Population aging and corporate cash holdings: Empirical evidence from Chinese listed companies

被引：1

作者：

Zhang, Yue ^{[1
]}

Zhang, Qizhen ^{[2
]}

机构：

[1] NanChang Inst Technol, Nanchang, Peoples R China

[2] Jiangxi Univ Finance & Econ, Jiangxi, Peoples R China

来源：

BORSA ISTANBUL REVIEW | 2025年 / 25卷 / 01期

关键词：

Population aging; Labor market; Corporate cash holdings; EMPLOYMENT PROTECTION; CAPITAL STRUCTURE; LABOR; COMPETITION; COSTS; RISK; SIZE; FLOW; MANAGERIAL; GOVERNANCE;

D O I：

10.1016/j.bir.2024.12.007

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines the effect of population aging on corporate cash holdings using a sample of Chinese A-share listed firms from 2007 to 2021. These results indicate that population aging increases corporate cash holdings. The mechanism analysis suggests that increased labor adjustment costs and intensified labor market competition are realistic paths through which population aging affects corporate cash holdings. We also find that the impact of population aging on corporate cash holdings is more significant when firms are labor intensive, state-owned, digitally less transformed, financially constrained, and have a lower market position.

引用

页码：137 / 148

页数：12

共 70 条

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