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Enterprise Group, Cash Holding and Credit Risk

机译：企业集团，现金持有和信用风险

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摘要

Using the data of Chinese listed companies for 2011-2016 years, on the basis of defining enterprise groups, the relationship between enterprise group, cash holding and credit risk is studied from the perspective of the property property of the final controller of the enterprise group. The research shows that: first, compared with independent companies, the cash holding level of the listed companies belonging to the enterprise group is lower, and the cash holding of the listed companies of the private control group is lower than that of the listed companies of the state-owned control group; secondly, the level of cash holding and the credit wind at the public company level In the end, the negative relationship between cash holdings and credit risk is maintained only in private controlled enterprise groups at the enterprise group level. Besides, this paper also attempts to explore the mechanism behind the relationship between cash holding and credit risk in state-owned enterprises.
机译：利用2011 - 2016年中国上市公司的数据，在界定企业集团的基础上，从企业集团最终控制人的财产财产的位置研究了企业集团，现金持有和信用风险的关系。该研究表明：首先，与独立公司相比，属于企业集团的上市公司的现金持有水平较低，私营管制集团上市公司的现金持有低于上市公司的现金举行国有对照组;其次，现金持有水平和信用风在公共公司级别最终，现金持股与信贷风险之间的负面关系仅在企业集团级别的私人控制企业集团维持。此外，本文还试图探讨国有企业现金持有和信用风险之间关系背后的机制。

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