反貪污運動對政治連結、資訊不對稱與現金持有價值影響之研究—中國上市公司實證

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Title:	反貪污運動對政治連結、資訊不對稱與現金持有價值影響之研究—中國上市公司實證 The Impact of Anti-Corruption Campaigns, Political Connections, and Information Asymmetry on the Value of Cash Holdings-Evidence from China
Authors:	高小閔
Contributors:	財務金融學系
Keywords:	反貪污運動政治連結資訊不對稱現金持有價值中國 anti-corruption campaigns political connections information asymmetry cash holding value China
Date:	2021
Issue Date:	2023-02-20 10:23:10 (UTC+8)
Abstract:	本研究主要探討反貪污運動對於政治連結、資訊不對稱與現金持有價值的影響。本文以2008年至2019年上海和深圳證券交易所上市的公司為樣本進行實證分析。本文推論政治連結公司會因為資訊不對稱增加，而降低現金持有價值。然而當反貪污運動執行，資訊相對透明，減輕代理問題，公司的投資效率提高，提高政連公司之現金持有價值。本文實證結果發現資訊不對稱與現金持有價值呈現負向影響。加入政治連結後，其價值會由負轉正。其次，本文加入反貪污運動進行探討，並將資訊不對稱分為高低群，反貪污運動的實施對於資訊不對稱高的樣本群並無顯著影響，但對於資訊不對稱低的樣本群，價值為負。本文研究結果顯示，反貪污運動對於資訊不對稱的提升與現金價值影響，仍有研究空間。本文對新興市場反貪污運動成效有貢獻，亦即反貪污運動是否對公司資訊透明度提升，進而影響公司價值，是投資人進行投資決策時須加以謹慎考量的重要因素。 This study mainly explores the impact of the anti-corruption campaign on political connections, information asymmetry and the value of cash holdings. This article uses the companies listed on the Shanghai and Shenzhen stock exchanges as samples to conduct an empirical analysis. This article infers that politically connected companies will reduce the value of cash holdings due to the increase in information asymmetry. However, when the anti-corruption campaign is implemented, information is relatively transparent, agency problems are alleviated, the company's investment efficiency is improved, and the cash holding value of the government-linked company is improved. The empirical results of this paper find that information asymmetry and cash holdings value present a negative impact. After joining a political link, its value will turn from negative to positive. Secondly, this article joins the anti-corruption campaign for discussion, and divides information asymmetry into high and low groups. The implementation of the anti-corruption campaign has no significant impact on the sample group with high information asymmetry, but for the sample group with low information asymmetry, the value is negative. The research results of this article show that there is still room for research on the impact of the anti-corruption campaign on the improvement of information asymmetry and the value of cash. This article has contributed to the effectiveness of anti-corruption campaigns in emerging markets, that is, whether the anti-corruption campaigns increase the transparency of company information and thereby affect company value is an important factor that investors must carefully consider when making investment decisions.
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