摘要
本文选取我国2006—2013年沪深两市上市公司作为样本,研究现任管理者(CEO和CFO)的职业困境经历(现金流危机、融资约束特强和股票收益特低)如何影响公司现金持有水平,实证结果发现,经历过现金流危机、融资约束特强的管理者,其所在公司的现金持有水平较低,但没有证据支持经历过股票收益特低的管理者所在公司的现金持有水平有显著的影响;分组检验发现,民营企业管理者,其职业困境经历对公司现金持有水平的影响,显著高于国有企业管理者的职业困境经历对其所在公司现金持有水平的影响;管理者同时兼任CEO和CFO两职,其职业困境经历对公司现金持有影响均不显著,同时,发现管理者任期、年龄对公司现金持有水平有显著影响。
Executives are all always cautious in order to avoid the rupture of capital chain for corporate by setting reserves aside for necessary. For reducing the opportunity cost, executives wish to the reserve are as good as less, but in reality the over-less reserve could be stand for crisis. So the amount of reserve funds need to he considered well. But the amount dealing with crises actually is decided by overall predictions of crisis by management. As different managers＇ qualification is different, the results of predication vary wildly, which leads to a disparity of reserved fund＇ s amount. So what kind of management will tend to save money, what other groups likely to acquire a less reserve？ The paper is from perspective of management career experience, accesses from incentives of preventive needs of listed companies under guide of finance theory, analyses firstly ＂hypothesis of cash holding of basic factors driving cash holding＂,＂ hypothesis on excessive cash holdings＂ and ＂hypothesis of cash holdings validation＂. This paper is in the direction that in our country＇ s unique culture, system and under the background of opening-up reform where China is still in transition period, with imperfect architecture, the opportunity and risk coexist with each other, the prudent executives tend to be risk-averse, and courageous tend to seize the opportunity. The unexperienced professional executives are likely in accordance with the cautious attitude to avoid the potential crisis, and well-experienced ones are very confident, in brave style and bold, which sometimes conduce underestimated risks, they are more likely to experience a career crisis. They will in the later in his career in sticking to the original style of life and work as well. So based on the cash holdings calibration hypothesis put forward research hypothesis and three corresponding hypothesis. Taking non-financial listed companies in market years between 2006 and 2013 as sampies, will have been employed by suffering financing dilemma （c
出处
《经济管理》
CSSCI
北大核心
2016年第7期133-146,共14页
Business and Management Journal ( BMJ )
基金
研究生创新专项资金项目“我国上市公司CEO决策行为分析--基于管理者特征视角”(YC2013-B042)
江西省高校人文重点研究基地招标项目“股权投资、公司治理与企业绩效”(JD1456)
关键词
职业经历
现金持有水平
行为金融
professional experience
corporate cash holdings
behavioral finance
