经济政策不确定性、高管背景与现金持有  

Economic Policy Uncertainty, Executives' Background and Cash Holding

作　　者：陈艳艳[1] 程六兵[2] Chen Yanyan;Cheng Liubing(College of Economics and Management,South China Agricultural University,Guangdong Guangzhou 510642,China;School of Management,Ocean University of China,Shandong Qingdao 266100,China)

机构地区：[1]华南农业大学经济管理学院,广东广州510642 [2]中国海洋大学管理学院,山东青岛266100

出　　处：《上海财经大学学报（哲学社会科学版）》2018年第6期94-108,共15页Journal of Shanghai University of Finance and Economics

基　　金：国家自然科学基金青年项目"宏观环境变化;政治关联与现金持有"(71402058);国家自然科学基金青年项目"债务结构的影响因素;治理效应与债务违约风险"(71802184);中国博士后科学基金项目"产权性质与银行业竞争对关系型借款影响的研究"(2014M561970);广州市哲学社会科学发展"十三五"规划一般项目"广州市上市公司员工股权激励的实施效果研究"(2018GZYB44)

摘　　要：已有文献发现,经济政策不确定性会影响企业的现金持有。但是,尚无文献研究高管背景在其中的调节作用,以及相应的经济后果。文章以1999–2015年中国上市企业为研究样本,研究发现随着经济政策不确定性的增加,企业会增加现金持有。在民营企业中,高管无政府工作经历的企业的现金持有对经济政策不确定性具有更高的敏感性。然而,高管政府工作经历在国有企业中并不影响两者的关系。进一步,文章将经济政策不确定性与高管政府工作经历对现金持有的影响部分剥离出来,单独检验这部分现金持有如何影响企业价值。结果表明,企业为应对不确定性而增加现金持有有助于提升企业价值;高管无政府工作经历的民营企业在面对不确定性时额外增加的现金持有对企业价值产生显著的正面影响。因此,为了加强民营资本对市场的信心,政府部门应尽可能保持各项经济政策的连续性,并提高它们的可预测性。The literature shows that economic policy uncertainty affects corporate cash holding. Nevertheless,there is no literature involving the moderating effect of executives'background and the corresponding economic consequence.China is in the stage of economic transition with weak property rights protection.Therefore,executives'government working experience helps enterprises to obtain all kinds of benefits.However,different ownership structures may affect the role of executives'government working experience.Enterprises can establish the connection with the government through controlling shareholders,board of directors and managers.Unlike state owned enterprises,the actual controllers of private owned enterprises are nature persons or nongovernmental economic subjects,which are not inherently connected with the government.The government working experience from the board of directors and managers may play a more important role in private owned enterprises.Based on the sample of China listed firms in 1999- 2015,the result indicates that when the degree of economic policy uncertainty increases,firms tend to increase their cash holding;the greater the change in the uncertainty is,the greater the change in cash holding is.Executives'government working experience could mitigate the relation between uncertainty and cash holding in private owned enterprises.Nevertheless, executives'government working experience could not affect the relation in state owned enterprises.Furthermore,we isolate the part of the impact of economic policy uncertainty and executives'government working experience on cash holding,and examine how the part of cash holding affects corporate value.We find that cash holding to deal with uncertainty could improve corporate value of the next year;extra cash holding to deal with uncertainty from private owned enterprises whose executives have no government working experience could have a significant positive effect on corporate value.Moreover,our economic policy uncertainty and cash holding. results are robust t

关 键 词：经济政策不确定性 高管背景 现金持有 企业价值 

分 类 号：F275[经济管理—企业管理]