CEO性别会影响公司现金持有行为吗  

Dose CEOs' Gender Affect Corporate Cash Holdings

作　　者：许晓芳[1,2] 方略[3] 

机构地区：[1]中国人民大学商学院,北京100872 [2]铜陵学院会计学院,安徽铜陵244000 [3]中国人民银行铜陵中心支行,安徽铜陵244000

出　　处：《山西财经大学学报》2013年第11期77-85,共9页Journal of Shanxi University of Finance and Economics

基　　金：中国人民大学科学研究基金项目(中央高校基本科研业务费专项资金资助)(13XNH269);安徽省优秀青年人才基金项目(2012SQR W154)

摘　　要：通过研究CEO性别对公司现金持有行为的影响,并考察其影响在政府干预程度不同条件下的差异,结果发现,在政府干预程度较高的环境中,CEO为女性的公司现金持有水平较高,但是在政府干预程度较低的环境中,CEO为女性的公司现金持有水平较低。研究结果表明,CEO性别对公司现金持有行为的影响存在两种相反的效应,CEO性别与公司现金持有水平之间的关系依赖于公司所处地区的政府干预程度。The existing empirical research ignores the influence of decision makers＇ risk preference on corporate cash holding, and more and more scholars are focusing on how executives＇ gender influences corporate behaviors due to their systematic difference of risk preference. This paper firstly examines the effect of CEOs＇ gender on cash holding behavior as well as the different effects un- der different degrees of government intervention. The findings indicate that the cash holding level is higher （lower） in female CEO companies when the degree of government intervention is higher（lower）, so the relation between CEOs＇ gender and cash holding level depends on the degree of government intervention. This evidence enriches previous studies on factors influencing cash holding behav- iors as well as executives＇ gender and corporate behaviors.

关 键 词：政府干预 现金持有 预防性动机 交易性动机 

分 类 号：F275[经济管理—企业管理]