论文部分内容阅读
信任是一种文化现象,它通过信任的指向性不明确而对公司治理产生影响。文章从社会信任水平着手考察其对企业现金持有的影响。结果显示:(1)社会信任水平每提高1%,企业现金持有水平降低0.208%,该影响通过减弱信息不对称问题和弥补正式制度的不足两个渠道发挥作用;(2)在正式制度对投资者保护程度更弱或企业信息不对称问题更严重时,社会信任水平对于企业现金持有的影响更大;(3)结合企业所有权性质的考察发现,社会信任水平在影响非国有企业的现金持有行为中发挥的作用较之于国有企业更大。因此,对企业治理的研究思路从经济视角扩展到社会视角有利于完善公司治理的深层结构,从而提高公司治理水平。
Trust is a cultural phenomenon that affects corporate governance through the lack of clarity in the direction of trust. From the level of social trust, the paper examines the impact on corporate cash holdings. The results show that: (1) For every 1% increase in the level of social trust, the cash holding level of enterprises is reduced by 0.208%. The impact is exerted by weakening the information asymmetry and making up for lack of a formal system. (2) (3) According to the investigation of the nature of corporate ownership, we found that the level of social trust is greater in the cash that affects non-state-owned enterprises The role of holding behavior is greater than the state-owned enterprises. Therefore, the research of corporate governance from economic perspective to social perspective is conducive to improving the deep structure of corporate governance, thereby enhancing the level of corporate governance.