管理层持股与现金策略:基于市场化水平的调节作用

发布时间：2018-03-20 12:05

本文选题：市场化水平　切入点：管理层持股　出处：《现代经济探讨》2017年12期 　论文类型：期刊论文

【摘要】：选取沪深两市2012-2014年非金融类上市公司为样本,结合我国市场化水平检验管理层持股比例对现金持有量和现金-现金流敏感度的影响。实证结果表明:(1)管理层持股比例与现金持有量之间呈U型关系。(2)管理层持股比例的增加在一定范围起到缓解融资约束的作用,降低了现金-现金流敏感度;但超过某一临界值之后,管理层持股增强了融资约束,即增强了现金-现金流敏感度。(3)市场化水平对管理层持股和现金持有量以及现金-现金流敏感之间具有调节作用,体现在:强化了管理层持股比例与现金持有量之间的负相关性,缓解了融资约束效应。
[Abstract]:The non-financial listed companies in Shanghai and Shenzhen stock markets from 2012 to 2014 were selected as samples, The empirical results show that there is a U-shaped relationship between the proportion of managerial shareholding and cash holding. The empirical results show that there is a U-shaped relationship between the proportion of managerial shareholding and cash holding. The increase in the proportion of shares plays a role in easing the financing constraints to a certain extent, Reduced cash-cash flow sensitivity; but beyond a certain threshold, management holdings increased financing constraints, That is, enhanced the sensitivity of cash-cash flow. 3) the market-oriented level has a moderating effect on the management stock holding, cash holding and cash-cash flow sensitivity. It strengthens the negative correlation between the management holding ratio and the cash holding, and alleviates the financing constraint effect.
【作者单位】：南京信息工程大学商学院;
【基金】：江苏高校哲学社会科学研究项目“混合所有制改革背景下资本结构动态调整对企业效率影响研究”(项目编号:2017SJB0151) 国家自然科学基金青年项目“盈余管理中的市场择时行为研究:基于市场态势的视角”(项目编号:71602091) 南京信息工程大学科研启动经费项目(项目编号:SK20140079)
【分类号】：F272.92;F832.51

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