摘要
当前,以工业机器人为典型代表的人工智能技术正加速渗透到制造业企业生产经营活动的各个环节,引发学术界的广泛关注。本文基于中国上市企业“高持现”的背景,考察工业机器人应用对企业现金持有的影响。研究发现,工业机器人应用能够显著降低企业现金持有水平,有效抑制企业过度持现的倾向。机制分析表明,工业机器人应用通过降低劳动杠杆,减少企业出于预防性动机而持有的超额现金;同时,通过降低代理成本,抑制企业因代理问题而产生的现金囤积。异质性检验显示,工业机器人应用对企业现金持有的负向影响,在国有企业、东部地区企业、劳动密集型企业以及高管团队海外背景异质性高的企业中表现得更为明显。经济后果分析表明,工业机器人应用引发的现金减持并未加剧企业风险,但随着工业机器人渗透率提高,现金持有对企业市场价值的正向影响逐渐减弱,反映出市场对智能化企业的高额持现行为持负面态度,进而产生消极反应。本文丰富了关于企业“高持现”治理的研究文献,并为深入实施智能制造战略,优化资金要素配置,助力企业高质量发展提供决策参考。
In recent years,the phenomenon of Chinese listed companies holding high amounts of cash has become more prominent.Excessive corporate cash holdings,on one hand,incur significant opportunity costs and reduce capital allocation efficiency;on the other hand,they may lead to issues such as managerial perquisite consumption or overinvestment,ultimately adversely affecting the long-term development of enterprises.Therefore,in the process of pursuing high-quality development in enterprises,optimizing cash holding decisions and improving the efficiency of fund allocation have become important issues that urgently need to be addressed.At the same time,with the advent of the Industry 4.0 era,artificial intelligence technology has flourished,and industrial robots,as key applications,have been widely used in manufacturing enterprises.This trend not only drives manufacturing firms towards intelligent transformation but also profoundly impacts corporate financial decisions,particularly cash holding decisions which are vital to corporate survival and development.Against this backdrop,this paper delves into the impact of industrial robot application on the high cash holding behavior of listed companies.The results indicate that industrial robot application can significantly reduce corporate cash holding levels and effectively curb the tendency of enterprises to hold excessive cash.Regarding the mechanism,industrial robot application reduces cash holdings motivated by precautionary needs through lowering labor leverage,while simultaneously suppressing cash hoarding stemming from agency problems by alleviating agency costs.Heterogeneity tests reveal that the negative impact of industrial robot application on corporate cash holdings is more pronounced in state-owned enterprises,enterprises in the eastern region,labor-intensive enterprises,and enterprises with highly heterogeneous overseas backgrounds within their senior management teams.Finally,economic consequence analysis shows that the cash reduction induced by industrial robot application does not exacerbate corporate risk.However,as the penetration rate of industrial robots increases,the positive impact of cash holdings on corporate market value gradually weakens.This suggests that the market holds a negative attitude towards high cash holdings in intelligent enterprises,leading to a negative reaction.The possible marginal contributions of this paper are as follows:first,it enriches the research on the governance of high cash holding behavior in enterprises.While existing studies have examined the restraining effects of factors like media coverage and tax policies on high cash holdings in enterprises,little scholarly attention has been paid to the potential governance role of industrial robot adoption.This paper attempts to explore this topic in order to supplement research literature in this field.Second,it has expanded the interdisciplinary research between artificial intelligence and corporate finance.Previous literature has extensively examined the impact of industrial robot applications on labor cost stickiness and internal control quality.This paper further advances the discourse by identifying labor leverage and agency costs as transmission mechanisms through which robot adoption influences corporate cash holdings.It examines the financial decision-making problems of enterprises in the context of industrial robot applications,thereby supplementing research on the resource allocation functions of firm-level robot applications..Third,this research offers significant practical implications.The application of industrial robots can alleviate both precautionary and agency motives for holding cash,thereby optimizing corporate cash holding decisions and improving capital allocation efficiency.Therefore,policymakers should accelerate the transformation of enterprise intelligence.This requires designing integrated policy frameworks that provide systematic support and guidance for funding,technology,and talent development.Such efforts will maximize the role of industrial robots in refining corporate financial decisions and fostering high-quality enterprise development.
作者
王磊
蔡金鹏
WANG Lei;CAI Jin-peng(School of Finance,Shanghai University of International Business and Economics,Shanghai,201620,China)
出处
《经济管理》
北大核心
2025年第6期80-102,共23页
Business and Management Journal ( BMJ )
基金
教育部人文社会科学研究规划基金项目“重大突发公共卫生事件、管理层情绪与企业财务决策研究”(21YJA790054)。
关键词
工业机器人应用
企业现金持有
劳动杠杆
代理成本
industrial robot application
corporate cash holding
labor leverage
agency cost
