地方官员更替、现金持有与公司价值相关性分析

发布时间：2018-03-03 19:37

本文选题：现金持有　切入点：地方官员更替　出处：《财会通讯》2017年12期 　论文类型：期刊论文

【摘要】：本文选取1998-2015年我国A股上市公司数据为样本,分析了上市公司现金持有水平及现金持有与公司价值的关系,以及这一关系如何受政府官员变迁的影响。研究表明:企业现金持有水平受到政府官员更替的显著影响,地方官员职位变动期间,特别是官员上任当年,所在地方上市公司的现金持有水平较其他年份显著降低,这与官员职位变动期间企业预期资源被攫取的可能性较其余年份高的假设一致;借鉴Faulkender和Wang(2006)的"长期窗口事件研究法",本文进一步研究官员职位变动对增加现金持有给企业价值带来的影响,实证结果显示在官员上任的当年,企业增加现金持有带来的企业价值增量显著低于其他年份。
[Abstract]:Based on the data of A share listed companies in China from 1998 to 2015, this paper analyzes the relationship between cash holding level and company value of listed companies. And how this relationship is affected by the changes in government officials. Research shows that the level of corporate cash holdings is significantly affected by the turnover of government officials, especially during the period of change in the positions of local officials, especially in the year of their assumption of office. The cash holding level of the local listed companies is significantly lower than that of other years, which is consistent with the assumption that the enterprises' expected resources are more likely to be seized during the official position changes than in the other years; Based on the "long window event Research method" proposed by Faulkender and Wang Yi-2006, this paper further studies the influence of official position changes on the value of enterprises by increasing cash holdings. The empirical results show that in the year of official assumption of office, the empirical results show that, The increase in cash holdings brought about a significantly lower increase in corporate value than in other years.
【作者单位】：河北科技学院经济管理学院;
【分类号】：D630;F832.51;F275

【相似文献】