公司战略偏离度、CFO财务执行力与公司现金持有水平

摘要选取2012—2017年沪深两市A股上市公司数据为样本,结合CFO财务执行力,考察公司战略偏离度对公司现金持有水平的影响。研究发现:公司战略偏离度与公司现金持有水平正相关,即公司战略越偏离行业常规战略,公司现金持有水平越高;CFO财务执行力能够对公司战略偏离度与公司现金持有水平之间的相关关系起到削弱作用;与国有企业相比,在非国有企业中公司战略偏离度对公司现金持有水平的影响更加显著。研究表明公司战略偏离度是影响公司现金持有水平的重要因素,可为公司制定现金持有政策提供重要参考。

	Service

	把本文推荐给朋友
	加入我的书架
	加入引用管理器
	Email Alert
	RSS
	作者相关文章
	高智林
	陈艳

关键词：公司战略偏离度公司现金持有水平 CFO财务执行力产权性质

Abstract： Based on the data of A-share stock markets of Shanghai and Shenzhen from 2012 to 2017, combined with CFO financial executive ability, this paper examines the impact of corporate strategic deviation on corporate cash holdings. The results show that corporate strategy deviation is positively correlated with corporate cash holdings, the more corporate strategy deviates from industry conventional strategy, the higher corporate cash holdings; CFO financial executive ability can deviate from corporate strategy and corporate cash holdings. The correlation between levels plays a weakening role. The study finds that corporate strategic deviation in non-state-owned enterprises has a more significant impact on corporate cash holdings. Study shows that the corporate strategic deviation is an important factor in affecting the corporate cash holdings, and provides an important reference for the cash holding policy making.

Keywords： Corporate Strategic Deviation Corporate Cash Holdings CFO Financial Executive Ability Property Rights

收稿日期 2019-05-03; 接受日期 ;

基金资助:国家社会科学基金项目(15BGL055);国家社会科学基金项目(19BJY140);安徽省高校优秀青年人才支持计划重点项目(gxyqZD2016401)

作者简介: 高智林(1981— ),男,安徽桐城人,博士研究生,副教授,主要从事资本市场财务会计与行为经济学研究;陈艳(1961— ),女,辽宁大连人,博士,教授,博士生导师,主要从事资本市场财务会计与行为经济学研究。

引用本文:

高智林, 陈艳.公司战略偏离度、CFO财务执行力与公司现金持有水平[J]. 经济经纬, 2020,2: 115-124

GAO Zhilin, CHEN Yan.Corporate Strategic Deviation, CFO Financial Executive Ability and Corporate Cash Holding[J] Economic Survey, 2020,V37(2): 115-124

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2020/V37/I2/115

陈德球,李思飞,王丛.2011.政府质量、终极产权与公司现金持有[J].管理世界(11):127-141.
韩忠雪,周婷婷.2011.产品市场竞争、融资约束与公司现金持有:基于中国制造业上市公司的实证分析[J].南开管理评论(4):149-160.
廖理,肖作平.2009.公司治理影响公司现金持有量吗:来自中国上市公司的经验证据[J].中国工业经济(6):98-107.
陆正飞,韩非池.2013.宏观经济政策如何影响公司现金持有的经济效应？:基于产品市场和资本市场两重角度的研究[J].管理世界(6):43-60.
向锐.2015.CFO财务执行力与企业过度投资:基于董事会视角的分析[J].会计研究(7):56-62.
徐辉,唐文秀,周孝华.2019.企业积极承担社会责任能降低现金持有水平吗？[J].经济经纬(1):102-109.
杨兴全,尹兴强.2018.国企混改如何影响公司现金持有？[J].管理世界(11):93-107.
叶康涛,张姗姗,张艺馨.2014.企业战略差异与会计信息的价值相关性[J].会计研究(5):44-51.
袁建国,范文林,程晨,等.2017.CFO兼任董事能促进公司提高投资效率吗?:来自中国上市公司的经验证据[J].管理评论(3):62-73.
ANG J,SMEDEMA A.2011.Financial flexibility: Do firms prepare for recession?[J].Journal of Corporate Finance,17(3):774-787.
BEDARD J C,HOITASH R,HOITASH U.2014.Chief financial officers as inside directors [J].Contemporary Accounting Research,31(3):787-817.
BENTLEY K A,OMER T C,SHARP N Y.2013.Business strategy,financial reporting irregularities,and audit effort[J].Social Science Electronic Publishing,30(2):780-817.
DENIS D J,SIBILKOV V.2010.Financial constraints,investment,and the value of cash holdings[J].Review of Financial Studies,23(1):247-269.
DICHEV I D,GRAHAM J R,HARVEY C R,et al.2013.Earnings quality: Evidence from the field[J].Journal of Accounting & Economics,56(2-3):1-33.
DIMAGGIO P J,POWELL W W.1983.The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields[J].American Sociological Review,48(2):147-160.
FINKELSTEIN,S.1992.Power in top management teams: Dimensions,measurement,and validation [J].Academy of Management Journal,35 (3): 505-538.
GEIGER M A,NORTH D S.2006.Does hiring a new CFO change things? An investigation of changes in discretionary accruals[J].The Accounting Review,81(4):781-809.
OLIVER B C.1991.Errata: Institutional linkages and organizational mortality[J].Administrative Science Quarterly,36(3):187-218.
OPLER T C,PINKOWITZ L,STULZ R,et al.1999.The determinants and implications of corporate cash holdings [J].Journal of Financial Economics,52(1):3-46.
TANG J,CROSSAN M,ROWE W G.2011.Dominant CEO,deviant strategy,and extreme performance: The moderating role of a powerful board [J].Journal of Management Studies,48(7):1479-1503.