摘要
现金是企业最为重要的流动资产,直接影响企业的生死存亡,被广泛认为是企业的“血液”。如何确定企业的正常现金持有量以及做好现金管理对管理层而言是一项极为重要的事情。在此背景下,基于烙印理论,以2008~2019年中国上市公司为样本,研究了CEO金融背景与公司异常现金持有水平的关系,并探讨了其中的作用机制以及不同金融背景的影响。研究发现:CEO金融背景与企业异常现金持有水平呈显著正相关关系,支持了现金持有的代理理论;CEO非银行金融背景对企业异常现金持有水平的正相关关系要强于CEO银行金融背景;具有金融背景的CEO通过增加金融投资,使企业金融化而提高了企业异常现金持有水平。研究为企业内外部投资者提出了如何解决异常现金持有的方法。
Cash is the most important current assets of an enterprise,which is widely considered as the"blood"of the enterprise,for the health of the enterprise cash flow directly affects the existence of the enterprise.How to determine the normal cash holdings and do a good job in cash management is a very important factor for the management.In this context,based on the brand theory,this paper studies the relationship between CEO's financial background and abnormal cash holdings of Chinese listed companies from 2008 to 2019,and discusses the mechanism and the influence of different financial backgrounds.The results show that:CEO's financial background and abnormal cash holdings are significantly and positively correlated,which supports the agency theory of cash holdings;the positive correlation between CEO's non-bank financial background and abnormal cash holdings is stronger than that of CEO's bank financial background;CEO's with financial background improve the abnormal cash holding level of enterprises by increasing financial investment and financializing enterprises.This paper enriches the literature on the characteristics of managers and cash holdings of enterprises.Meanwhile,it puts forward how to solve the abnormal cash holdings for internal and external investors.
作者
方堃
李刚
FANG Kun;LI Gang(School of Accounting,Xinjiang University of Finance&Economics,Urumqi,830000,China)
出处
《安徽工程大学学报》
CAS
2020年第5期65-74,共10页
Journal of Anhui Polytechnic University
基金
国家自然科学基金资助项目(71862030)
新疆财经大学研究生科研创新基金资助项目(XJUFE2020D012)。
关键词
CEO金融背景
异常现金持有
烙印理论
CEO's financial background
abnormal cash holdings
brand theory()
