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Digital transformation and corporate cash holdings in China's A-share listed companies

100%
Sun C., Lin Z., Vochozka M., Vincúrová Z.
Oeconomia Copernicana
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2022
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vol. 13
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issue 4
1081-1116
EN
Research background: In the digital era, digital transformation has become a strategic imperative for leadership agenda. Many firms have accelerated their pace in digital transformation to improve their performance and competitiveness. Despite increasing attention in the literature on the role of digital transformation in firms' operations, understanding the effect of digital transformation on corporate finance remains limited. This study focuses on cash holdings, which are essential for firms to survive and thrive. Purpose of the article: The aim of this paper is to examine the critical role of digital transformation on the cash holdings of listed firms in China and provide micro evidence regarding the economic consequences of the digital economy from firm level. This study also aims to deepen our understanding of the influence of digital transformation on firms' operation and financial policy. Additionally, this paper attempts to provide relevant guidance for implementing policies to promote digital transformation and devise corresponding cash holding strategies. Methods: The text analysis method is used to measure the degree of digital transformation of China's A-share listed companies. The sample covers 19,337 observations from 2007-2020. A multiple regression model with firm and year fixed effect is developed to investigate the relationship between digital transformation and corporate cash holdings. In the robustness test, this paper substitutes the independent and dependent variables, and adopts instrumental variable estimation method. In the mechanism test, this paper uses the sub-sample regression method in the mechanism test. Findings & value added: This study reveals that digital transformation can significantly reduce corporate cash holdings by alleviating the precautionary motive, agency motive and transaction motive of cash holdings. Further analysis shows that the negative effect of digital transformation on cash holdings is more profound in high-tech firms and non-state-owned enterprises. The methodology applied in this paper can be used in other economic research of firms. This study provides insights into the effects of digital transformation on corporate financial policy. This provides a solution for reducing firms' cash holdings. This study also deepens the understanding of digital transformation from a corporate perspective.
2
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Enterprise digital transformation and debt financing cost in China's A-share listed companies

100%
Sun C., Zhang Z., Vochozka M., Vozňáková I.
Oeconomia Copernicana
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2022
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vol. 13
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issue 3
783-829
EN
Research background: The rapid development of digital economy has set off a new wave of enterprise reform. Developing the digital economy is not only an urgent requirement of the current situation, but also an important way to meet the people's better life. Purpose of the article: This paper attempts to reveal the important role of the development of digital technology on the debt financing cost of micro enterprises, and provide micro evidence for the integration of digital economy and real economy. At the same time, this paper wants to provide relevant guidance for formulating digital related policies and reducing the financing cost of the real economy. Methods: Taking China's A-share listed companies from 2007 to 2020 as a sample, this paper empirically tests the impact of enterprise digital transformation on debt financing cost and its mechanism. In the robustness test, this paper uses the measures of changing independent variables and dependent variables, instrumental variable method and quantile regression method. In the mechanism test, this paper uses the intermediary effect model. In the further study, this paper uses the method of group regression. Findings & value added: The study finds that the digital transformation of enterprises significantly reduces the cost of debt financing. Mechanism tests show that the role of enterprise digital transformation in reducing debt financing costs is mainly realized by reducing information asymmetry and alleviating agency problems. Further tests show that the relationship between enterprise digital transformation and debt financing cost is affected by the degree of market competition, whether it is a high-tech enterprise and audit quality. When the degree of market competition is high, the enterprise is a high-tech one, or it is audited by the four major international accounting firms, the effect of enterprise digital transformation on the reduction of debt financing cost is more significant. The method used in this paper is also applicable to the study of other economic management problems. This paper proves a positive significance of digital transformation, which is conducive to promoting the digital transformation of enterprises. Especially for those enterprises in non-high-tech industries, they should speed up the pace. At the same time, this paper has a certain guiding role for the introduction and implementation of policies to encourage digital transformation.
3
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Economic analysis of implementing VMI model using game theory

100%
Stehel V., Vochozka M., Kliestik T., Bakes V.
Oeconomia Copernicana
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2019
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vol. 10
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issue 2
253-272
EN
Research background: The article deals with implementing VMI between the supplier and customer. To assess whether the system will be implemented, the evolution game theory is used. The contribution is based on the limitations of the study of the evolutionary game theory approach to modelling VMI policies (Torres et al., 2014) and its later extension, The evolutionary game theory approach to modelling VMI policies (Torres & García-Díaz, 2018). It aims is to complement the studies and provide a comprehensive picture of the issue. Purpose of the article: The main objective of the contribution is to respond to the question whether the VMI system will be introduced between the supplier and customer. Methods: In the first phase, the matrix is analysed from the point of view of the game meaning and its limit parameters. The limit parameters are set taking into account the economic reality. The only examined states of the matrix are those where the result is not obvious. For the purposes of the contribution, we work with a 5-year period. A new software capable of calculating evolutionary focus and their stability is created. Sensitivity analysis is carried out for the individual parameters that affect the system behaviour. Findings & Value added: Value added is a complex description of the system and complementation of previous studies in this field. VMI is confirmed. The results obtained can be used for practical management, so that the managers are able to identify what the actual costs are and what the probability of introducing the system is. At the same time, they can identify the parameters that can be influenced by them and observe their impact on the shift of the system introduction probability.
4
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Random walks and market efficiency tests: evidence on US, Chinese and European capital markets within the context of the global Covid-19 pandemic

76%
Dias R., Teixeira N., Machova V., Pardal P., Horak J., Vochozka M.
Oeconomia Copernicana
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2020
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vol. 11
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issue 4
585-608
EN
Research background: Covid-19 has affected the global economy and has had an inevitable impact on capital markets. In the week of February 24-28, 2020, stock markets crashed. The index FTSE 100 decreased 13%, while the indices DJIA and S&P 500 fell 11-12%, the biggest drop since the 2007-2008 financial and economic crisis. It is therefore of interest to test the random walk hypothesis in developed capital markets, European and also non-European, in order to understand the different predictabilities between them. Purpose of the article: The aim is to analyze capital market efficiency, in its weak form, through the stock market indices of Belgium (index BEL 20), France (index CAC 40), Germany (index DAX 30), USA (index DOW JONES), Greece (index FTSE Athex 20), Spain (index IBEX 35), Ireland (index ISEQ), Portugal (index PSI 20) and China (index SSE) for the period from December 2019 to May 2020. Methods: Panel unit root tests of Breitung (2000), Levin et al. (2002) and Hadri (2002) were used to assess the time series stationarity. The test of Clemente et al. (1998) is used to detect structural breaks. The tests for the random walk hypothesis follows the variance ratio methodology proposed by Lo and MacKinlay (1988). Findings & Value added: In general, we found mixed confirmation about the EMH (efficient market hypothesis). Taking into account the conclusions of the rank variance test, the random walk hypothesis was rejected in the case of stock indices: Dow Jones, SSE and PSI 20, partially rejected in the case indices: BEL 20, CAC 40, FTSTE Athex 20 and DEX 30, but accepted for indices: IBEX 35 and ISEQ. The results also show that prices do not fully reflect the information available and that changes in prices are not independent and identically distributed. This situation has consequences for investors, since some returns can be expected, creating opportunities for arbitrage and for abnormal returns, contrary to the assumptions of random walk and information efficiency.
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