代表性原则偏误与现金持有决策——基于中国A股违规上市公司面板数据的实证研究  

Representativeness Heuristic and Cash Holding Decisions:An Empirical Study Based on the Panel Data of China s A-share Rule-breaking Listed Companies

作　　者：马广奇 陈雪蒙 MA Guangqi;CHEN Xuemeng(School of Economics and Management,Shaanxi University of Science and Technology,Xi an 710021,China)

机构地区：[1]陕西科技大学经济与管理学院,陕西西安710021

出　　处：《南京审计大学学报》2021年第1期70-77,共8页Journal of Nanjing Audit University

基　　金：国家社会科学基金(16BYJ180)。

摘　　要：从行为财务学理论视角出发,针对我国上市公司“高持现”现象及其违规行为频发的问题,以2012—2018年所有存在违规行为的A股上市公司为样本进行实证分析,试图揭示公司管理者“代表性原则偏误”对现金持有决策的影响机理。研究发现:管理者“代表性原则偏误”可以显著提高上市公司下期现金持有水平;管理者“代表性原则偏误”对现金持有水平的促进效应可通过关联方交易的增加来实现;调节机制检验表明,在外部市场环境的作用下,管理者“代表性原则偏误”对现金持有水平促进效应逐渐弱化。From the perspective of behavioral finance theory,aiming at the phenomenon of“high cash holdings”and the frequent occurrence of illegal behaviors of listed companies in China,this paper makes an empirical analysis on all A-share listed companies with illegal behaviors from 2012 to 2018,trying to reveal the influence mechanism of“representativeness heuristic”of company managers on cash holding decisions.The results show that the manager s“representative heuristic”can significantly increase the level of cash holdings of listed companies in the next period.The promotion effect of the manager s“representativeness heuristic”on the level of cash holdings can be realized through the increase of related party transactions.The adjustment mechanism test shows that under the influence of the external market environment,the manager s“representativeness heuristic”has gradually weakened the promotion effect of the level of cash holdings.

关 键 词：行为财务理论 代表性原则偏误 现金持有水平 违规上市公司 货币资金 关联方交易 

分 类 号：F832.48[经济管理—金融学] F275[经济管理—企业管理]