高管金融背景与企业现金持有——基于产业政策视角的实证研究

发布时间：2019-04-13 21:15

【摘要】：以中国2007—2012年A股民营上市公司为研究对象,本文运用双重差分法(DID)和倾向得分匹配法(PSM)实证研究了高管金融背景与企业现金持有水平的关系。研究发现,当企业现金持有水平越低时,企业就越有动力引入金融背景的高管,在引入金融背景高管后,其现金持有水平确实得到了改善。但是,以上研究结论只是在产业政策支持的行业中成立,在产业政策不支持的行业中,现金持有水平与企业引入金融背景高管并没有显著关系,同时即使企业引入金融背景高管后,其现金持有水平也没有显著变化。以上研究结论表明,改善财务柔性是企业引入金融背景高管的重要动因,而产业政策是影响高管金融背景与现金持有水平关系的重要变量。
[Abstract]:Taking Chinese A-share private listed companies from 2007 to 2012 as the research object, this paper empirically studies the relationship between the executive financial background and the level of corporate cash holding by using the double difference method (DID) and the tendency score matching method (PSM). The study found that the lower the level of corporate cash holding, the more motivated the companies to introduce financial background executives, after the introduction of financial background executives, their cash holding level has indeed improved. However, the above conclusions are only established in industries supported by industrial policies. In industries that are not supported by industrial policies, the level of cash holdings is not significantly related to the introduction of financial background executives by enterprises. At the same time, even after the introduction of financial background executives, there is no significant change in the level of cash holdings. The above conclusions show that improving financial flexibility is an important motivation for enterprises to introduce financial background executives, and industrial policy is an important variable that affects the relationship between senior executives' financial background and cash holding level.
【作者单位】：厦门国家会计学院;
【基金】：教育部人文社会科学研究青年基金项目“中国上市公司建立金融关联的动因及金融关联前后财务行为研究”(13YJC630019) 福建省社科规划项目“福建省家族企业权力配置机制及其治理效率研究”(FJ2013B057);福建省社科规划项目“福建省家族企业传承模式选择的动因及其治理效率研究”(FJ2015C133)
【分类号】：F275

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