国际知名期刊，发表三篇“现金持有”中国问题研究

欢迎加群：欢迎2021届海内外华人会计金融博士毕业生入群，欢迎会计学术联盟小伙伴入群，加群请及时修改群名片：姓名+学校。本群我们将严格管理，当天未及时修改群名片的，将被请出群。我们将统一往群里发就业信息。请联系群主萌小二微信13717527221，加群请注明姓名+专业/学历+单位，感谢配合!

本周盘点发表在国外SSCI杂志，有关现金持有中国问题研究最新论文，以期为广大朋友学习有所参考。

1.The impact of supply chain finance on firm cash holdings: Evidence from China

Ailing Pan 1, Lei Xu 2, *Bin Li 1, Runze Ling 1
School of Management, Shandong University, Jinan, China
Business School, University of South Australia, Adelaide, Australia

Pacific-Basin Finance Journal
Volume 63, October 2020, 101402
https://doi.org/10.1016/j.pacfin.2020.101402Get rights and content

Highlights
•Supply chain finance increases the core firm’s cash holdings and competitiveness.
•Commercial credit and state ownership lead firms to supply chain finance.
•Close relationship with banks or political connections positively contributes to cash holding.
•Increased cash holdings lead to enhanced investment efficiency and firm values.

Abstract:We establish a link between supply chain finance (SCF) and a firm's cash holdings through a proprietary dataset of listed firms on the Shanghai and Shenzhen Stock Exchanges. Our findings suggest that SCF may significantly improve cash holdings by a core firm, speed up its cash turnover, and enhance its competitiveness. Such impacts are stronger when the firm is of lower efficiency. In addition, a firm with more commercial credit or of state ownership is more likely to become committed to SCF. A close relationship with banks or political connections may further improve the private firm's cash holdings. In the meantime, increased cash holdings at the core firm may lead to enhanced investment efficiency, rather than over-investment, and enhanced firm values. Our findings may have such policy implications that SCF needs to be better supported by the banking sector and the government for China's sustainable economic success.

Keywords:Supply chain finance; Core firm; Cash holdings; Competitiveness; Investment efficiency

2.Does economic policy uncertainty raise corporate precautionary cash holdings? Evidence from China

Xin Su1；Shengshi Zhou1；Rui Xue2；*Jinfang Tian3；
School of Business Administration, Shandong University of Finance and Economics, Jinan, China
Department of Applied Finance, Macquarie University, Sydney, NSW, Australia
School of Statistics, Shandong University of Finance and Economics, Jinan, China

Accounting & Finance
Volume60, Issue5 December 2020 Pages 4567-4592
First published: 09 July 2020|
https://doi.org/10.1111/acfi.12674|

Abstract：Using China as the research setting, this paper investigates the relationship between economic policy uncertainty and corporate precautionary cash holdings. Empirical results show a U‐shaped relation between economic policy uncertainty and corporate precautionary cash holdings. Empirical analysis, in terms of ownership structure, firm size, corporate competitiveness and geographical location, further shows that (i) the effects for economic policy uncertainty in both state‐owned and non‐state‐owned enterprises are significant, but the effect is stronger for state‐owned enterprises; (ii) such significant effect is also found more strongly in small and medium‐sized enterprises and highly competitive enterprises; and (iii) the effects for eastern, central and western China are all statistically significant, but the effect is strongest for eastern China.

3.Directorate interlocks and corporate cash holdings in emerging economies: Evidence from China

Xiaoqing Li 1, Anna Fung 2, Hung-Gay Fung 3, *Penghao Qiao 4
School of Economics and Management, Hebei University of Technology, Tianjin, China
Management Department, American University, Washington, D.C, USA

College of Business Administration, University of Missouri-St. Louis, One University Blvd, St. Louis, MO, 63121, USA

School of Business and Economics, Kunming University of Science and Technology, Kunming, China

International Review of Economics & Finance
Volume 66, March 2020, Pages 244-260
https://doi.org/10.1016/j.iref.2019.12.002

Abstract：The large amount of cash that some corporations hold has recently come under public scrutiny. Prior research has used the agency cost framework to explain why managers prefer large corporate cash holdings. Using a novel and intuitive approach, the resource-dependence perspective, we document that directorate interlocks, in terms of network centrality and structural holes that enable firms to have access to resources, affects firms’ cash holdings. Specifically, the directorate interlocks facilitate firms to have bank loans that substitute for cash holdings. We further show that political connection by the firm’s leader amplifies the directorate interlocks’ effect to reduce cash holding.

Keywords：Cash holdings; Network centrality; Structural holes; Bank loans; Political connection

 国际知名财务期刊，发表三篇“中国高铁开通”研究文章！
 中国会计学者，最新三篇“资本市场开放”研究工作论文！

已入群招聘的用人单位名单（更新中）

哈尔滨工业大学（深圳）

东北财经大学

山东财经大学

湖北经济学院

湖南工商大学

重庆理工大学

重庆科技学院

北京科技大学

石河子大学

山东大学（威海分校）

广东工业大学

武汉理工大学

兰州大学

宁夏大学

上海立信会计金融学院

上海理工大学

北京石油化工学院

河北大学

南通大学

临沂大学

西京学院

。。。

欢迎加群：欢迎2021届海内外华人会计金融博士毕业生入群，欢迎会计学术联盟小伙伴入群，加群请及时修改群名片：姓名+学校，本群我们将严格管理，当天未及时修改群名片的，将被请出群。我们将统一往群里发就业信息。如群满，请联系群主萌小二微信13717527221，加群请注明姓名+专业/学历+单位，感谢配合!

WINTER

扫码关注我们

微信号｜会计学术联盟