管理者过度自信、内部控制与企业现金持有  

Managers' Overconfidence,Internal Control and Corporate Cash Holdings

作　　者：郑培培[1] 陈少华[1] ZHENG Peipei;CHEN Shaohua(School of Management, Xiamen University, Xiamen 361005, China)

机构地区：[1]厦门大学管理学院,福建厦门361005

出　　处：《管理科学》2018年第4期3-16,共14页Journal of Management Science

基　　金：教育部人文社会科学重点研究基地重大项目(15JJD630011)~~

摘　　要：上市公司高额持有现金的现象一直都是学者关注的焦点,但已有关于企业现金持有的研究基本都立足于传统理性经济人的假设,忽略了管理者非理性特征的影响,与现实情况不相符。在此背景下,基于行为金融学理论,从管理者非理性视角,系统分析并检验管理者过度自信对企业现金持有水平的影响机理以及内部控制对二者关系的调节作用,并进一步考察企业特征的情景效应、管理者过度自信与超额现金使用方式、现金持有价值与现金持有动态调整的关系。以2010年至2016年中国沪深股市A股非金融类上市公司的数据为研究样本,以管理者是否主动增持股票作为管理者过度自信的替代指标,运用Stata软件和多元回归分析方法验证假设。研究结果表明,在控制其他可能影响企业现金持有水平因素的前提下,管理者过度自信与现金持有水平显著正相关,高质量的内部控制在二者关系中具有负向调节作用。进一步检验发现,管理者过度自信对现金持有水平的影响在融资约束高的企业、成长性高的企业和非国有企业中更加明显;对超额现金使用方式的检验表明,过度自信的管理者持有超额现金主要用于后续的研发投入。此外,股票市场投资者对管理者过度自信的企业所持有的现金给予了更高的估值,在内部控制质量高的企业中更明显;过度自信的管理者向上调整现金持有水平的速度明显快于向下调整现金持有水平的速度。结合行为金融与传统公司财务,实现了跨学科之间的交融,丰富和拓展了管理者过度自信经济后果和现金持有影响因素领域的相关研究,具有重要的理论意义。研究结果还有利于管理者进一步理解其非理性特征对企业决策的影响,对他们在实际中如何制定企业现金持有策略具有一定的实践意义。The phenomenon of high cash holdings in listed companies is always the focus of scholars. However, Previous studies on corporate cash holding are based on the traditional assumption of rational economic man. This assumption ignores the irrational characteristics of managers, which is not in line with the reality. In this context, based on the theory of behavioral finance, and from the perspective of managers＇ irrationality, we systematically analyze and examine the inner mechanism between managers＇ overconfidence and the level of corporate cash holdings and the moderating effect of internal control, further explore the context effect of enterprise characteristics and how overconfident managers use excess cash. We also test the relationship between managers＇ overconfidence and the value of cash holdings, and the dynamic adjustment of cash holdings. Using a sample of non-financial firms listed in the A-share market of Shenzhen Stock Exchange and Shanghai Stock Exchange between 2010 and 2016, we use the voluntary purchase of stocks by the managers as a proxy for their overconfidence, and exploit STATA software and multiple regression method to test the hypotheses. Our results show that, after controlling for other factors that can affect a company＇s cash holdings, managers＇ overconfidence is positively associated with their companies＇ cash holdings. Quality of internal control negatively moderates this relationship. We also find that the impact of managers＇ overconfidence on the cash holdings is more significant in companies with higher financial constraints, higher growth, and non-state ownership. Overconfident managers use most of the excess cash for future research and development. The investors give higher evaluation of the cash holdings for the companies with overconfident managers, and this effect is more obvious in companies with high quality of internal control. Overconfident managers adjust up the cash holdings fas- ter than adjusting down the cash holdings. This study combines behavior financ

关 键 词：管理者过度自信 内部控制 企业现金持有 动态调整 行为金融 

分 类 号：F275[经济管理—企业管理]