the enterprise group. The research shows that: first, compared with independent companies, the cash holding level of the listed companies belonging to the enterprise group is lower, and the cash holding of the listed companies of the private control group is lower than that of the listed companies of the state-owned control group; secondly, the level of cash holding and the credit wind at the public company level In the end, the negative relationship between cash holdings and credit risk is maintained only in private controlled enterprise groups at the enterprise group level. Besides, this paper also attempts to explore the mechanism behind the relationship between cash holding and credit risk in state-owned enterprises.

引用

页码：547 / 553

页数：7

共 18 条

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