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How Does Network Infrastructure Construction Reshape Corporate Cash Holdings?

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  • Muwei Wang

    (Renmin University of China, School of Business)

Abstract

Against the backdrop of next-generation information technologies’ rapid development, network infrastructure construction increasingly influences corporate financial behaviors. Taking Chinese A-share listed companies (2009–2024) as samples, this study uses the “Broadband China” strategy as a quasi-natural experiment and a multi-period DID model to explore its impact on corporate cash holdings and mechanisms. Results show the strategy significantly raises cash holdings, validated by robustness tests. Core transmission channels are alleviated financing constraints and enhanced innovation capability. Heterogeneity analysis shows that the policy exerts a more significantly positive impact on enterprises in eastern and central regions, state-owned enterprises, as well as non-technology-intensive, non-capital-intensive and labor-intensive enterprises; yet its impact on small and medium-sized enterprises in underdeveloped areas remains statistically insignificant. This study enriches corporate cash holding theory application and provides empirical evidence for new infrastructure’s micro-effects.

Suggested Citation

  • Muwei Wang, 2026. "How Does Network Infrastructure Construction Reshape Corporate Cash Holdings?," Advances in Economics, Business and Management Research,, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6239-672-2_12
    DOI: 10.2991/978-94-6239-672-2_12
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