证券监管机构针对上市公司财务报告中的问题所发出的年报问询函,能够影响企业的超额现金持有水平。笔者以2015—2018年中国大陆A股上市公司为研究对象,采用OLS回归、Heckman两阶段模型、PSM+DID模型实证检验了年报问询函对超额现金持有水平的影响。研究结果显示:年报问询函能够减少超额现金持有;在管理层权力较低的企业和市场化程度较高的地区,年报问询函对超额现金持有水平的影响较为稳健;当年报问询函包含的问题数量越多、年报问询函需要中介机构发表核查意见时,年报问询函降低超额现金持有的力度较强;年报问询函通过缓解信息不对称降低超额现金持有。本研究将针对年报问询函经济后果的学术探讨拓展到企业超额现金持有研究领域,揭示了年报问询函对超额现金持有水平的影响,研究结论丰富了有关年报问询函经济后果和超额现金持有影响因素方面的相关文献,为证券监管机构、公司管理层正确认识并充分发挥年报问询函的监管作用提供了理论依据。
Abstract
Security regulators issue annual report comment letters on problems in the financial reports of listed companies.Annual report comment letters can affect corporates' excess cash holdings.Based on the data of Chinese A-share listed companies from 2015 to 2018,this study investigates the impact of annual report comment letters on excess cash holdings using the OLS regression,Heckman two-stage model and PSM+DID model.The empirical results show that annual report comment letters decrease excess cash holdings.This reduction effect is more pronounced for companies with less management power and regions with higher level of marketization.Moreover,we find this effect is stronger when annual report comment letters contain more questions and need to be verified by the intermediary.At last,we find information asymmetry is the mechanism through which annual report comment letters reduce excess cash holdings.Our study expands the economic consequences of annual report comment letters at the level of corporates' excess cash holdings.The conclusions clarify the impact of annual report comment letters on excess cash holdings enrich the literature on annual report comment letters' economic consequences and the affecting factors of excess cash holdings,and also have implications for regulators and managers to understand and make full use of annual report comment letters.
关键词
年报问询函 /
超额现金持有 /
管理层权力 /
市场化程度 /
信息不对称
{{custom_keyword}} /
Key words
Annual report comment letter /
Excess cash holdings /
Management power /
Marketization /
Information asymmetry
{{custom_keyword}} /
中图分类号:
F270
{{custom_clc.code}}
({{custom_clc.text}})
{{custom_sec.title}}
{{custom_sec.title}}
{{custom_sec.content}}
参考文献
[1] 陈运森,邓祎璐,李哲.非处罚性监管具有信息含量吗?——基于问询函的证据[J].金融研究,2018(4):155-171.
[2] 张俊生,汤晓建,李广众.预防性监管能够抑制股价崩盘风险吗?——基于交易所年报问询函的研究[J].管理科学学报,2018(10):112-126.
[3] 李晓溪,饶品贵,岳衡.年报问询函与管理层业绩预告[J].管理世界,2019(8):173-192.
[4] 陈运森,邓祎璐,李哲.证券交易所一线监管的有效性研究:基于财务报告问询函的证据[J].管理世界,2019(3):169-186.
[5] 胡宁,曹雅楠,周楠,薛爽.监管信息披露与债权人定价决策——基于沪深交易所年报问询函的证据[J].会计研究,2020(3):56-67.
[6] 彭雯,张立民,钟凯,黎来芳.监管问询的有效性研究:基于审计师行为视角分析[J].管理科学,2019(4):17-30.
[7] 陈运森,邓祎璐,李哲.非行政处罚性监管能改进审计质量吗?——基于财务报告问询函的证据[J].审计研究,2018(5):82-88.
[8] 杨兴全,尹兴强.国企混改如何影响公司现金持有?[J].管理世界,2018(11):93-107.
[9] Harford J,Mansi S A,Maxwell W F.Corporate Governance and Firm Cash Holdings in the U.S.[J].Journal of Financial Economics,2008,87(3):535-555.
[10] Gao H,Harford J,Li K.Determinants of Corporate Cash Policy:Insights from Private Firms[J].Journal of Financial Economics,2013,109(3):623-639.
[11] 杨兴全,张丽平,吴昊旻.市场化进程、管理层权力与公司现金持有[J].南开管理评论,2014(2):34-45.
[12] 罗进辉,李小荣,向元高.媒体报道与公司的超额现金持有水平[J].管理科学学报,2018(7):91-112.
[13] Jensen M C.Agency Cost of Free Cash Flow,Corporate Finance,and Takeovers[J].American Economic Review,1986,76(2):323-329.
[14] Harford J.Corporate Cash Reserves and Acquisitions[J].Journal of Finance,1999,54(6):1969-1997.
[15] Ozkan A,Ozkan N.Corporate Cash Holdings:An Empirial Investigation of UK Companies[J].Journal of Banking and Finance,2004,28(9):2103-2134.
[16] Guney Y,Ozkan A,Ozkan N.International Evidence on the Non-linear Impact of Leverage on Corporate Cash Holdings[J].Journal of Multinational Financial Management,2007,17(1):45-60.
[17] Blanchard O,Lopez-de-Silanes F,Shleifer A.What Do Firms Do with Cash?[J].Journal of Financial Economics,1994,36(3):337-360.
[18] Miller G S.The Press as A Watchdog for Accounting Fraud[J].Journal of Accounting Research,2006,44(5):1001-1033.
[19] Dyck A,Volchkova N,Zingales L.The Corporate Governance Role of the Media:Evidence from Russia[J].The Journal of Finance,2008,63(3):1093-1135.
[20] Liu B X,McConnell J J.The Role of the Media in Corporate Governance:Do the Media Influence Managers’ Decisions to Abandon Acquisition Attempts?[J].Journal of Financial Economics,2013,110(1):1-17.
[21] 翟胜宝,徐亚琴,杨德明.媒体能监督国有企业高管在职消费么?[J].会计研究,2015(5):57-63.
[22] 薛健,汝毅,窦超.“惩一”能否“儆百”?——曝光机制对高管超额在职消费的威慑效应探究[J].会计研究,2017(5):68-74.
[23] Finkelstein S.Power in Top Management Teams:Dimensions,Measurement,and Validation[J].Academy of Management Journal,1992,35(3):505-538.
[24] 卢锐,魏明海,黎文靖.管理层权力,在职消费与产权效率——来自中国上市公司的证据[J].南开管理评论,2008(5):85-92.
[25] 权小锋,吴世农,文芳.管理层权力、私有收益与薪酬操纵[J].经济研究,2010(11):75-89.
[26] 樊纲,王小鲁,张立文,朱恒鹏.中国各地区市场化相对进程报告[J].经济研究,2003(3):9-18.
[27] 雷光勇,范蕾.市场化程度、内部人侵占与审计监督[J].财贸经济,2009(5):61-67.
[28] 朱红军,李贺.文化体制改革、市场化进程对媒体的影响研究[J].财经研究,2015(11):124-132.
[29] 醋卫华,李培功.媒体监督公司治理的实证研究[J].南开管理评论,2012(1):33-42.
[30] 张会丽,吴有红.超额现金持有水平与产品市场竞争优势[J].金融研究,2012(2):183-195.
[31] 余靖雯,郭凯明,龚六堂.宏观政策不确定性与企业现金持有[J].经济学(季刊),2019(3):987-1010.
[32] 王化成,高鹏,张修平.企业战略影响超额在职消费吗?[J].会计研究,2019(3):40-46.
[33] 俞红海,徐龙炳,陈百助.终极控股股东控制权与自由现金流过度投资[J].经济研究,2010(8):103-114.
[34] 袁蓉丽,王群,李瑞敬.证券交易所监管与股价同步性——基于年报问询函的证据[J].管理评论,2021(2):49-59.
[35] Ryans J P.Textual Classification of SEC Comment Letters[J].Review of Accounting Studies,2020,15(3):1-44.
[36] 陈冬华,姚振晔.政府行为必然会提高股价同步性吗?——基于我国产业政策的实证研究[J].经济研究,2018(12):112-128.
[37] 伊志宏,杨圣之,陈钦源.分析师能降低股价同步性吗——基于研究报告文本分析的实证研究[J].中国工业经济,2019(1):156-173.
{{custom_fnGroup.title_cn}}
脚注
{{custom_fn.content}}
基金
国家自然科学基金面上项目“企业战略选择对创新模式的影响机理及其经济后果研究”(项目编号:71872179)。
{{custom_fund}}