企业现金持有动态调整决策机制研究——基于管理层能力的视角  

Research on the Dynamic Adjustment Decision Mechanism of Cash Holding:Based on the Management Capability Perspective

作　　者：赵秀云 张丹阳 ZHAO Xiu-yun;ZHANG Dan-yang(School of Accounting,Tianjin University of Finance and Economics,Tianjin300221,China)

机构地区：[1]天津财经大学会计学院,天津300221

出　　处：《经济问题》2022年第11期115-122,共8页On Economic Problems

基　　金：国家社科基金一般项目“重大突发公共事件下企业供应链风险免疫机制研究”(20BGL095);天津市教委社会科学重大项目“加快打造世界一流智慧港口、绿色港口研究——双循环下供应链信用机制与天津港智能风控优化研究”(2020JWZD04);天津市财政局重点会计科研项目“智慧供应链下中小企业融资风险管控研究”(Y210802)。

摘　　要：以我国沪深两市A股上市公司为样本,基于动态权衡理论和高阶梯队理论实证检验了管理层能力与现金持有动态调整之间的关系及作用路径。研究发现:能力强的管理层降低了企业现金持有动态调整速度,并且在现金持有向下调整的过程中,二者之间的负相关关系更为显著;进一步研究发现,能力强的管理层是通过减少企业非效率投资来降低企业现金持有动态调整速度的;能力强的管理层超额持有现金并不会损害股东利益,而且有助于抓住优质的投资机会。这一结论丰富了现金持有动态调整的影响因素和作用路径的研究成果,对指导管理者制定企业现金持有动态调整策略、促进宏观经济稳定发展有一定的借鉴意义。Based on the trade-off theory and the upper echelons theory,this paper selects a sample from Ashare listed companies in Shanghai and Shenzhen stock exchanges between 2007 to 2021,and empirically tests the relationship and role path between managerial ability and dynamic adjustment of cash holding. This study found that the high managerial ability reduced the dynamic adjustment speed of the company’s cash holdings,and the negative correlation between them was more significant in the process of downward adjustment of cash holdings. Further research found that high managerial ability reduced the dynamic adjustment speed of corporate’s cash holdings by alleviating inefficient investments. The findings suggest that high-ability managers hold more cash to seize good investment opportunities,and it would not reduce the shareholders’ interests. This paper enriches the research results of the influencing factors and action paths of the dynamic adjustment of cash holdings,and has certain significance for guiding managers to formulate the dynamic adjustment strategies of cash holdings and promoting stable macroeconomic development.

关 键 词：管理层能力 企业现金持有 动态调整 

分 类 号：F272.3[经济管理—企业管理] F275.1[经济管理—国民经济]