社会信任水平与企业现金持有——基于权衡理论的解读
6262 
0
上海财经大学学报 2015 年 第 17 卷第 04 期, 页码：
摘要
参考文献
摘要
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。
［1］崔巍. 信任水平的提高会增加个人投资者的收益吗？——一项基于STZ方法的实验考察［J］. 金融研究，2010，（10）.
［2］崔巍. 信任、市场参与和投资收益的关系研究［J］. 世界经济，2013，(9).
［3］叶康涛，祝继高. 银根紧缩与信贷资源配置［J］. 管理世界，2009，（1）.
[4]李涛，黄纯纯，何兴强，周开国.什么影响了居民的社会信任水平？——来自广东省的经验证据[J].经济研究，2008,(1).
[5]刘凤委，李琳，薛云奎.信任、交易成本与商业信用模式[J].经济研究，2009,(8).
[6]罗琦，秦国楼.投资者保护与公司现金持有[J].金融研究，2009,(10).
[7]于文超，何勤英.投资者保护、政治联系与资本配置效率[J].金融研究，2013,(5).
[8]张维迎，柯荣柱.信任及其解释：来自中国的跨省调查分析[J].经济研究，2002,(10).
[9]张敦力，李四海.社会信任、政治关系与民营企业银行贷款[J].会计研究，2012,(8).
[10]余明桂，潘红波. 政治关系、制度环境与民营企业银行贷款［J］. 管理世界，2008，（8）.
[11]Aghion P., Algan Y., Cahuc P., Shleifer, A. Regulation and Distrust［J］. Quarterly Journal of Economics,2010,125:1015-1049.
[12]Allen F., Qian J., Qian M. Law,Finance,and Economic Growth in China［J］. Journal of Financial Economics，2005，77(1)：57-116.
[13]Bottazi L., Da Rin M., Hellman T. The Importance of Trust for Investment:Evidence from Venture Capital[R]. Working Paper,National Bureau of Economic Research,Cambridge,MA,2011.
[14]Carlin B., Dorobantu F., Viswanathan S. Public Trust, the Law, and Financial Investment[J]. Journal of Economics, 2009,92: 321-341.
[15]Dittmar A., Duchin R. Looking in the Rear View Mirror: The Effect of Managers’ Professional Experience on Corporate Financial Policy[R].Working Paper, University of Michigan,2013.
[16]Fama E., Jensen M. Separation of Ownership and Control[J]. Journal of Law and Economics,1983,26:301-325.
[17]FeiXie, XiangangXin. Can I Trust You with my Money? The Role of Trust in Corporate Cash Policy[R].2014.
[18]Guiso L., Sapienza P., Zingales L. The Role of Social Capital in Financial Development[J]. American Economic Review,2004,94:526-556.
[19]Guiso L., Sapienza P., Zingales L. Does Culture Affect Economic Outcomes? [J]. Journal of Economic Perspectives, 2006, 20: 23-48.
[20]Guiso L., Sapienza P., Zingales L. Social Capital as Good Culture[J]. Journal of the European Economic Association, 2008a, 6: 295-320.
[21]Guiso L., Sapienza P., Zingales L. Trusting the Stock Market[J].Journal Finance, 2008b, 63: 2557-2600.
[22]Guiso L., Sapienza P., Zingales L. Cultural Biases in Economic Exchange[J]. Quarterly Journal of Economics, 2009, 124:1095-1131.
[23]Houweling P.,Mentink Vorst A. T. Is Liquidity Reflected in Bond Yields? Evidence from the Euro Corporate Bond Market［R］. Working Paper, 2002.
[24]Jensen M. Agency Cost of Free Cash Flow,Corporate Finance and Takeovers[J]. The American Economic Review, 1986,76:323-329.
[25]Kumar A., Page J., Spalt O. Religious Beliefs,Gambling Attitudes,and Financial Market Outcomes［J］. Journal of Financial Economics,2012,102:671-708.
[26]Klapper L. F., Love I. Corporate Governance, Investor Protection, and Performance in Emerging Markets[J]. Journal of Corporate Finance, 2004,10:703-728.
[27]La Porta R.,LopezdeSilanes F., Shleifer A., Vishny R. Trust in Large Organizations[J]. American Economic Review,1997,87：333-338.
[28]La Porta R.,LopezdeSilanes F., Shleifer A., Vishny R. Investor Protection and Corporate Governance[J].Journal of Financial Economics,2002,58：3-27.
[29]Williamson O. Calculativeness, Trust, and Economic Organization[J]. Journal of Law andEconomics,1993，36：453-486.
［2］崔巍. 信任、市场参与和投资收益的关系研究［J］. 世界经济，2013，(9).
［3］叶康涛，祝继高. 银根紧缩与信贷资源配置［J］. 管理世界，2009，（1）.
[4]李涛，黄纯纯，何兴强，周开国.什么影响了居民的社会信任水平？——来自广东省的经验证据[J].经济研究，2008,(1).
[5]刘凤委，李琳，薛云奎.信任、交易成本与商业信用模式[J].经济研究，2009,(8).
[6]罗琦，秦国楼.投资者保护与公司现金持有[J].金融研究，2009,(10).
[7]于文超，何勤英.投资者保护、政治联系与资本配置效率[J].金融研究，2013,(5).
[8]张维迎，柯荣柱.信任及其解释：来自中国的跨省调查分析[J].经济研究，2002,(10).
[9]张敦力，李四海.社会信任、政治关系与民营企业银行贷款[J].会计研究，2012,(8).
[10]余明桂，潘红波. 政治关系、制度环境与民营企业银行贷款［J］. 管理世界，2008，（8）.
[11]Aghion P., Algan Y., Cahuc P., Shleifer, A. Regulation and Distrust［J］. Quarterly Journal of Economics,2010,125:1015-1049.
[12]Allen F., Qian J., Qian M. Law,Finance,and Economic Growth in China［J］. Journal of Financial Economics，2005，77(1)：57-116.
[13]Bottazi L., Da Rin M., Hellman T. The Importance of Trust for Investment:Evidence from Venture Capital[R]. Working Paper,National Bureau of Economic Research,Cambridge,MA,2011.
[14]Carlin B., Dorobantu F., Viswanathan S. Public Trust, the Law, and Financial Investment[J]. Journal of Economics, 2009,92: 321-341.
[15]Dittmar A., Duchin R. Looking in the Rear View Mirror: The Effect of Managers’ Professional Experience on Corporate Financial Policy[R].Working Paper, University of Michigan,2013.
[16]Fama E., Jensen M. Separation of Ownership and Control[J]. Journal of Law and Economics,1983,26:301-325.
[17]FeiXie, XiangangXin. Can I Trust You with my Money? The Role of Trust in Corporate Cash Policy[R].2014.
[18]Guiso L., Sapienza P., Zingales L. The Role of Social Capital in Financial Development[J]. American Economic Review,2004,94:526-556.
[19]Guiso L., Sapienza P., Zingales L. Does Culture Affect Economic Outcomes? [J]. Journal of Economic Perspectives, 2006, 20: 23-48.
[20]Guiso L., Sapienza P., Zingales L. Social Capital as Good Culture[J]. Journal of the European Economic Association, 2008a, 6: 295-320.
[21]Guiso L., Sapienza P., Zingales L. Trusting the Stock Market[J].Journal Finance, 2008b, 63: 2557-2600.
[22]Guiso L., Sapienza P., Zingales L. Cultural Biases in Economic Exchange[J]. Quarterly Journal of Economics, 2009, 124:1095-1131.
[23]Houweling P.,Mentink Vorst A. T. Is Liquidity Reflected in Bond Yields? Evidence from the Euro Corporate Bond Market［R］. Working Paper, 2002.
[24]Jensen M. Agency Cost of Free Cash Flow,Corporate Finance and Takeovers[J]. The American Economic Review, 1986,76:323-329.
[25]Kumar A., Page J., Spalt O. Religious Beliefs,Gambling Attitudes,and Financial Market Outcomes［J］. Journal of Financial Economics,2012,102:671-708.
[26]Klapper L. F., Love I. Corporate Governance, Investor Protection, and Performance in Emerging Markets[J]. Journal of Corporate Finance, 2004,10:703-728.
[27]La Porta R.,LopezdeSilanes F., Shleifer A., Vishny R. Trust in Large Organizations[J]. American Economic Review,1997,87：333-338.
[28]La Porta R.,LopezdeSilanes F., Shleifer A., Vishny R. Investor Protection and Corporate Governance[J].Journal of Financial Economics,2002,58：3-27.
[29]Williamson O. Calculativeness, Trust, and Economic Organization[J]. Journal of Law andEconomics,1993，36：453-486.
引用本文
贺京同, 范若滢. 社会信任水平与企业现金持有——基于权衡理论的解读[J]. 上海财经大学学报, 2015, 17(4): 0.
导出参考文献，格式为：
