董事会人力资本、产品市场竞争与净现金流

发布时间：2018-12-23 09:21

【摘要】：文章使用我国2002—2016年15家上市白酒公司的面板数据,采用固定效应模型,分析研究了董事会人力资本、产品市场竞争对白酒上市公司净现金流的影响。研究结果显示:(1)董事会人力资本与白酒上市公司持有的净现金显著负相关,董事会人力资本占优的白酒上市公司会持有较低的净现金流,而且其净现金流波动较小,会有较低的净现金流风险;(2)董事会人力资本分布不均不利于应对净现金流风险,而倾向于持有较多的净现金流,董事会人力资本分布不均的白酒上市公司会持有较高的净现金流。(3)产品市场竞争较强的白酒上市公司拥有较高的净现金流,而且较强的产品市场竞争会给白酒上市公司带来持续的稳定现金流,降低白酒上市公司净现金流的波动。
[Abstract]:Using panel data of 15 listed liquor companies in China from 2002 to 2016, this paper analyzes the effect of board of directors' human capital and product market competition on net cash flow of liquor listed companies by using fixed effect model. The results show that: (1) the human capital of the board of directors is negatively correlated with the net cash held by listed liquor companies, and the listed companies with superior board human capital hold lower net cash flow, and their net cash flow fluctuates slightly. There will be a lower net cash flow risk; (2) the uneven distribution of human capital in the board of directors is not conducive to dealing with the risk of net cash flow, but tends to hold more net cash flow. The unevenly distributed human capital of the board of directors of the listed liquor companies will hold higher net cash flow. (3) the liquor listed companies with strong competition in the product market have higher net cash flow. Moreover, strong product market competition will bring steady cash flow to listed liquor companies and reduce the fluctuation of net cash flow of liquor listed companies.
【作者单位】：四川理工学院;
【基金】：四川省哲学社会科学重点研究基地川酒发展研究中心(CJY12-32) 四川省教育厅人文社科一般项目(16SB0137);四川省教育厅人文社会科学重点研究基地四川民族山地经济发展研究中心资助科研项目(SDJJ1609) 自贡市哲学社会科学研究规划项目2016年度重点课题(自社联(2016)12号) 四川理工学院人才引进项目(2015RC66) 2016年四川理工学院教改项目(JG-1642)
【分类号】：F271;F406.7;F426.82

【相似文献】