摘要
结合高层梯队理论指出的管理层特征会影响公司财务决策的观点,文章选择2010-2020年沪深A股民营上市公司为研究样本,实证检验实际控制人境外居留权对公司现金持有量的影响及作用机制。结果发现,实际控制人取得境外居留权会增加公司现金持有量,且实际控制人短视在两者关系间发挥部分中介效应。进一步分析发现,实际控制人境外居留权对公司现金持有量的提升作用在地处非一线城市、资产规模小、高科技属性、社会责任信息披露少等类型的公司中更明显。研究结论为上市公司进一步完善内部治理框架和监管部门持续加强监管体系建设等提供了经验支持。
Combined with the view pointed out by the upper echelons theory that management character-istics can affect corporate financial decisions,this paper empirically studies the relationship between ultimate controlling person's foreign residency right and corporate cash holdings by using data of Chinese private listed companies for the period from 2010 to 2020.We find that ultimate controlling persons’foreign residency rights increase corporate cash holdings,and short-sightedness of the ultimate controlling person plays a mediating role.Further analysis finds that the active effect is more obvious for firms that located in non-first-tier cities,smaller asset scale,high-tech type and less social responsibility information disclosure.Conclusions provide experience support for listed companies to further improve the internal governance framework and supervision department to strengthen the construction of the regulatory system.
作者
陈晓珊
蒋嘉敏
陈思敏
李晗菲
CHEN XiaoShan;JIANG Jiamin;CHEN Simin;LI Hanfei(School of Intelligent Finance&Accounting Management,Guangdong University of Finance and Economics,Guangzhou,Guangdong 510320;School of Accounting,Guangdong University of Finance and Economics,Guangzhou,Guangdong 510320)
出处
《管理现代化》
北大核心
2024年第3期103-109,共7页
Modernization of Management
基金
广东省自然科学基金面上项目(2022A1515012193)
广东省自然科学基金联合基金项目(2019A1515111017)。
关键词
实际控制人
境外居留权
现金持有量
民营上市公司
Ultimate controlling person
Foreign residency right
Cash holdings
Private listed company
