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Accruals quality, financial constraints, and corporate cash holdings

机译：应计质量，财务限制和企业现金持股

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Purpose - The purpose of this paper is to examine how information asymmetry driven by earnings quality affects corporate cash holdings. It also investigates the role that financial constraints play in this effect. Design/methodology/approach - The paper examines a large sample of 6,501 observations of 741 firms listed on Euronext Paris over the period 2000-2015. Earnings quality is computed using the Jones model performance-matched discretionary accruals developed by Kothari et al. (2005): the larger the absolute value of discretionary accruals, the lower the accruals quality. Findings - The study finds that firms with poor accruals quality hold more cash and that cash holdings in firms of low reporting quality are higher under financial constraints. These results indicate that firms tend to increase their cash reserves in the presence of high information asymmetry which is notably driven by low accounting quality. The findings also suggest that information asymmetry associated with low reporting quality is greater when firms also have strong financial constraints. The study's conclusions are consistent with the precautionary motive for cash holdings. Practical implications - The results would enhance practitioners' awareness of the importance of accounting choices in the management of cash policies. It would also give researchers an incentive to further explore how these policies are influenced by the precautionary behavior of managers. Originality/value - This paper is the first work to investigate the effect of accruals quality on corporate cash holdings in the French equity market, which typically has a poor information environment resulting in high information asymmetry. Moreover, the role of financial constraints in this effect has not yet been explored.
机译：目的 - 本文的目的是探讨由盈利质量推动的信息不对称如何影响公司现金持股。它还调查了金融限制在这种效果中发挥作用的作用。设计/方法/方法 - 论文在2000-2015期间，欧洲贸易委员会上市的741家公司的大型样本为6,501家公司。使用Kothari等人开发的琼斯模型性能符合酌情计数的盈利质量计算。 （2005）：酌情裁定应计量的绝对值越大，应计量越低。调查结果 - 该研究发现，应计差差的公司质量较差的现金持有更多现金，并且在金融限制下，低报告质量的公司现金持有量较高。这些结果表明，公司倾向于在高信息不对称情况下增加其现金储备，这是由低会计质量的显着驱动的。调查结果还表明，当企业也有强大的财务限制时，与低报告质量相关的信息不对称更大。该研究的结论与现金持有的预防动机一致。实际意义 - 成果将提升从业者对会计选择在现金政策管理中的重要性的认识。它还将研究人员提供进一步探索这些政策的激励，这些政策是如何受到管理人员预防行为的影响。原创性/价值 - 本文是第一个调查法国股票市场上企业现金持有的应计量质量的效果，这通常具有较差的信息环境，从而产生高信息不对称。此外，尚未探讨财务限制在这种效果中的作用。

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