| 数字经济对企业现金持有水平影响研究——基于“宽带中国战略”的准自然实验 |
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| 引用本文：王 莹,刘建江,熊智桥.数字经济对企业现金持有水平影响研究——基于“宽带中国战略”的准自然实验[J].财经理论与实践,2022,(3):96-103 |
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| 中文摘要:全面推进以“宽带中国战略”为主的数字化经济建设是带动企业数字化转型，优化企业资源配置，进而促进企业长期稳定发展的重要步骤。以“宽带中国战略”为准自然实验，基于2008-2020年中国上市公司数据，采用DID（双重差分）模型考察数字经济对企业现金持有水平的影响。研究表明：数字经济显著抑制企业现金持有水平，有效促进经济流通；中介效应模型检验发现，积累人力资本和缓解融资约束是数字经济降低企业现金持有水平的重要机制；异质性检验发现，数字经济对东部地区企业和中小企业现金持有水平的抑制作用更显著。基于以上研究，充分识别了当前我国数字经济对于企业现金持有水平的抑制作用，同时有助于推进“宽带中国战略”的进一步落地实施。 |
| 中文关键词:数字经济 现金持有 “宽带中国战略” |
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| Research on the Influence of Digital Economy on Corporate Cash Holding Level--A Quasi-natural Experiment Based on the “Broadband China” Strategy |
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| Abstract:To comprehensively promote the digital economic construction based on the "Broadband China" strategy is an important step to drive the digital transformation of enterprises, optimize the allocation of enterprise resources, and then promote the long-term stable development of enterprises. In this paper, the "Broadband China" strategy as the standard natural experiment, taking the data of Chinese listed companies from 2008 to 2020 as the research sample, using DID (differential) model to investigate the impact of digital economy on corporate cash holding level. The research shows that: Under the background of digital economy, it restrains the cash holding level of enterprises and effectively promotes the economic circulation; Promoting regional digital economy construction can alleviate the excessive cash holding level of enterprises by means of human resource cost and financing constraint. Through heterogeneity test, it is found that the digital economy has a more significant impact on the cash holding level of SMEs than large enterprises. Compared with the central and western regions, digital economy has a more significant impact on the cash holding level in the eastern region. Based on the above research, the help from the perspective of corporate cash holdings, clarify the current our country on the configuration of the digital economy on corporate cash holdings resources, by pushing the "Broadband China" strategy, to strengthen the corporate governance mechanism of resource allocation, digitizing upgrade for the enterprise to provide policy support, through the micro- behavior decision-making efficiency at the same time, provide realistic feedback for the country to carry out comprehensive policy implementation. |
| keywords:digital economy cash holdings Broadband China strategy |
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