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首页> 外文期刊>Emerging markets review >Anticorruption, political connections, and corporate cash policy: Evidence from politician downfalls in China
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Anticorruption, political connections, and corporate cash policy: Evidence from politician downfalls in China

机译：反腐败，政治联系和公司现金政策：来自中国政治家垮台的证据

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摘要

We examine how firms change their cash policies in response to the downfall of corrupt politicians in China. We find that firms connected to their local government increase cash holdings when high-profile politician downfalls occur in the government. Consistent with the precautionary saving argument, the effect is stronger for firms that have greater investment opportunities or face greater financial constraints. Compared to unaffected firms, affected firms save more cash out of cash flows and have a higher marginal value of cash holdings. Overall, we show that the collapse of firms' political connections has significant impacts on those firms' financial policies.
机译：我们审查公司如何以回应中国腐败政治家的垮台来改变其现金政策。我们发现，当在政府发生高调的政治家垮台时，公司与当地政府有关的公司增加现金持股。符合预防性节省论证，对具有更大投资机会或面临更大的财务限制的公司效果更强。与未受影响的公司相比，受影响的公司将现金流量储蓄，现金流量较高，拥有更高的现金持股价值。总体而言，我们表明公司政治联系的崩溃对这些公司的财务政策产生了重大影响。

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