管理者在现金储蓄决策中会倾听市场的声音吗  

Will Managers Listen to the Voice of the Market in Making Cash Savings Decisions

作　　者：周卉 谭跃[2] 鄢波[3] 

机构地区：[1]北京师范大学珠海分校国际商学部,广东珠海519085 [2]暨南大学管理学院,广东广州510632 [3]广东海洋大学经济管理学院,广东湛江524000

出　　处：《当代财经》2018年第3期121-132,共12页Contemporary Finance and Economics

基　　金：广东高校省级重点平台和重大科研项目之青年创新人才类项目(2016WQNCX170);北京师范大学珠海分校教师科研能力促进计划;广东省哲学社会科学"十三五规划"学科共建项目(GD17XYJ35);国家社会科学基金项目(13CGL050)

摘　　要：基于非金融上市企业样本,探讨了管理者在现金储蓄决策中是否会倾听市场的声音。研究发现:管理者会根据同行业股价水平调整自身的现金储蓄水平,且同行业股价信息含量能提高现金储蓄对同行业股价的敏感度。这说明管理者在现金储蓄决策中存在同行业市场学习行为,这种行为会改善决策效率并提高企业业绩。进一步研究发现,在成长性行业和竞争性行业中,同行业市场学习更明显,且民营企业以及行业内地位较低企业的管理者更倾向于进行同行业市场学习。Based on the samples of non-financial listed companies, this paper explores whether managers will listen to market voices in making their cash savings decisions. The findings show that managers will adjust their own cash savings level according to the share price levels in the same in- dustry, and the information content of the share prices in the same industry can increase the sensitivi- ty of cash savings to the share prices in the same industry. This indicates that managers in the cash savings decision-making have the market learning behavior in the same industry; this behavior will improve the efficiency of decision-making and improve the business performance. The results of the further study show that in the growing industries and competitive industries, the market learning in the same industry is more obvious, and that the private enterprises and managers of the lower status enterprises in the industry are more inclined to learning from the market in the same industry.

关 键 词：现金储蓄 同行股价 股价信息含量 决策效率 学习动机 

分 类 号：F272.3[经济管理—企业管理]