董事会资本与公司现金持有——环境不确定性假说还是代理成本假说  

Board Capital and Corporate Cash Holdings:Environmental Uncertainty Hypothesis or Agency Cost Hypothesis

作　　者：王椿璞 张建平[1] 苗天安 CHUNPU WANG;JIANPING ZHANG;TIAN＇AN MIAO

机构地区：[1]对外经济贸易大学国际商学院 [2]中国红十字基金会

出　　处：《中国会计评论》2017年第4期505-532,共28页China Accounting Review

摘　　要：本文从现金持有动机和董事会职能的关系出发,提出董事会资本影响公司现金持有的环境不确定性假说和代理成本假说。本文以2006—2014年沪深上市公司的董事会为样本,采用定量研究方法,研究董事会资本与公司现金持有的关系,以及董事会资本对公司现金持有的具体影响机制。实证结果发现,上市公司的董事会资本与现金持有存在显著的正相关关系,董事会资本促进现金持有增加的主要机制是缓解代理问题。进一步的研究还发现,民营上市公司的董事会资本与现金持有的关系更为显著;增强信息披露、加强股权激励和提升会计稳健性是董事会资本降低代理成本的具体途径;董事会资本的提升显著地增加上市公司的现金价值。在考虑内生性问题和其他稳健性检验后,本文结论依然成立。From the analysis of the relationship between the motives of corporate cash holdings and the functions of boards, two hypotheses can be proposed： Environmental Uncertainty Hypothesis and Agency Cost Hypothesis. With the dataset of board members in the A share listed firms in China during 2006 — 2014,using the quantitative research methods, this paper studies the impact of board capital on corporate cash holdings,and investigates the specific mechanisms of the influence of board capital on cash holdings. The results show that there is a significant positive relationship between companies＇ board capital and their cash holdings,and indicate that decreasing the agency cost is the main channel through which board capital exerts its influence. Further analysis indicates that the relationships between non-SOE firms＇ board capital and cash holdings are more significant; the specific channels through which board capital decreases agency cost are： increased information disclosure level,strengthened stock-based incentives and improved accounting conservatism; the value of cash rises with higher board capital. Taking endogeneity and other robust tests into account, the above findings remain.

关 键 词：董事会资本 现金持有 环境不确定性 代理成本 

分 类 号：F271[经济管理—企业管理] F275[经济管理—国民经济]