国有资本经营预算实施如何影响地方国企现金持有？

Impact of State-Owned Capital Management Budgets on Cash Holdings of Local State-Owned Enterprises

中文关键词:  国有资本经营预算  地方国企  现金持有  过度投资  金融资产投资

英文关键词:state-owned capital operation budgets  local state-owned enterprises  cash holdings  over-investment  financial assets

中文摘要:

      党的二十大报告提出“健全现代预算制度”,其中强化国有资本经营预算统筹是深入推进现代预算制度改革的重点任务。基于此,选取2004—2019年中国A股地方国企与民企数据,运用交错双重差分模型,考察国有资本经营预算对地方国企现金持有的影响及作用机制。研究发现,国有资本经营预算实施增加了地方国企的现金持有,其主要途径源于对过度投资和金融资产投资的抑制。异质性分析表明,上述效应显著存在于位于国有资本发展程度较高的省份和东中部地区、控制链距离较短、内部控制较弱的地方国企中。进一步研究发现,国有资本经营预算实施增加地方国企现金持有,能够增加企业创新投入,最终提升企业价值。因此,地方国企应把握国有资本经营预算实施的契机,提高公司治理能力,增加创新投入,实现企业价值提升。

英文摘要:

      In the report to the 20th National Congress of the Communist Party of China, strengthening state-owned capital operation budgets was emphasized as a key task in reforming the modern budget system. Based on the data of Chinese A-share local state-owned enterprises (SOEs) and private enterprises from 2004 to 2019, this paper exploits a staggered difference-in-differences design to examine the impact of state-owned capital operation budgets on local SOEs' cash holdings and its underlying mechanism. The implementation of state-owned capital operation budgets increases the cash holdings level of local SOEs, primarily by curbing over-investments and financial speculations. Heterogeneity analysis shows that the increase in cash holdings is more pronounced for local SOEs located in regions with a higher level of state-owned capital development, as well as in the eastern and central China, and firms with shorter control distances and weaker internal control. Further research shows that the implementation of state-owned capital operation budgets can encourage enterprises to increase innovation inputs and ultimately enhance firm value. Therefore, local SOEs should seize the opportunity of the policy to improve governance capabilities, increase R&D investments, and enhance firm value. 