Смягчают ли ограничения финансирования влияние цифровой трансформации на объемы наличных резервов компании? Пример Китая
Аннотация
В статье изучается влияние цифровой трансформации на запасы наличности компании на основании панельных данных по 3920 котирующимся на бирже компаниям из Китая за 2012–2021 гг. При помощи индекса цифровой трансформации, построенного на базе годовых отчетов компаний, мы исследуем, каким образом данные трансформации влияют на запасы наличности на уровне компании, уделяя особое внимание сглаживающей роли ограничений финансирования. Результаты свидетельствуют о том, что обычно цифровая трансформация ведет к сокращению запасов наличности в компании, хотя ее воздействие существенно ослаблено при серьезных ограничениях финансирования. Также на основании анализа на гетерогенность выявлено, что отрицательное воздействие цифровой трансформации на запасы наличности сильнее выражено у компаний с более низким уровнем цифровой трансформации и у прибыльных компаний. Исходя из описанных результатов, сделаны ценные выводы в области финансового управления компаниями и определения политики с акцентом на стратегическую важность оптимизации практик управления денежными средствами при различной степени ограничений финансирования в условиях цифровой трансформации.
Скачивания
Литература
Butt, A., Imran, F., Helo, P., & Kantola, J. Strategic design of culture for digital transformation. Long Range Planning, 2024;57(2), 102415. https://doi.org/10.1016/j.lrp.2024.102415 DOI: https://doi.org/10.1016/j.lrp.2024.102415
Chen, Y., Wang, Y., & Zhao, C. From riches to digitalization: The role of AMC in overcoming challenges of digital transformation in resource-rich regions. Technological Forecasting & Social Change, 2024;200, 123153. https://doi.org/10.1016/j.techfore.2023.123153 DOI: https://doi.org/10.1016/j.techfore.2023.123153
Zhang, C., Fang, J., Ge, S., & Sun, G. Research on the impact of enterprise digital transformation on carbon emissions in the manufacturing industry. International Review of Economics & Finance, 2024;92, 211–227.
https://doi.org/10.1016/j.iref.2024.02.009 DOI: https://doi.org/10.1016/j.iref.2024.02.009
Xu, X., Wang, Q., & Zhang, M. The complementary effects of ‘Made in China 2025’ industrial policy and trade liberalisation on China’s export of relevant products. Asian Journal of Technology Innovation, 2024;1–30. https://doi.org/10.1080/19761597.2024.2358307 DOI: https://doi.org/10.1080/19761597.2024.2358307
Tian, G., Li, B., & Cheng, Y. Does digital transformation matter for corporate risk-taking? Finance Research Letters, 2022;49, 103107.
https://doi.org/10.1016/j.frl.2022.103107 DOI: https://doi.org/10.1016/j.frl.2022.103107
Chen, Y., Ho, K., & Yeh, C. CEO overconfidence and corporate cash holdings. Journal of Corporate Finance, 2020;62, 101577. https://doi.org/10.1016/j.jcorpfin.2020.101577 DOI: https://doi.org/10.1016/j.jcorpfin.2020.101577
Chen, H., & Yoon, S. S. Does technology innovation in finance alleviate financing constraints and reduce debt-financing costs? Evidence from China. Asia Pacific Business Review, 2021;28(4), 467–492.
https://doi.org/10.1080/13602381.2021.1874665 DOI: https://doi.org/10.1080/13602381.2021.1874665
Jensen, M. C. (1996). Agency costs of free cash flow, corporate finance, and takeovers. In Cambridge University Press eBooks (pp. 11–16). https://doi.org/10.1017/cbo9780511609435.005 DOI: https://doi.org/10.1017/CBO9780511609435.005
Myers, S. C., & Majluf, N. S. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 1984;13(2), 187–221. https://doi.org/10.1016/0304-405x(84)90023-0 DOI: https://doi.org/10.1016/0304-405X(84)90023-0
Stulz, R. Managerial discretion and optimal financing policies. Journal of Financial Economics, 1990; 26(1), 3–27. https://doi.org/10.1016/0304-405x(90)90011-n DOI: https://doi.org/10.1016/0304-405X(90)90011-N
Shleifer, A., & Vishny, R. W. A survey of Corporate Governance. The Journal of Finance, 1997; 52(2), 737–783. https://doi.org/10.1111/j.1540-6261.1997.tb04820.x DOI: https://doi.org/10.1111/j.1540-6261.1997.tb04820.x
Harford, J., Mansi, S. A., & Maxwell, W. F. Corporate governance and firm cash holdings in the US. Journal of Financial Economics, 2008;87(3), 535–555. https://doi.org/10.1016/j.jfineco.2007.04.002 DOI: https://doi.org/10.1016/j.jfineco.2007.04.002
Gordon, M. J. Towards a theory of financial distress. The Journal of Finance, 1971;26(2), 347. https://doi.org/10.2307/2326050 DOI: https://doi.org/10.2307/2326050
Purnanandam, A. Financial distress and corporate risk management: Theory and evidence. Journal of Financial Economics, 2008;87(3), 706–739. https://doi.org/10.1016/j.jfineco.2007.04.003 DOI: https://doi.org/10.1016/j.jfineco.2007.04.003
Isayas, Y. N. Financial distress and its determinants: Evidence from insurance companies in Ethiopia. Cogent Business & Management, 2021;8(1). https://doi.org/10.1080/23311975.2021.1951110 DOI: https://doi.org/10.1080/23311975.2021.1951110
Vial, G. Understanding digital transformation. In Routledge eBooks, 2021; (pp. 13–66). https://doi.org/10.4324/9781003008637-4 DOI: https://doi.org/10.4324/9781003008637-4
Verhoef, P. C., Broekhuizen, T., Bart, Y., Bhattacharya, A., Dong, J. Q., Fabian, N., & Haenlein, M. Digital transformation: A multidisciplinary reflection and research agenda. Journal of Business Research, 2021; 122, 889–901. https://doi.org/10.1016/j.jbusres.2019.09.022 DOI: https://doi.org/10.1016/j.jbusres.2019.09.022
Zeng, H., Ran, H., Zhou, Q., Jin, Y., & Cheng, X. The financial effect of firm digitalization: Evidence from China. Technological Forecasting and Social Change, 2022; 183, 121951. https://doi.org/10.1016/j.techfore.2022.121951 DOI: https://doi.org/10.1016/j.techfore.2022.121951
Cusumano, M. A., Gawer, A., & Yoffie, D. B. Can self-regulation save digital platforms? Industrial and Corporate Change, 2021; 30(5), 1259–1285. https://doi.org/10.1093/icc/dtab052 DOI: https://doi.org/10.1093/icc/dtab052
Modigliani, F., & Miller, M. H. The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 1958; 48(3), 261–297. http://www.jstor.org/stable/1809766
Zou, H., & Xiao, J. Z. The financing behaviour of listed Chinese firms. The British Accounting Review, 2006; 38(3), 239–258. https://doi.org/10.1016/j.bar.2006.04.008 DOI: https://doi.org/10.1016/j.bar.2006.04.008
Pu, T., & Zulkafli, A. H. State Ownership Heterogeneity and Corporate Innovation: New Evidence from a Hierarchical Perspective. Journal of Corporate Finance Research. 2024; 18(1), 20-36. DOI: https://doi.org/10.17323/j.jcfr.2073-0438.18.1.2024.20-36
Muttakin, M. B., Khan, A., & Azim, M. I. Corporate social responsibility disclosures and earnings quality. Managerial Auditing Journal, 2015; 30(3), 277–298. https://doi.org/10.1108/maj-02-2014-0997 DOI: https://doi.org/10.1108/MAJ-02-2014-0997
Pu, T., & Zulkafli, A. H. Managerial ownership and corporate innovation: evidence of patenting activity from Chinese listed manufacturing firms. Cogent Business & Management, 2024; 11(1). https://doi.org/10.1080/23311975.2023.2289202 DOI: https://doi.org/10.1080/23311975.2023.2289202
Fazzari, S., Hubbard, R. G., & Petersen, B. Financing constraints and corporate investment. 1987; https://doi.org/10.3386/w2387 DOI: https://doi.org/10.3386/w2387
Chen, M., & Guariglia, A. Internal financial constraints and firm productivity in China: Do liquidity and export behavior make a difference? Journal of Comparative Economics, 2013;41(4), 1123–1140. https://doi.org/10.1016/j.jce.2013.05.003 DOI: https://doi.org/10.1016/j.jce.2013.05.003
Bae, K., Kang, J., & Lim, C. The value of durable bank relationships: evidence from Korean banking shocks. Journal of Financial Economics, 2002; 64(2), 181–214. https://doi.org/10.1016/s0304-405x(02)00075-2 DOI: https://doi.org/10.1016/S0304-405X(02)00075-2
Hadlock, C. J., & Pierce, J. R. New evidence on measuring financial constraints: Moving beyond the KZ index. The Review of Financial Studies, 2010;23(5), 1909–1940. https://doi.org/10.1093/rfs/hhq009 DOI: https://doi.org/10.1093/rfs/hhq009
Whited, T. M., & Wu, G. Financial constraints risk. Review of Financial Studies, 2006;19(2), 531–559. https://doi.org/10.1093/rfs/hhj012 DOI: https://doi.org/10.1093/rfs/hhj012
Fazzari, S., Hubbard, R. G., & Petersen, B. Investment, Financing Decisions, and Tax Policy. The American Economic Review, 1988; 78(2), 200–205. http://www.jstor.org/stable/1818123
Kaplan, S. N., & Zingales, L. Do Investment-Cash flow sensitivities provide useful measures of financing constraints? The Quarterly Journal of Economics, 1997;112(1), 169–215. https://doi.org/10.1162/003355397555163 DOI: https://doi.org/10.1162/003355397555163
Almeida, H., Campello, M., & Weisbach, M. S. The cash flow sensitivity of cash. The Journal of Finance, 2004; 59(4), 1777–1804. https://doi.org/10.1111/j.1540-6261.2004.00679.x DOI: https://doi.org/10.1111/j.1540-6261.2004.00679.x
Johnson, S., La Porta, R., Lopez-De-Silanes, F., & Shleifer, A. Tunneling. American Economic Review, 2000;90(2), 22–27. https://doi.org/10.1257/aer.90.2.22 DOI: https://doi.org/10.1257/aer.90.2.22
Dittmar, A., Mahrt-Smith, J., & Servaes, H. International Corporate Governance and corporate cash holdings. Journal of Financial and Quantitative Analysis, 2003; 38(1), 111. https://doi.org/10.2307/4126766 DOI: https://doi.org/10.2307/4126766
Mulligan, C. B. Scale Economies, the Value of Time, and the Demand for Money: Longitudinal Evidence from Firms. Journal of Political Economy, 1997;105(5), 1061–1079. https://doi.org/10.1086/262105 DOI: https://doi.org/10.1086/262105
Mikkelson, W. H., & Partch, M. M. Do persistent large cash reserves hinder performance? Journal of Financial and Quantitative Analysis, 2003;38(2), 275. https://doi.org/10.2307/4126751 DOI: https://doi.org/10.2307/4126751
Pu, T., & Zulkafli, A. H. Global minds, local impact: exploring the effect of foreign directors on corporate R&D expenditure. [Preprint]. May 17, 2024 [cited 2024 August 5]. Available from: https://doi.org/10.5937/StraMan2400007P DOI: https://doi.org/10.5937/StraMan2400007P
Kimani, D., Adams, K., Attah-Boakye, R., Ullah, S., Frecknall-Hughes, J., & Kim, J. (2020). Blockchain, business and the fourth industrial revolution: Whence, whither, wherefore and how? Technological Forecasting & Social Change, 161, 120254. https://doi.org/10.1016/j.techfore.2020.120254 DOI: https://doi.org/10.1016/j.techfore.2020.120254
Riaz, Z., Ray, P., & Ray, S. The impact of digitalisation on corporate governance in Australia. Journal of Business Research, 2022;152, 410–424. https://doi.org/10.1016/j.jbusres.2022.07.006 DOI: https://doi.org/10.1016/j.jbusres.2022.07.006
Yu, Y., Zhang, J. Z., Cao, Y., & Kazancoglu, Y. Intelligent transformation of the manufacturing industry for Industry 4.0: Seizing financial benefits from supply chain relationship capital through enterprise green management. Technological Forecasting & Social Change, 2021;172, 120999. https://doi.org/10.1016/j.techfore.2021.120999 DOI: https://doi.org/10.1016/j.techfore.2021.120999
Zhang, X., Xu, Y. Y., & Ma, L. Information technology investment and digital transformation: the roles of digital transformation strategy and top management. Business Process Management Journal, 2023;29(2), 528–549. https://doi.org/10.1108/bpmj-06-2022-0254 DOI: https://doi.org/10.1108/BPMJ-06-2022-0254
Xu, G., Li, G., Sun, P., & Peng, D. Inefficient investment and digital transformation: What is the role of financing constraints? Finance Research Letters, 2023;51, 103429. https://doi.org/10.1016/j.frl.2022.103429 DOI: https://doi.org/10.1016/j.frl.2022.103429
Scardovi, C. Digital transformation in financial services. In Springer eBooks. 2017; https://doi.org/10.1007/978-3-319-66945-8 DOI: https://doi.org/10.1007/978-3-319-66945-8
Drobetz, W., Haller, R., & Meier, I. Cash flow sensitivities during normal and crisis times: Evidence from shipping. Transportation Research Part a Policy and Practice, 2016; 90, 26–49. https://doi.org/10.1016/j.tra.2016.04.015 DOI: https://doi.org/10.1016/j.tra.2016.04.015
Opler, T. The determinants and implications of corporate cash holdings. Journal of Financial Economics, 1999;52(1), 3–46.
https://doi.org/10.1016/s0304-405x(99)00003-3 DOI: https://doi.org/10.1016/S0304-405X(99)00003-3
Kindermann, B., Beutel, S., De Lomana, G. G., Strese, S., Bendig, D., & Brettel, M. Digital orientation: Conceptualization and operationalization of a new strategic orientation. European Management Journal, 2021;39(5), 645–657. https://doi.org/10.1016/j.emj.2020.10.009 DOI: https://doi.org/10.1016/j.emj.2020.10.009
Tu, W., & He, J. Can Digital Transformation Facilitate Firms’ M&A: Empirical Discovery Based on Machine Learning. Emerging Markets Finance & Trade, 2022;59(1), 113–128. https://doi.org/10.1080/1540496x.2022.2093105 DOI: https://doi.org/10.1080/1540496X.2022.2093105
Qu, X., & Zhu, B. Digital Finance and Corporate Cash-Holding Strategy: Organizational Heterogeneity and Strategic Transmission Channels. Sustainability, 2023;15(3), 2361. https://doi.org/10.3390/su15032361 DOI: https://doi.org/10.3390/su15032361
Matt, C., Hess, T., & Benlian, A. Digital Transformation Strategies. Business & Information Systems Engineering, 2015;57(5), 339–343. https://doi.org/10.1007/s12599-015-0401-5 DOI: https://doi.org/10.1007/s12599-015-0401-5
García, C. J., & Herrero, B. Female directors, capital structure, and financial distress. Journal of Business Research, 2021;136, 592–601. https://doi.org/10.1016/j.jbusres.2021.07.061 DOI: https://doi.org/10.1016/j.jbusres.2021.07.061
Copyright (c) 2024 Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438
Это произведение доступно по лицензии Creative Commons «Attribution-NonCommercial-NoDerivatives» («Атрибуция — Некоммерческое использование — Без производных произведений») 4.0 Всемирная.
