关键词: 社会信任, 现金持有动态调整, 调整速度, 偏离程度, 寻租

Abstract: In order to test the degree of dominance of moral restraint and moral hazard of social trust, this paper takes the Shanghai-Shenzhen A-share non-financial listed companies from 2007 to 2017 as samples to empirically test the effect of social trust on the dynamic adjustment of cash holdings and explore its mechanism and adjustment effect. The findings of the research are as follows: (1) Social trust reduces the speed of dynamic adjustment of cash holdings and increases the degree of cash holding deviation; (2) Analysis of the impact mechanism shows that managers use social trust for rent-seeking, causing moral hazard, and it is difficult to optimize the corporate cash holding structure, thereby weakening the dynamic adjustment of cash holding; (3) In non-state-owned enterprises and companies with insufficient internal governance mechanisms, the relationship between social trust and the speed of dynamic adjustment of cash holding is more significant; (4) Further research on the economic consequences of the dynamic adjustment of cash holdings finds that the greater the deviation of cash holdings, the worse the operating efficiency, which is not conducive to the sustainable and healthy development of the enterprise. This article not only enriches the research on the influencing factors and economic consequences of the dynamic adjustment of cash holdings, but also provides a new explanation from rent-seeking theory for the impact of social trust on the dynamic adjustment of corporate cash holdings in the context of informal institutions.

Key words: Social Trust, Dynamic Adjustment of Cash Holding, Speed of Adjustment, Deviation, Rent Seeking