摘要
CEO个人特征对公司财务决策的影响已成为当前学界研究的一大热点。本文基于管理者异质性的视角,以2007年—2016年我国沪深两市上市公司为样本,研究CEO财务经历对公司现金持有的影响。实证结果表明:与没有财务经历的CEO相比,有财务经历的CEO显著优化了公司现金持有水平,加快了现金持有的调整速度,并降低了现金持有偏离目标的程度,这说明有财务经历的CEO对公司现金持有具有重要且正面的影响。同时,在高成长性、融资约束程度较高和非国有上市公司中,有财务经历的CEO对现金持有的调整速度更快。在第一大股东持股比例较低的公司中,有财务经历的CEO对现金持有的影响更显著,表明其能在一定程度上优化现金持有水平。
The influence of CEO's personal characteristics on a company's financial decision-making is becoming a hot topic of current research.Based on the perspective of managerial heterogeneity,this paper chooses listed companies in Shanghai and Shenzhen Stock Exchanges from 2007 to 2016 as samples to study the impact of CEO financial experience on corporate cash holdings.Empirical results show that compared with CEOs without financial experience,CEOs with financial experience have significantly improved the level of cash holding,accelerated the adjustment speed of cash holding,and reduced the degree of deviation of cash holding from the target,which shows that CEOs with financial experience have an important and positive impact on cash holding.At the same time,we find that in the high growth,high degree of financing constraints and non-state-owned listed companies,the adjustment speed of financial experience CEO to cash holdings is faster.Furthermore,when the proportion of the first largest shareholder is low,the influence of the CEO's financial experience on cash holdings is more significant,which indicates that the CEO with financial experience can optimize cash holdings to some extent.
作者
李卓
杜善重
LI Zhuo;DU Shanzhong(Shihezi University,Shihezi 832003,China;Nankai University,Tianjin 300071,China)
出处
《新疆财经大学学报》
2019年第4期37-49,共13页
Journal of Xinjiang University of Finance & Economics
基金
新疆生产建设兵团社会科学基金项目“兵团中小企业商业模式创新研究”（16YB10）
关键词
现金持有
现金持有动态调整
财务经历
CEO
公司治理
cash holding
dynamic adjustment of cash holding
financial experience
CEO
corporate governance
