女性CFO与资金配置  

CFO Gender,Cash Holdings,and the Value of Cash Holdings:Evidence from China

作　　者：李小荣[1] 刘行[2] 傅代国[3] 

机构地区：[1]中央财经大学财政学院,北京100081 [2]东北财经大学会计学院,辽宁大连116025 [3]西南财经大学会计学院,四川成都611130

出　　处：《经济管理》2013年第12期100-110,共11页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金面上项目"中国上市公司高管政治升迁的动因及升迁前后的财务行为研究"(71172180)

摘　　要：资金配置是一个重要的理论和现实问题。基于女性高管的风险规避特征和较高的公司治理能力,本文研究了女性CFO对公司现金持有量和现金持有价值的影响,并深入考察了女性CFO影响企业现金持有量和现金持有价值的具体路径和条件。本文的实证研究发现,相比男性CFO,拥有女性CFO的企业现金持有量和现金持有价值更高;女性CFO对公司现金持有量和现金持有价值的正向影响,主要存在于货币政策紧缩时期、高成长性或融资约束程度较严重的公司。本文的研究不仅拓展了现金持有的研究框架,而且为女性高管的财务行为提供了进一步的经验证据。此外,本文对高管选拔和公司资金配置效率的提高具有重要启示。Cash Holdings is both a theory and a practice problem, especially the recent fund cracked phenomenon motives the scholars to think how to improve the value of cash holding. Cash holdings and the value of cash holdings are important capital allocation academic fields, and have attracted wide attention from scholars. The theories of corporate cash holdings behavior include trade-off theory, pecking order theory and agency theory. Trade-off theory holds that the optimal cash holdings should trade off the benefits and costs at the same time. Pecking order theory proposes that： 1. the cost of adverse selection improves the costs of equity financing; 2. the corporate cash holdings is determined by the investment demand, retained earnings and debt; 3. there is no optimal size of cash holdings. Agency theory suggests that cash is a tool of managerial personal gain, and the managers＇ agency problems affect the behavior of corporate cash holdings. Based on these theories, the existing literatures made progresses from aspects of environmental management, corporate finance characteristics, ownership structure, corporate governance, investor protection and so on. In particular, current researches are beginning to investigate cash holding problems from the perspectives of monetary policy, economic cycle, business life cycle, product market competition and culture. Looking at the existing studies on corporate cash holdings, there are two neglected issues： First, the manager＇s personal characteristics are not included in current framework. The characteristics and behaviors of individual managers as the determinants of financial decision- Chinese scholars only studied the managers＇ making have been gradually absorbed into foreign financial literature. characteristics and investment, financial restatements, accounting conservatism and some others. Bertrand ＆ Schoar （2003） pointed out that manager is a key determinant of corporate decisions. Managers often implant individual ＂mark＂ into the corporate investment

关 键 词：女性CFO 现金持有量 现金持有价值 

分 类 号：F832.48[经济管理—金融学]