女性高管、现金持有量与企业价值  

Female Executives,Cash Holdings and Firm Value

作　　者：邝文俊 张会丽[1] 毛怡沙 

机构地区：[1]北京师范大学经济与工商管理学院,北京100875 [2]中南大学商学院,长沙410083

出　　处：《财务研究》2017年第4期76-85,共10页Finance Research

基　　金：国家自然科学基金青年项目(71202030);教育部人文社会科学研究规划基金项目(13YJA630014);中央高校基本科研业务费专项资金项目(SKZZA2014003)

摘　　要：以2000~2014年我国上市公司为研究对象,本文考察了女性高管和公司现金持有量的关系,并进一步研究了女性高管对于企业价值的影响。研究发现女性高管人数比例越高,公司的现金持有水平越高;女性高管人数比例对企业价值具有显著正向影响,但当现金持有量过高时,女性高管对企业价值的提升作用将显著弱化。进一步研究发现,在不同程度的融资约束水平下,女性高管对现金持有以及女性高管过度持现对企业价值的影响均具有一定差异。本文研究得到的经验证据丰富了现金持有水平决定因素的相关文献,同时拓展了女性高管影响企业决策进而作用于企业价值的相关研究,帮助加深对管理层性别多元化对企业价值影响的理解,从而有助于企业更好地优化管理层结构和提升决策成效。This paper examines the relationship between female executives and corporate cash holdings, as well as the influence of female executives on firm value. Using Chinese listed companies from 2000 to 2014, this study finds that firms with higher female executives ratio are more likely to hold cash, and female executives can improve firm value, but this positive effect will be significantly weakened when firms have excessive cash holdings. Further analysis discovers that the positive relationship between female executives ratio and the cash holdings as well as the influence of excessive cash holdings by female executives on firm value has a certain difference when companies confront with different levels of financing constraints. This paper helps enrich literature in determinants of cash holdings level and also expands the study on the relationship between female executives and firm value. Further, this study deepens the understanding of gender diversity in management, which helps to improve the management structure and effectiveness of decision-making.

关 键 词：女性高管 现金持有量 企业价值 

分 类 号：F234.4[经济管理—会计学]