Proceedings of the 2026 3rd International Conference on Applied Economics, Management Science and Social Development (AEMSS 2026)

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How Does Network Infrastructure Construction Reshape Corporate Cash Holdings?

— A Quasi-Natural Experiment from the Broadband China Strategy

Authors
Muwei Wang1, *
1Renmin University of China, School of Business, Beijing, China
*Corresponding author. Email: 2023201467@ruc.edu.cn
Corresponding Author
Muwei Wang
Available Online 12 May 2026.
DOI
10.2991/978-94-6239-672-2_12How to use a DOI?
Keywords
Network Infrastructure Construction; Corporate Cash Holdings; Broadband China Strategy; Quasi-Natural Experiment
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.

Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2026 3rd International Conference on Applied Economics, Management Science and Social Development (AEMSS 2026)
Series
Advances in Economics, Business and Management Research
Publication Date
12 May 2026
ISBN
978-94-6239-672-2
ISSN
2352-5428
DOI
10.2991/978-94-6239-672-2_12How to use a DOI?
Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Muwei Wang
PY  - 2026
DA  - 2026/05/12
TI  - How Does Network Infrastructure Construction Reshape Corporate Cash Holdings?
BT  - Proceedings of the 2026 3rd International Conference on Applied Economics, Management Science and Social Development (AEMSS 2026)
PB  - Atlantis Press
SP  - 114
EP  - 123
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-672-2_12
DO  - 10.2991/978-94-6239-672-2_12
ID  - Wang2026
ER  -